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Fed roundup: Mergers across US get Fed approval

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 granted Maine-based Bangor Bancorp MHC's waiver of application to acquire Colebrook, N.H.-based First Colebrook Bancorp Inc. and unit Granite Bank.

Bangor Savings Bank is acquiring Granite Bank in a deal valued at $45 million.

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The Fed granted Dubuque, Iowa-based Heartland Financial USA Inc.'s waiver of application to acquire Minnetonka, Minn.-based Signature Bancshares Inc.

Under the deal, Signature Bank will be merged into Heartland unit Minnesota Bank & Trust.

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The Fed granted Visalia, Calif.-based Suncrest Bank's waiver of application to acquire West Sacramento, Calif.-based CBBC Bancorp and unit Community Business Bank.

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The Fed granted Wheeling, W.Va.-based WesBanco Inc.'s waiver of application to acquire Huntington, W.Va.-based First Sentry Bancshares Inc. and unit First Sentry Bank Inc.

The application is in connection with First Sentry Bank's merger into WesBanco Bank Inc.

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The Federal Reserve Bank of San Francisco approved CBC Bancorp's application to become a bank holding company by acquiring shares of Irvine, Calif.-based NCAL Bancorp and unit Commercial Bank of California.

CBC Bancorp is planning to acquire a 98.3% stake in NCAL Bancorp.

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The Federal Reserve Bank of Richmond approved First Citizens BancShares Inc.'s application to acquire shares of KS Bancorp Inc., and thereby indirectly acquire a controlling interest in KS Bank Inc.

In mid-November, KS Bancorp's board rejected First Citizens' unsolicited buyout offer.

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The Federal Reserve Bank of Philadelphia approved the application of Paoli, Pa.-based Malvern Bancorp Inc. to become a bank holding company by acquiring Malvern Federal Savings Bank upon its conversion from a federal stock savings bank to a national bank, under the name Malvern Bank NA.

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Arlington, Texas-based BancAffiliated Inc. applied with the Federal Reserve Bank of Dallas to become a bank holding company through the acquisition of 100% of Affiliated Bank

The federally chartered stock savings bank on Nov. 20 filed to convert its charter to a national banking association.

Lending activity

The Federal Reserve Bank of Kansas City allowed Henderson State Co. in Nebraska, the parent of Henderson State Bank, to engage in lending activities.

Change in control

The Federal Reserve Bank of St. Louis approved M&P Community Bancshares Inc. 401(k) Employee Stock Ownership Plan's acquisition of M&P Community Bancshares Inc. shares.

As previously reported, the 401(k) employee stock ownership plan applied for a total ownership of up to 38% in the Newport, Ark.-based company.

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The Federal Reserve Bank of Chicago permitted the change in bank control of Waukon, Iowa-based WFC Inc. and unit Waukon State Bank.

As previously reported, David Schultz is acquiring 26.67% of WFC's voting shares.

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La Crosse, Wis.-based Bosshard Banco Ltd. filed with the Federal Reserve Bank of Minneapolis for Alexandra Bosshard, as a member of the Bosshard family shareholder group, to retain and acquire shares of the company and thereby indirectly control shares of units First National Bank of Bangor and Intercity State Bank.

Fed membership

Owensboro-based Independence Bank of Kentucky applied with the St. Louis Fed to become a member of the Federal Reserve System.