Want to buy a failed bank from the FDIC? Attorney John Reichert of the Milwaukee law firm Godfrey & Kahn, S. C, offered insight into the process, during a presentation at the annual convention of the Community Bankers of Wisconsin in Madison last month. Once a bank receives a capital directive, Reichert explained, the FDIC will begin assembling a bid packet with information such as demographics of the bank's market, a summary of the way the FDIC wants to structure the sale, and a list of certifications needed by the bidder. Reichert said regulators increasingly are publicizing capital directives, so potential bidders get advanced warning about banks that possibly will become available. Reichert said banks that enter into whole bank transactions with the FDIC get a series of options exercisable over 90, 120 or 180 days that address branches, contracts and staff.