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 St. Louis on Oct. 25 approved Olney, Ill.-based Rich Land Bancorp Inc.'s application to merge with Tuscola, Ill.-based TNB Bancorp Inc. and indirectly acquire TNB Bank.
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The Federal Reserve Bank of Chicago on Oct. 28 granted Terre Haute, Ind.-based First Financial Corp. a waiver of application to acquire Hawesville, Ky.-based Hancock Bancorp Inc. and unit Hancock Bank and Trust Co., in relation to the merger of the Hancock Bancorp unit with and into First Financial subsidiary First Financial Bank NA.
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On Oct. 28, the Federal Reserve Bank of Philadelphia granted Millersburg, Pa.-based Mid Penn Bancorp Inc. a waiver of application to acquire Harrisburg, Pa.-based Riverview Financial Corp. and unit Riverview Bank, in connection with the merger of Riverview Bank with and into Mid Penn Bank.
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The Philadelphia Fed on Oct. 29 granted approval for Fair Lawn, N.J.-based Columbia Bank MHC and Columbia Financial Inc. to acquire Freehold, N.J.-based Freehold MHC, Freehold Bancorp and Freehold Bank.
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During the week ended Oct. 30, the Chicago Fed received an application from Joliet, Ill.-based PFB Holding Co. to become a bank holding company through the acquisition of PeopleFirst Bank.
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The Federal Reserve Bank of Minneapolis received Bloomington, Minn.-based Entrepreneurs Bancshares Inc.'s application to become a bank holding company through the acquisition of EntreBank, a de novo bank.
Savings and loan holding companies
On Oct. 28, the Philadelphia Fed approved Bronx, N.Y.-based Ponce Bank MHC's conversion to stock form, from mutual form. As part of the conversion, the company and PDL Community Bancorp., an existing midtier savings and loan holding company, will cease to exist. Also, Ponce Bank will become a wholly owned subsidiary of Ponce Financial Group Inc., a newly formed Maryland corporation that has applied to become a savings and loan holding company.
Extension of time
The Federal Reserve Bank of Richmond, Va., on Oct. 27 granted Warrenton, Va.-based Oak View Bankshares Inc. an extension to Oct. 30 to become a bank holding company by acquiring Oak View National Bank.
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On Oct. 28, the Federal Reserve Bank of Boston granted North Brookfield, Mass.-based TruNorth Bancorp MHC and TruNorth Bancorp Inc. an extension to Feb. 2, 2022, to become a mutual bank holding company and a stock bank holding company, respectively, through the acquisition of North Brookfield Savings Bank.
Change in bank control
The St. Louis Fed on Oct. 29 permitted John Russell Meeks of Fayetteville, Ark., to acquire voting shares of Danville, Ark.-based Chambers Bancshares Inc. and unit Chambers Bank. Meeks is an executive vice president and a director at the companies.
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During the week ended Oct. 30, the St. Louis Fed received a notice by Samuel D. Gohn Irrevocable Trust, with Kenneth Larry Joplin as trustee, to join the Gohn family control group, a group acting in concert, by acquiring voting shares of West Plains, Mo.-based West Plains Bancshares Inc. and West Plains Bank and Trust Co. Joplin is a director/trustee at both companies' boards.
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The Minneapolis Fed received an application from Gene Mottes of Iron River, Mich., to acquire voting shares of MSB Bankshares Inc. and unit Miners State Bank. Mottes is the president of MSB and a director/trustee on both companies' boards.
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The Federal Reserve Bank of Kansas City got an application from Kyle Heckman of Lafayette, Colo., individually and as trustee of the Flatirons Bank Employee Stock Ownership Plan and Trust, to acquire voting shares of Boulder, Colo.-based FBHC Holding Co. and unit Flatirons Bank. Heckman is the president of and a board director at FBHC, and the chairman, president and CEO of Flatirons Bank.
Fed membership
The Federal Reserve Bank of Atlanta permitted Winter Park, Fla.-based Commerce National Bank & Trust and Magee, Miss.-based PriorityOne Bank to become members of the Federal Reserve System. Commerce National Bank & Trust received approval Oct. 27, while PriorityOne Bank secured permission Oct. 28.
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The St. Louis Fed on Oct. 28 gave its approval for Forrest City, Ark.-based Armor Bank to become a member of the Federal Reserve System.
