Assuming kchoudhu is somewhat familiar with the banking space in the US, I think his question is - on what grounds was this individual able to get FDIC/OCC/FRB approval?
Years ago I worked for a bank that was > 75 years old and had recently been bought by a guy who had immigrated to go to college and then in the next 20+ years done very well in construction. As far as I know there was more uproar over him changing the name of the bank than actually buying it.