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Gerald Ford has been buying distressed banks and turning them around since 1975, when he bought his first bank.

His first big success was in 2002, when he and his billionaire friend Ronald Perelman sold Golden State Bancorp to Citigroup for $6 billion in stock.

Ford has a 25% stake in public Hilltop Holdings, which owns PlainsCapital Bank, mortgage originator PrimeLending and investment bank HilltopSecurities.

Ford's son Jeremy Ford is CEO of Hilltop Holdings and his son-in-law Corey Prestidge is general counsel and executive vice president of the firm.

Ford's California-based Mechanics Bank has more than $22 billion in assets.