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, change in control
As part of a deal in which San Jose, Calif.-based Heritage Commerce Corp. is purchasing San Mateo, Calif.-based United American Bank, the Federal Reserve Bank of San Francisco approved Dubuque, Iowa-based ATBancorp's proposed acquisition of shares of Heritage Commerce and indirect acquisition of Heritage Bank of Commerce.
As previously reported in March, ATBancorp, which owns 83% of United American Bank, applied to acquire approximately 5.6% of the voting stock of Heritage Commerce, representing the stock consideration it would receive in the merger.
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Minier Financial Inc. Employee Stock Ownership Plan with 401(k) Provisions secured approval from the Federal Reserve Bank of Chicago to acquire additional shares of Illinois-based Minier Financial Inc., and increase its indirect ownership of unit First Farmers State Bank.
As previously reported, the ESOP applied to acquire an additional 8.1% of the company, to increase its ownership to 51%.
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The Federal Reserve Bank of Boston approved New Hampshire Mutual Bancorp in Concord to merge with Walpole Mutual Bancorp and acquire Savings Bank of Walpole.
The Boston Fed also approved Walpole Mutual Bancorp's application to become a mutual holding company by acquiring 100% of Savings Bank of Walpole, in connection with the bank's reorganization from mutual to stock form.
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The Federal Reserve Bank of Kansas City approved Claremore, Okla.-based RCB Holding Co.'s proposed acquisition of Hutchinson, Kan.-based Central Bank and Trust Co.
The deal is expected to close in the second quarter.
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Terrell, Texas-based A.N.B. Holding Co. Ltd. applied with the Federal Reserve Bank of Dallas to acquire additional shares of up to 37.5% of ANB Corp.
The purchase would allow A.N.B. Holding to indirectly acquire ANB Corp.'s wholly owned units American National Bank of Texas in Terrell and First State Bank in Mesquite, Texas, as well as Lakeside Bancshares Inc. and Lakeside National Bank in Rockwall, Texas, which ANB Corp. partly owns.
A.N.B. Holding owns 34.68% of ANB Corp., according to S&P Global Market Intelligence data.
Restructuring, holdco formation
Bixby, Okla.-based Mabrey Bank secured the Kansas City Fed's approval to merge with its sister bank, Morris, Okla.-based Morris State Bank.
Both banks are units of Mabrey Bancorp. Inc.
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The St. Louis Fed approved the merger of sister banks Pine Bluff, Ark.-based Simmons Bank and Stillwater, Okla.-based Bank SNB.
Both banks are units of Simmons First National Corp.
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Chattanooga, Tenn.-based PBD Holdings LLC applied with the Federal Reserve Bank of Atlanta to become a bank holding company by acquiring outstanding shares of Ooltewah, Tenn.-based Millennium Bancshares Inc.
Financial holdco election
Bruceton Mills, W.Va.-based State Bancorp Inc. became a financial holding company effective April 16.
Fed membership
Dieterich Bank NA in Illinois applied with the St. Louis Fed to become a member of the Federal Reserve System.
