Fed roundup: Chicago approves Longview Capital-Farmers Bank of Mt. Pulaski deal

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 Minneapolis on June 15 approved an application by Gilbert, Minn.-based Broadway Bancshares Inc. to become a bank holding company through the acquisition of First National Bank of Gilbert.

___________________

The Federal Reserve Bank of Chicago on June 15 approved an application by Newman, Ill.-based Longview Capital Corp. to acquire Mt. Pulaski, Ill.-based Farmers Bank of Mt. Pulaski. The deal was announced in February.

___________________

On June 15, the Chicago Fed approved an application by Bussey, Iowa-based Palm Grove Bancorp Inc. to become a bank holding company through the acquisition of State Bank of Bussey. The deal was announced in January.

___________________

The Federal Reserve Bank of Kansas City on June 16 approved an application by Pawhuska, Okla.-based Blue Sky Bank to purchase certain assets and assume certain liabilities of a branch of Wewoka, Okla.-based Security State Bank of Oklahoma.

Blue Sky Bank is a unit of N.B.C. Bancshares in Pawhuska Inc., and Security State Bank of Oklahoma is a subsidiary of Security Bancshares Corp.

___________________

In the week ended June 18, the Philadelphia Fed received Princeton, N.J.-based Princeton Bancorp Inc.'s application to become a bank holding company by acquiring 100% of Bank of Princeton.

At an April 29 annual meeting, Bank of Princeton stockholders approved the proposal for the bank to become a wholly owned subsidiary of a newly formed corporation known as Princeton Bancorp.

Savings and loan holding company

On June 17, the Federal Reserve Bank of Minneapolis approved Prevail Mutual Holdings Inc.'s application to become a mutual savings and loan holding company in relation to the reorganization of Prevail Bank to a federal stock savings bank from a federal mutual savings bank.

Fed membership

In the week ended June 18, the Boston Fed received an application submitted by Provident Bancorp Inc. to become a state member bank of the Federal Reserve System.