What is one supposed to do with all the failed banks? Buy them and create a new, prettier one! Former BofA and Wachovia execs are doing just this and are seeking $1 billion to fund their mega-bank, the Blue Ridge Bank N.A., to be based in Charlotte. And they're hiring!

We're not sure where they intend to raise the cash from, but according to the application obtained by the Charlotte Business Journal, the organizers are "capable of raising $1 billion in cash to launch the bank."

Through indications of interest from investors, the company will have the capacity of up to $1 billion in funding through its initial capital raise," the application states.

Milton Jones Jr., who retired from BofA in September as Georgia market president, would be CEO; Walter Davis, a former Wachovia executive VP, would be vice chairman and chief credit officer; Charles Williams, a former BofA i-banking exec would be COO; Edward Brown, a retired BofA president of investment banking would be lead independent director. Robert Brown, a former Wachovia director would be on the board.
According to the FDIC application, they're currently doing interviews for a chief financial officer.