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Fed roundup: First Holding Co. gets approval to acquire Crookston Financial unit

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, minority investment

The Federal Reserve on May 8 granted Trezevant, Tenn.-based F & M Bancshares Inc. a waiver of application to acquire Henderson, Tenn.-based Chester County Bancshares Inc. The waiver was in connection with the merger of Chester County Bancshares' units, Chester County Bank and Farmers and Merchants Bank, into F & M Bancshares unit Centennial Bank.

The deal between the companies is expected to close in early July.

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The Federal Reserve Bank of Minneapolis on May 6 permitted Cavalier, N.D.-based First Holding Co. of Cavalier Inc. to acquire Crookston, Minn.-based Northern Sky Bank, a unit of Crookston Financial Services Inc.

The terms of the deal were not disclosed.

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Chesterfield, Mo.-based Summit Bancshares Inc. on May 9 received the Federal Reserve Bank of St. Louis' approval to become a bank holding company by acquiring Houston, Mo.-based Bank of Houston, a unit of Ozark Bancshares Inc.

Summit Bancshares had previously applied with the St. Louis Fed to buy 100% of Bank of Houston's voting shares.

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The Federal Reserve Bank of Dallas on May 9 approved Terrell, Texas-based A.N.B. Holding Co. Ltd.'s application to acquire additional shares of unit ANB Corp.

A.N.B. Holding had previously applied to acquire additional shares up to 36.5% of ANB Corp. The purchase would allow A.N.B. Holding to indirectly acquire ANB Corp.'s units American National Bank of Texas, Lakeside Bancshares Inc. and Lakeside National Bank.

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Patriot Financial Partners L.P. filed for the acquisition of up to 14.9% or more of the shares of, and thereby control, Fairfax, Va.-based Freedom Bank of Virginia.

Change in control

The Federal Reserve Bank of Chicago on May 10 permitted the proposed change in bank control of Norwalk, Iowa-based Albrecht Financial Services Inc. and unit City State Bank.

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The Chicago Fed on May 9 approved the proposed change in bank control of Cresco, Iowa-based How-Win Development Co. and unit CUSB Bank.

Mutual conversions, restructuring, holdco formation

The Federal Reserve Bank of Kansas City on May 6 approved Colorado Mutual Holding Co.'s and Colorado Mutual Bancorp's application to become savings and loan holding companies by acquiring Alamosa, Colo.-based San Luis Valley Federal Bank.

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The Federal Reserve Bank of Boston on May 10 approved an application by Dover, N.H.-based First Seacoast Bancorp and First Seacoast Bancorp MHC (MHC) to become savings and loan holding companies by acquiring Federal Savings Bank, which will be renamed First Seacoast Bank, and for First Seacoast Bancorp to conduct a minority-stock issuance.