Fed roundup: Richmond Fed OKs Community First Bancorp to acquire SFB Bancorp

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 Richmond on Jan. 21 approved South Carolina-based Community First Bancorp.'s application to acquire Elizabethton, Tenn.-based SFB Bancorp Inc. and thereby acquire Security Federal Bank.

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The Kansas City Fed on Jan. 20 approved First National Bancshares Inc. Profit Sharing and ESOP Trust to acquire additional shares of Goodland, Kan.-based First National Bancshares Inc. and thereby acquire shares of FNB Bank.

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The Federal Reserve Bank of Chicago on Jan. 20 approved Independence, Iowa-based Independence Bancshares Inc. to acquire Sumner, Iowa-based First State Bank.

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The Philadelphia Fed on Jan. 21 approved the application of York, Pa.-based Traditions Bancorp Inc. to become a bank holding company by acquiring York Traditions Bank.

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In the week ended Jan. 23, the Federal Reserve Bank of Boston received an application from Edgartown, Mass.-based Vineyard Bancorp MHC to become a mutual bank holding company by acquiring Martha's Vineyard Savings Bank.

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Also in the week ended Jan. 23, the San Francisco Fed received an application from Vancouver, Wash.-based St. Laurent Investments LLC to become a bank holding company by acquiring Medford, Ore.-based People's Bank of Commerce.

Extensions of time

The Federal Reserve Bank of Cleveland on Jan. 20 granted Lakewood, Ohio-based First Mutual Holding Co. an extension to March 5 to acquire Martinsville, Va.-based Martinsville First Savings Bank.

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The Chicago Fed on Jan. 22 granted Minier Financial Inc. Employee Stock Ownership Plan with 401(k) Provisions an extension to April 23 to acquire additional shares of Minier, Ill.-based Minier Financial Inc. and thereby acquire shares of First Farmers State Bank.

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The Federal Reserve Bank of Kansas City on Jan. 21 granted Lakewood, Colo.-based Reisher Family Foundation an extension to Oct. 22 to become a bank holding company by acquiring shares of FirstBank Holding Co. and electing to become a financial holding company.