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In This List

Fed roundup: Fed approves mergers across US

StreetTalk – Episode 69: Banks left with pockets full of cash and few places to go

Street Talk – Episode 69: Banks left with pockets full of cash and few places to go

Street Talk Episode 68 - As many investors zig away from bank stocks, 2 vets in the space zag toward them

Street Talk Episode 66 - Community banks tap the debt markets while the getting is good


Fed roundup: Fed approves mergers across US

M&A

The Federal Reserve granted Bayonne, N.J.-based BCB Bancorp Inc.'s waiver of application to acquire Edison, N.J.-based IA Bancorp Inc. and unit Indus American Bank, in connection with Indus American Bank's merger with and into BCB Community Bank.

* * *

The Federal Reserve Bank of Minneapolis approved Marietta, Minn.-based Dakota Financial Inc.'s application to acquire shares of in-state peer Milan Agency Inc., and thereby indirectly acquiring unit Prairie Sun Bank.

Dakota Financial sought to acquire 889 common shares, or a 63.23% stake, of Milan Agency.

* * *

The Fed granted Kalispell, Mont.-based Glacier Bancorp Inc.'s waiver of application to acquire Bozeman, Mont.-based Inter-Mountain Bancorp. Inc. and First Security Bank, in connection with First Security Bank's merger with and into Glacier Bank.

* * *

The Fed granted the waiver of application for Morton, Ill.-based Hometown Community Bancorp Inc. and Hometown Community Bancorp Inc. Employee Stock Ownership Plan and Trust to acquire in-state company Speer Bancshares Inc. and State Bank of Speer. This is in connection with the merger of State Bank of Speer with and into Hometown unit Morton Community Bank.

* * *

The Fed granted Peabody, Mass.-based Meridian Bancorp Inc.'s waiver of application to acquire Dorchester, Mass.-based Meetinghouse Bancorp Inc., in connection with Meetinghouse Bank's merger with and into Meridian unit East Boston Savings Bank.

* * *

The Fed granted Muncie, Ind.-based MutualFirst Financial Inc.'s waiver of application to acquire in-state peer Universal Bancorp of Bloomfield and unit BloomBank. BloomBank will be merged with and into MutualBank.

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The Federal Reserve Bank of Chicago approved New Hampton, Iowa-based Rigler Investment Co.'s acquisition of Clive, Iowa-based Green Circle Investments Inc. and unit Peoples Trust & Savings Bank.

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The Federal Reserve Bank of St. Louis approved Pine Bluff, Ark.-based Simmons Bank's merger with Little Rock, Ark.-based Heartland Bank, and Simmons' retention of the acquired facilities as branches.

In August, the Simmons First National Corp. unit won the bid to acquire the capital stock of Heartland Bank.

Holdco formation, financial holdco election

The Federal Reserve Bank of Boston approved the application of 1831 Bancorp MHC and 1831 Bancorp Inc. to become a mutual holding company and a stock bank holding company, respectively, by acquiring Massachusetts-based Dedham Institution for Savings.

* * *

The Chicago Fed approved Bank Street Capital Corp.'s application to become a bank holding company through the acquisition of Wisconsin-based Waukesha State Bank as well as Bank Street Capital's election to become a financial holding company.

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The Federal Reserve Bank of Atlanta approved Dickson, Tenn.-based Southeastern Bancorp Inc.'s application to become a bank holding company by merging with Clarksville, Tenn.-based Cumberland Bancorp Inc., and thereby acquiring Cumberland Bank & Trust.

The Atlanta Fed likewise approved Southeastern Bancorp's ownership retention of unit First Federal Bank for the time that Southeastern is a bank holding company as well as Southeastern's conversion back to a savings and loan holding company after the merger of Cumberland Bank & Trust with and into First Federal Bank.

* * *

FNBEly Bancorp. sought the approval of the Federal Reserve Bank of San Francisco to become a bank holding company by acquiring all the outstanding stock of Nevada-based First National Bank of Ely.

Change in control, minority ownership

The Federal Reserve Bank of St. Louis permitted the change in bank control of Phillipsburg, Kan.-based Golden Plains Bankshares Inc. and subsidiary First National Bank and Trust.

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Ste. Genevieve, Mo.-based MRV Financial Corp. applied with the St. Louis Fed to acquire at least 21.29% of the voting shares of Grok Bancshares Inc.

Grok Bancshares earlier applied to become a bank holding company by acquiring all the voting shares of Troy, Mo.-based Clifford Bancshares Inc., the parent of Bowling Green, Mo.-based CBC Bank.

* * *

Stearns Financial Services Inc. Employee Stock Ownership Plan applied with the Minneapolis Fed to purchase of additional shares and raise its stake to up to 24.19% in St. Cloud, Minn.-based Stearns Financial Services Inc., and indirectly increase its control of units Stearns Bank NA, Stearns Bank Upsala NA and Stearns Bank Holdingford NA.

Fed membership

West Jefferson, N.C.-based Lifestore Bank (MHC), a unit of LifeStore Financial Group (MHC), applied with the Federal Reserve Bank of Richmond's to become a Fed member.