Fed roundup: First Financial gets approval to acquire control of Simply Bank

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

On May 16, the Federal Reserve Bank of Chicago approved the application by Terre Haute, Ind.-based First Financial Corp. to acquire control of a newly formed subsidiary based in Dayton, Tenn., FFB Interim Bank NA.

First Financial also received approval for its application to acquire control of Dayton, Tenn.-based Simply Bank following the merger of FFB Interim Bank NA with and into SimplyBank, with SimplyBank as the surviving bank.

In November 2023, First Financial announced its planned acquisition of SimplyBank in a transaction valued at $73.4 million.

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The Federal Reserve Bank of St. Louis on May 14 granted Monticello, Ark.-based Drew Bancshares Inc. a waiver of application to merge with Warren, Ark.-based Bradley Bancshares Inc. and indirectly acquire Bradley Bancshares' subsidiary, First State Bank of Warren.

The St. Louis Fed also approved Drew Bancshares unit Commercial Bank & Trust Co.'s application to merge with First State Bank of Warren and retain the acquired facilities as branches.

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On May 15, the Federal Reserve Bank of Atlanta approved Harrogate, Tenn.-based Commercial Bank's application to merge with Gastonia, NC-based Alliance Bank & Trust Co. and establish branches.

Robertson Holding Co. LP is the ultimate parent company of the banks, according to S&P Global Market Intelligence data.

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South Story Bancshares Inc. intends to apply to the Fed for permission to form a bank holding company and plans to acquire control of South Story Bank & Trust, according to a filing received by the Chicago Fed in the week ended May 18.

The company and the bank are based in Slater, Iowa.