S&P Global Market Intelligence presents a 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, M&A
The Federal Reserve Bank of St. Louis on Dec. 30, 2021, granted Poplar Bluff, Mo.-based Southern Missouri Bancorp Inc. a waiver of application to acquire Arnold, Mo.-based Fortune Financial Corp. and unit FortuneBank. The application of Southern Missouri Bancorp subsidiary Southern Bank to merge with FortuneBank also obtained approval from the St. Louis Fed on the same date.
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On Dec. 27, 2021, the Federal Reserve Bank of Chicago approved the application of New Lenox, Ill.-based TC Financial Holdings Inc. to become a bank holding company through the acquisition of Town Center Bank.
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The Chicago Fed on Dec. 17, 2021, approved Graymont, Ill.-based Graymont Bancorp Inc.'s application to acquire Saunemin, Ill.-based State Bank of Saunemin.
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On Dec. 16, 2021, the Federal Reserve Bank of Minneapolis approved Minneapolis-based MidCountry Acquisition Corp.'s application to acquire Minneapolis-based Tysan Corp. and indirectly acquire Little Falls, Minn.-based Pine Country Bank and Long Lake, Minn.-based Lake Community Bank.
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The Minneapolis Fed on Dec. 16, 2021, also approved the application from Hastings, Minn.-based PB Family Bancshares Inc. to become a bank holding company by acquiring Farmington, Minn.-based Premier Bank Minnesota and Rochester, Minn.-based Premier Bank Rochester.
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The Chicago Fed on Dec. 20, 2021, withdrew the waiver of application for Iowa City, Iowa-based MidWestOne Financial Group Inc.'s acquisition of Muscatine, Iowa-based Iowa First Bancshares Corp. and units First National Bank of Muscatine and First National Bank in Fairfield.
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On Dec. 23, 2021, the Federal Reserve Bank of Atlanta approved Doral, Fla.-based USCB Financial Holdings Inc.'s application to become a bank holding company by acquiring shares of U.S. Century Bank.
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The Minneapolis Fed on Dec. 24, 2021, approved Mountain Iron, Minn.-based B2 Holding Co. Inc.'s application to become a bank holding company by acquiring First National Bank of Buhl.
Extensions of time
On Dec. 31, 2021, the Federal Reserve Bank of Dallas granted The Woodlands, Texas-based Woodforest Financial Group Employee Stock Ownership Plan with 401(k) Provisions and Woodforest Financial Group Employee Stock Ownership Trust an extension to April 1 to acquire shares of Woodforest Financial Group Inc. and indirectly acquire Woodforest National Bank.
Changes in bank control
The Fed secretary on Dec. 22, 2021, permitted Kyle Heckman, individually and as trustee of the Flatirons Bank Employee Stock Ownership Plan and Trust, to acquire control of Boulder, Colo.-based FBHC Holding Co. and indirectly control Flatirons Bank. Heckman is the president of and a board director at FBHC, and chairman, president and CEO of Flatirons Bank.
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The Dallas Fed on Dec. 31, 2021, authorized the Morris Family Trust and Frank Morris, as trustee and individually, to acquire voting shares of Gainesville, Texas-based Red River Bancorp Inc. and indirectly acquire voting shares of First State Bank. Morris is the CEO of Red River Bancorp and the chairman of the boards of the company and First State Bank.
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On Dec. 30, 2021, the Dallas Fed also allowed the DT 2020 Savings Trust, with Debra June Tolleson and John Carter Tolleson Jr. as trustees; the JT 2020 Secure Trust, with John Carter Tolleson as trustee; and Debra June Tolleson to acquire voting shares of Dallas-based Tolleson Wealth Management Inc. and thereby indirectly acquire Tolleson Private Bank.
J. Carter Tolleson Jr. serves as CEO and director at Tolleson Wealth and Tolleson Private, while John Carter Tolleson is Tolleson Wealth's executive chairman and the chairman of Tolleson Private's board.
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The Federal Reserve Bank of Kansas City on Dec. 29, 2021, permitted Nancy Jo Steinhauser, Sue Anne Philson and Jon Schmaderer to become members of the Schmaderer family group, to acquire additional voting shares of Stuart, Neb.-based Tri-County Co. and indirectly acquire voting shares of Tri-County Bank.
Nancy Steinhauser serves as vice president and board director at Tri-County Co., and senior vice president, compliance officer and director at Tri-County Bank. Jon Schmaderer is the treasurer and CFO of Tri-County Co., the president and CEO of Tri-County Bank, and a director at both companies' boards.
Fed membership
The Atlanta Fed on Dec. 30, 2021, allowed Hattiesburg, Miss.-based First A National Banking Association to become a member of the Federal Reserve System.
