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Fed roundup: Kansas City Fed approves Geneva State's 2 Nebraska acquisitions

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

Elkader, Iowa-based AJJ Bancorp Inc. secured the Federal Reserve Bank of Chicago's approval to indirectly acquire in-state peer Swisher Bankshares Inc.

The Chicago Fed also approved the merger of AJJ Bancorp unit Central State Bank with Swisher Trust & Savings Bank.

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Hoxie, Kan.-based Foote Financial Services LLC secured the Federal Reserve Bank of Kansas City's approval to become a bank holding company by acquiring Manhattan, Kan.-based Peoples State Bank.

In addition to the deal approval, the Kansas City Fed approved Foote Financial's election to become a financial holding company.

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The Kansas City Fed approved Nebraska-based Geneva State Co.'s proposed acquisitions of in-state peers Jefferson County Bancshares Inc. and First National Fairbury Corp.

As part of the deals, Geneva State, the parent company of Heartland Bank, will indirectly acquire Jefferson County Bank and First National Bank of Fairbury.

Minority investment, change in bank control

Minneapolis-based Park Financial Group Inc. secured the Federal Reserve Bank of Minneapolis' approval to acquire shares of Grand Rapids, Minn.-based Mesaba Bancshares Inc. and indirectly acquire Lake Bank and American Bank of the North.

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The Adirondack Trust Co. Employee Stock Ownership Trust secured the Federal Reserve Bank of New York's approval to acquire additional shares of Saratoga Springs, N.Y.-based 473 Broadway Holding Corp. and unit Adirondack Trust Co.

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The Minneapolis Fed permitted the proposed change in bank control of Minnesota-based Ceylon Bancorp Inc. and unit State Bank of Ceylon.

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The Federal Reserve Bank of Philadelphia permitted the proposed change in bank control of Baltimore-based Howard Bancorp Inc. and unit Howard Bank.