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 St. Louis approved Troy, Mo.-based Lincoln County Bancorp Inc.'s application to acquire shares of Saint Charles, Mo.-based New Frontier Bancshares Inc.
As previously reported, Lincoln County Bancorp seeks to acquire the remaining 51.39% stake that it does not own in New Frontier.
The regulator also approved NFB Acquisitions Inc.'s application to become a bank holding company by acquiring shares of New Frontier Bancshares, and thereby indirectly acquiring New Frontier Bank.
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The Federal Reserve Bank of Philadelphia approved Millersburg, Pa.-based Mid Penn Bancorp Inc.'s proposed acquisition of in-state peer Scottdale Bank & Trust Co. As part of the deal, Scottdale Bank & Trust will merge into Mid Penn Bank.
The deal — expected to close in the fourth quarter — previously obtained the approvals of shareholders and the Pennsylvania Department of Banking and Securities.
Scottdale Bank & Trust is owned in part by Lawrence Keister & Co.
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The Federal Reserve Bank of Richmond approved Dunn, N.C.-based Select Bancorp Inc.'s proposed acquisition of Charlotte, N.C.-based Premara Financial Inc., and indirect acquisition of Carolina Premier Bank. The deal is expected to close in the fourth quarter.
Select Bank & Trust Co. is a unit of Select Bancorp.
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The Federal Reserve Bank of Cleveland approved Lakewood, Ohio-based First Mutual Holding Co.'s proposed acquisition of New Martinsville, W. Va.-based Doolin Security Savings Bank FSB
The deal is in connection with the formation and acquisition of First Mutual Bank as well as the subsequent merger of Doolin Security Savings Bank and First Mutual Holding's thrift unit, Belpre Savings Bank, into First Mutual Bank.
The Office of the Comptroller of the Currency approved the merger in October.
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The Federal Reserve granted Hattiesburg, Miss.-based First Bancshares Inc.'s waiver of application to acquire Alabama-based Southwest Banc Shares Inc.
As part of the deal, Southwest Banc Shares' unit, First Community Bank, will merge into First Bancshares' unit, First A National Banking Association.
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The Fed granted Florence, S.C.-based First Reliance Bancshares Inc.'s waiver of application to acquire Greenville, S.C.-based Independence Bancshares Inc.
As part of the deal, Independence National Bank will merge into First Reliance Bank.
Change in bank control
The Federal Reserve Bank of Atlanta permitted the proposed change in bank control of Louisiana-based Jeanerette First National Bancorp Inc. and unit First National Bank of Jeanerette.
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Jeffrey Graves, individually and acting in concert with Carla Graves, seeks to secure the approval of the Federal Reserve Bank of Chicago to acquire control of more than 25% of the voting shares of Iowa-based De Witt Bancorp Inc., and indirectly control De Witt Bank & Trust Co.
Jeffrey Graves is a director of the company and the bank.
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Jeffrey Alan Svajgr applied with the Federal Reserve Bank of Kansas City to acquire control of Cozad, Neb.-based Midwest Banco Corp., the parent of Waypoint Bank.
Svajgr is a director of the company.
Financial holdco election, holdco formation
Hastings, Mich.-based HCB Financial Corp., the parent company of Hastings City Bank, became a financial holding company.
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1831 Bancorp MHC and 1831 Bancorp Inc. applied with the Federal Reserve Bank of Boston to acquire an indirect 20% ownership interest in Plimoth Trust Co. LLC.
The application is in connection with the proposed reorganization of Massachusetts-based Dedham Institution for Savings into a two-tier mutual holding company structure.
1831 Bancorp MHC and 1831 Bancorp Inc. previously applied with the Boston Fed to become mutual holding company and a stock bank holding company, respectively.
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The Richmond Fed approved Towson, Md.-based Hamilton Bancorp Inc.'s application to become a bank holding company by acquiring Hamilton Bank.
The application is connection with the bank's conversion from a federal savings bank to a commercial bank.
Fed membership
Oklahoma-based First National Bank of Thomas secured the Kansas City Fed's approval to retain its membership in the Federal Reserve system following its conversion to a state-chartered institution.
The First Thomas Ban Corp. subsidiary will also change its name to First Bank of Thomas.
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Pigeon, Mich.-based Thumb National Bank and Trust Co., a subsidiary of Thumb Bancorp Inc., applied with the Chicago Fed to become a member of the Federal Reserve system.
Lending
Fort Myers, Fla.-based FineMark Holdings Inc., the parent company of FineMark National Bank & Trust, seeks the Atlanta Fed's approval to establish a program to lend to officers of the bank.
The program aims to aid employees in exercising stock options that are expiring without causing them financial hardship.
