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Fed roundup: St. Louis Fed approves BankFirst/FNB Bancshares merger

S&P Global Market Intelligence presents a weekly roundup of notable actions at 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 BankFirst Capital Corp.'s proposed merger with FNB Bancshares of Central Alabama Inc. and BankFirst's plan to indirectly acquire FNB of Central Alabama.

BankFirst Financial Services is a subsidiary of BankFirst Capital.

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The Federal Reserve Bank of Dallas approved Conroe, Texas-based Spirit of Texas Bancshares Inc.'s proposed acquisition of Beeville, Texas-based First Beeville Financial Corp. and its plan to indirectly acquire First National Bank of Beeville.

Spirit of Texas Bank SSB is a unit of Spirit of Texas Bancshares.

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St. John, Kan.-based SJN Banc Co and SJN Bank of Kansas secured the Federal Reserve's permission to waive their application to acquire La Crosse, Kan.-based Nekoma State Bank.

As part of the deal, Nekoma State Bank will merge into SJN Bank of Kansas.

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Blairsville, Ga.-based United Community Banks Inc. secured the Fed's permission to waive its application to acquire Athens, Ga.-based First Madison Bank & Trust.

As part of the deal, First Madison Bank & Trust will merge into United Community Bank.

Change in control

The Federal Reserve Bank of Chicago permitted the proposed change in bank control of Ottawa, Ill.-based First Ottawa Bancshares Inc. and unit First National Bank of Ottawa.

As previously reported, Daniel Miller, chairman of the bank, applied to acquire 10% or more of the company.

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The Dallas Fed permitted the proposed change in bank control of South Padre Island, Texas-based Laguna Madre Bancshares Inc. and unit First National Bank of South Padre Island.

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Community Bancshares of Mississippi Inc. ESOP applied with the Federal Reserve Bank of Atlanta to acquire additional voting shares of Brandon, Miss.-based Community Bancshares of Mississippi Inc. and to indirectly acquire Community Bank of Mississippi.

Holdco formation, charter conversion

The Federal Reserve Bank of Philadelphia approved Dime Community Bancshares Inc.'s application to become a bank holding company through the conversion of unit Brooklyn-based Dime Community Bank from a state savings bank to a state-chartered commercial bank.

Fed membership

Clive, Iowa-based Peoples Bank applied with the Chicago Fed to become a member of the Federal Reserve System.

The bank is a unit of Green Circle Investments Inc. Rigler Investment Co. is the bank's ultimate parent.