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Fed roundup: Fed OKs application waivers of Byline Bancorp, First Bancshares

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Fed roundup: Fed OKs application waivers of Byline Bancorp, First Bancshares

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.

M&A, holdco formation

The Federal Reserve permitted Chicago-based Byline Bancorp Inc.'s waiver of application to acquire Illinois-based Oak Park River Forest Bankshares Inc. and unit Community Bank of Oak Park River Forest.

As part of the deal, Community Bank of Oak Park River Forest will merge into Byline Bank.

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The Federal Reserve Bank of Richmond approved Richmond, Va.-based Union Bankshares Corp.'s application to acquire Reston, Va.-based Access National Corp. and indirectly acquire unit Access National Bank.

Access National Bank will merge into Union Bank & Trust as part of the deal.

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Woori Financial Group secured the Federal Reserve Bank of New York's permission to become a bank holding company by acquiring South Korea-based Woori Bank and indirectly acquire control of New York-based Woori America Bank.

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The Federal Reserve Bank of Dallas approved College Station, Texas-based Adam Bank Group Inc.'s application to acquire in-state peer Andrews Holding Co. and indirectly acquire unit Commercial State Bank.

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Buckeye State Bancshares Inc. secured the the Federal Reserve Bank of Cleveland's approval to become a bank holding company by acquiring Powell, Ohio-based Buckeye State Bank.

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The Fed granted Hattiesburg, Miss.-based First Bancshares Inc.'s waiver of application to acquire Hammond, La.-based FPB Financial Corp. and its unit, Florida Parishes Bank.

As part of the deal, Florida Parishes Bank will merge into First Bancshares unit First A National Banking Association.

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Roseville, Minn.-based N.A. Corp. received the Federal Reserve Bank of Minneapolis' approval to indirectly acquire shares of ExCheQ LLC through NABC ExCheQ LLC.

NABC ExCheQ is a wholly owned subsidiary of North American Banking Co., which is a unit of N.A. Corp.

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South Holland, Ill.-based Providence Financial Corp. secured the Federal Reserve Bank of Chicago's approval to acquire Chicago-based Urban Partnership Bank.

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The Fed granted Bridgeport, Conn.-based People's United Financial Inc.'s waiver of application to acquire Belmont, Mass.-based BSB Bancorp Inc. and its unit, Belmont Savings Bank.

Belmont Savings Bank will merge with and into People's United Bank NA as part of the deal.

Change in control

David Cecich and Steven Cecich, acting as a group in concert, applied with the Chicago Fed to acquire 10% or more of Beecher, Ill.-based First Community Bancorp Inc. and indirectly gain control of its unit, First Community Bank and Trust.

David Cecich is chairman and CEO of the company, according to S&P Global Market Intelligence data.

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Daniel Miller applied with the Chicago Fed to acquire 10% or more of Illinois-based First Ottawa Bancshares Inc. and indirectly gain control of its unit, First National Bank of Ottawa.

Miller is chairman of First National Bank of Ottawa and also serves on the board of the holding company.

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The Federal Reserve Bank of St. Louis permitted the proposed change in bank control of Harrisburg, Ill.-based Main Street Bancshares Inc. and unit Grand Rivers Community Bank.