Fortress Investment Group, a listed private equity and hedge fund company with $26.5bn in assets, is nearing an agreement that would mark the first step in a push into US retail banking, according to people familiar with the transaction.

Under a deal that could be announced as early as Thursday, Fortress and other investors – including private equity firms Crestview Partners and Lightyear Capital – will inject $800m in fresh capital into a small Florida bank called First Southern.