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In This List

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Fed roundup: Richmond Fed OKs First Community/Highlands Bankshares deal

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

The Federal Reserve Bank of Richmond on Nov. 26 approved Bluefield, Va.-based First Community Bankshares Inc.'s application to acquire Abingdon, Va.-based Highlands Bankshares Inc. and thereby indirectly acquire Highlands Union Bank. The proposed merger of Highlands Union Bank with and into First Community Bank was also given the green light.

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On Nov. 22, the Richmond Fed approved C&F Financial Corp.'s application to acquire Peoples Bankshares Inc. and thereby acquire Peoples Community Bank.

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The Federal Reserve Bank of Chicago on Nov. 21 approved the application of Forreston, Ill.-based High Point Financial Services Inc. to acquire Poplar Grove, Ill.-based Poplar Grove State Bank.

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On Nov. 21, the Federal Reserve Bank of San Francisco granted Los Angeles-based RBB Bancorp a waiver of application to acquire Chicago-based PGB Holdings Inc. and Pacific Global Bank, in connection with the merger of Pacific Global Bank into Royal Business Bank.

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The Federal Reserve Bank of Cleveland on Nov. 19 approved the application of Defiance, Ohio-based First Defiance Financial Corp. to acquire Youngstown, Ohio-based United Community Financial Corp. and thereby acquire Home Savings Bank. The Cleveland Fed also approved First Defiance Financial's application to become a bank holding company upon the conversion of its subsidiary, First Federal Bank of the Midwest, from a savings bank to a commercial bank.

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The Cleveland Fed on Nov. 19 also approved the application of Lakewood, Ohio-based First Mutual Holding Co. to acquire Cincinnati-based Warsaw Federal Savings and Loan Association.

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On Nov. 18, the Federal Reserve Bank of Dallas approved the application of Abilene, Texas-based First Financial Bankshares Inc. to acquire Bryan, Texas-based TB&T Bancshares Inc. thereby acquire Bank and Trust of Bryan/College Station.

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The Dallas Fed on Nov. 18 also approved the application of Dallas-based Oakwood Bancshares Inc. to acquire Snyder, Texas-based Community Bank of Snyder.

Extension of time

On Nov. 20, the Federal Reserve Bank of Minneapolis granted Sioux Falls, S.D.-based Meta Financial Group Inc. an extension to Feb. 23, 2020, to become a bank holding company on the conversion of its savings bank subsidiary, MetaBank, into a national bank to be named MetaBank National Association.

Holding companies

The Federal Reserve Bank of Kansas City on Nov. 19 approved the application of Missouri-based Community Bancshares of America Inc. to become a bank holding company through the acquisition of Valley Falls, Kan.-based Northeast Kansas Bancshares Inc., the parent company of Kendall State Bank, and to engage in general insurance activities.

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First Defiance Financial's election to become a financial holding company took effect Nov. 19.

Fed membership

The Federal Reserve Bank of Philadelphia on Nov. 27 approved Limerick, Pa.-based Victory Bank's application to become a member of the Federal Reserve System.

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During the week ended Nov. 23, the Federal Reserve Bank of St. Louis received an application by Hopkinsville, Ky.-based United Southern Bank to become a member of the Federal Reserve System. The bank is a unit of Todd Bancshares Inc.

Operations

In the week ending Nov. 30, the Federal Reserve Bank of Atlanta received an application from Birmingham, Ala.-based Oakworth Capital Inc. to directly engage de novo in extending credit and servicing loans, pursuant to Regulation Y.