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Tuesday Express: 2 Arkansas banks in deal; Ohio-based auto insurer files for IPO

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Tuesday Express: 2 Arkansas banks in deal; Ohio-based auto insurer files for IPO

* In Arkansas, Farmers Bank & Trust is buying Bank of Prescott in a deal expected to close in the third quarter.

* Ohio-based Safe Auto Insurance Group launched an initial public offering of its common shares with a proposed maximum aggregate offering price of $50 million.

* Monroe, N.C.-based American Bank & Trust became the first bank to open in the state since the financial crisis, American Banker reports. The bank opened May 20.

* Federal Reserve Chairman Jerome Powell warned against leveraged lending and other forms of riskier corporate borrowings as business debt reaches historically high levels. However, he is unconvinced that business debt loads could spark the next financial crisis.

* The prevalence of leveraged lending among banks is one key threat to the banking industry's stability, according to a report from the Office of the Comptroller of the Currency.

* Atlanta Fed President Raphael Bostic told CNBC that he is not expecting an imminent interest rate cut because current information does not suggest that the U.S. economy will see significant weakness that would warrant a Fed rate cut.

* The U.S. Securities and Exchange Commission is again postponing its decision to allow to list and trade shares of SolidX Bitcoin Shares, a bitcoin exchange-traded fund issued by VanEck SolidX Bitcoin Trust, to gather more comments.

* The SEC signed an order allowing Precidian Investments to offer ActiveShares, an actively managed exchange-traded fund that won't require full disclosure of its portfolio on a daily basis, Pensions & Investments reports.

* Consumer Financial Protection Bureau's assistant director for enforcement, Kristen Donoghue, has resigned, sources told American Banker.

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