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Fed roundup: US Metro Bancorp gets extension to become BHC

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Fed roundup: US Metro Bancorp gets extension to become BHC

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.

Bank holding company

The Federal Reserve Bank of St. Louis on Dec. 23, 2019, approved Louisville, Ky.-based Commonwealth Bancshares Inc.'s application to engage in nonbank activities through the acquisition of shares of Landmark Financial Advisors LLC.

Extensions of time

The Federal Reserve Bank of Kansas City on Jan. 3 granted Kansas-based Bern Bancshares Inc. an extension to April 3 to acquire shares of Marysville, Kan.-based UBT Bancshares Inc., and thereby indirectly acquire United Bank & Trust.

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The Federal Reserve Bank of San Francisco on Dec. 30, 2019, granted US Metro Bancorp Inc. an extension to Feb. 1 to become a bank holding company by acquiring Garden Grove, Calif.-based US Metro Bank.