S&P Global Market Intelligence presents a weekly roundup of notable actions of the Federal Reserve, as well as applications and reports received from banks, thrifts and credit unions. This feature excludes branch news and news previously covered by S&P Global Market Intelligence.
Bank holding companies and M&A
The Federal Reserve Bank of Chicago on Nov. 8 approved St. Paul, Minn.-based Readlyn Bancshares Inc.'s application to merge with Tripoli Bancshares Inc., indirectly acquire Tripoli unit American Savings Bank and buy additional shares of another Tripoli subsidiary, Nashua Bancshares Inc.
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On Nov. 8, the Federal Reserve Bank of Atlanta granted Stuart, Fla.-based Seacoast Banking Corp. of Florida a waiver of application to merge with Sarasota, Fla.-based Sabal Palm Bancorp Inc. and indirectly acquire unit Sabal Palm Bank in relation to the merger of Sabal Palm Bank with Seacoast National Bank.
Seacoast Banking Corp. of Florida also received a waiver of application to merge with Melbourne, Fla.-based Business Bank of Florida Corp. and indirectly acquire subsidiary Florida Business Bank in connection with the merger of Florida Business Bank with Seacoast National Bank.
The deals were announced in August.
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The Federal Reserve Bank of St. Louis on Nov. 9 granted Jasper, Ind.-based German American Bancorp Inc. a waiver of application to acquire Shelbyville, Ky.-based Citizens Union Bancorp of Shelbyville Inc. and unit Citizens Union Bank of Shelbyville in relation to the merger of Citizens Union Bank of Shelbyville with and into German American Bank.
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On Nov. 12, the Kansas City Fed permitted Fremont, Neb.-based First State Fremont Inc. to acquire Blair, Neb.-based Two Rivers Bank.
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During the week ended Nov. 13, the Atlanta Fed received an application from Nashville, Tenn.-based CB Investment Holdings LLC to become a bank holding company through the acquisition of no less than 51% of the outstanding shares of CSB&T Bancorp Inc. and the indirect acquisition of unit Citizens Savings Bank and Trust Co.
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The Minneapolis Fed also received an application from Hastings, Minn.-based PB Family Bancshares Inc. to become a bank holding company by acquiring 100% of Farmington, Minn.-based Premier Bank Minnesota and Rochester, Minn.-based Premier Bank Rochester.
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The Federal Reserve Bank of Dallas, in the week ended Nov. 13, received Ganado, Texas-based Animo Bancorp Inc.'s application to become a bank holding company through the acquisition of Ganado Bancshares Inc. and the indirect acquisition of Citizens State Bank of Ganado.
Savings and loan holding companies
The Federal Reserve Bank of Boston on Nov. 8 allowed 15 Beach MHC and CFSB Bancorp, both of Quincy, Mass., to become a mutual holding company and a savings and loan holding company, respectively, by acquiring Colonial Federal Savings Bank after its conversion to a federal stock savings bank from a federal mutual savings bank.
Change in bank control
An application by Andrew Heaner of Cedartown, Ga., to acquire voting shares of Chatsworth, Ga.-based First Chatsworth Bankshares Inc. was withdrawn from the Atlanta Fed on Nov. 4.
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During the week ended Nov. 13, the Chicago Fed received an application from Carrie Brown; Joleen Brown; Timothy J. Brown CFC Revocable Trust, with Timothy Brown as trustee; John C. Brown CFC Revocable Trust, with John Brown as trustee; John C. Brown 2020 DGT Exempt Trust with Paul Brown as trustee; Joleen M. Brown 2021 DGT Exempt Trust with Paul Brown as trustee; and CFC Control Trust, with Nick Brown as trustee to become members of the Brown family control group, a group acting in concert, and acquire voting shares of Storm Lake, Iowa-based Commercial Financial Corp. and Central Bank.
Timothy Brown is the chairman, president and CEO of Commercial Financial, and the chairman and CEO of Central Bank.
Meanwhile, John Brown is the treasurer and secretary of Commercial Financial and the president, secretary and CFO of Central Bank. He is also a director on both companies' boards.
Nick Brown serves as a director on the board of Central Bank.
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The Federal Reserve Bank of Minneapolis received an application from Bosshard Bank Irrevocable Trust under agreement dated Oct. 21, with South Dakota Trust Co. LLC as trustee and Andrew Bosshard as trust protector, to join a group acting in concert to acquire voting shares of La Crosse, Wis.-based Bosshard Banco Ltd., as well as units Intercity State Bank and First National Bank of Bangor. Andrew Bosshard is a vice president of Bosshard Banco, and a director on the boards of the company and its units.
The trust, with the same trustee and trust projector, also applied to join a group acting in concert to acquire voting shares of La Crosse, Wis.-based Clayton Bankshares Inc. and Citizens State Bank of La Crosse.
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The Minneapolis Fed also received an application from Pamela Bjerke of Rice, Minn., to acquire control of voting shares of St. Cloud, Minn.-based Stearns Financial Services Inc. by becoming a trustee of Stearns Financial Services Inc. Employee Stock Ownership Plan and Trust.
