"I do think a lot of the regional ones will (close), just as they did in the last savings and loan crisis in the 1990s," Ross said. (Watch the full CNBC.com exclusive interview with Wilbur Ross on the left)

Ross says he will be looking to pick up smaller distressed institutions. "There will be opportunities, but we will need federal assistance in them, because what we're mainly looking for is stable sources of deposits, not so much the loan portfolio."

Ross feels that there will be too many people willing to provide capital to the large financials, which makes them less of a bargain than smaller banks.

When asked about his views on Bank of America's purchase of Merrill Lynch, Ross said that he didn't think that Merrill was in that dire a position.