Ed Raice, a former president of EMC Mortgage Corp., the nonprime mortgage arm of Bear Stearns, has raised private equity money and is in the hunt for a bank, preferably one near his home in Connecticut.

Raice, in a brief interview with National Mortgage News, confirmed that he has an interest in buying First Bank of Greenwich, a $55 million asset FDIC-insured depository that has been in business for about three years.

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