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Fed actions, applications for week ended Dec. 17

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Fed actions, applications for week ended Dec. 17

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.

Fed membership

The Federal Reserve Bank of Kansas City on Dec. 14 approved Oklahoma City-based First Fidelity Bank NA's request to retain its Fed membership after the bank's conversion to a state-chartered bank.

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The Federal Reserve Bank of Kansas City on Dec. 16 approved Cincinnati-based First Financial Bank NA's request to retain its branches and become a member of the Federal Reserve System, as First Financial Bank, after its conversion to a state-chartered bank.

Holdco formation

Jacksonville, Fla.-based Atlantic Coast Financial Corp.'s application to become a bank holding company upon the conversion of Atlantic Coast Bank to a state commercial bank, was approved Dec. 12.

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Northeast Missouri Bancshares Inc.'s application was approved to become the bank holding company of Louisiana, Mo.-based Mercantile Bank of Louisiana Missouri.

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Demotte, Ind.-based DeMotte Bancorp became a financial holding company, effective Dec. 16.

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Atmore, Ala.-based United Bancorp. of Alabama Inc. became a financial holding company, effective Dec. 14.

M&A

The Federal Reserve Bank of St. Louis on Dec. 15 approved Moro, Ark.-based Big Creek Bancshares Inc.'s application to become a bank holding company by acquiring Forrest City, Ark.-based Forrest City Financial Corp. and unit Forrest City Bank NA. Big Creek Bancshares announced its plan to acquire Forrest City Bank in October.

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The Federal Reserve Bank of Chicago approved Chatham, Ill.-based United Community Bancorp Inc.'s acquisition of Alton, Ill.-based Liberty Bancshares Inc.. United Community Bancorp announced its plan to acquire Liberty Bancshares in October.

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The Federal Reserve granted a commenter's request to extend the comment period on Los Angeles-based Cathay General Bancorp's application to acquire Los Angeles-based SinoPac Bancorp and indirectly acquire unit Far East National Bank. Cathay General announced its plan to acquire SinoPac in July.

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The Federal Reserve Bank of Chicago granted Mid Illinois Bancorp Inc. Employee Stock Ownership Plan's request to extend to March 30, 2017, its timeline to increase its stake in Peoria, Ill.-based Mid Illinois Bancorp Inc. and indirect ownership in South Side Trust & Savings Bank of Peoria.

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The Federal Reserve Bank of Philadelphia granted Philadelphia-based Prudential Bancorp Inc.'s request to extend the deal completion date to Jan. 31, 2017, for its acquisition of Huntingdon Valley, Pa.-based Polonia Bancorp Inc. and indirect acquisition of Polonia Bank. Prudential Bancorp announced its plan to acquire Polonia Bancorp in June, and received Polonia's shareholder approval in October. Prudential Bancorp received its shareholders' approval for the common stock issuance in connection with the pending deal on Dec. 19.

Change in bank control

The Federal Reserve Bank of St. Louis approved McGehee, Ark.-based McGehee Bank Employee Stock Ownership Plan's application to buy an increased stake in Southeast Financial Bankstock Corp. and increase its indirect control in McGehee Bank.

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The Federal Reserve Bank of Kansas City permitted the proposed change in bank control of Wichita, Kan.-based Emprise Financial Corp. and unit Emprise Bank.

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The Federal Reserve Bank of Kansas City permitted the proposed change in bank control of Maysville, Mo.-based Farmers Bancshares Inc. and unit Independent Farmers Bank.

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The Federal Reserve Bank of Atlanta permitted the proposed change in bank control of Orlando, Fla.-based First Green Bancorp Inc. and unit First Green Bank.

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The Federal Reserve Bank of Chicago permitted the proposed change in bank control of Hawarden, Iowa-based First State Associates Inc. and units Howard, S.D.-based Miner County Bank; Marion, S.D.-based Farmers State Bank; and First State Bank.

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The Federal Reserve Bank of Kansas City permitted Oklahoma City-based Haines Financial Corp to retain control of the company and unit Bank 7.

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The Federal Reserve Bank of Chicago permitted the proposed change in bank control of Racine, Wis.-based Johnson Financial Group Inc. and unit Johnson Bank.

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The Federal Reserve Bank of St. Louis permitted Jonesburg, Mo.-based Montgomery Bancshares Inc. to retain control of the company and unit Jonesburg State Bank.