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Fed roundup: San Francisco Fed approves BayCom's purchase of Bethlehem Financial

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

Walnut Creek, Calif.-based BayCom Corp. secured the Federal Reserve Bank of San Francisco's approval to acquire Belen, N.M.-based Bethlehem Financial Corp.

As part of the deal, Bethlehem Financial unit MyBank will merge into BayCom unit United Business Bank.

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The Federal Reserve granted Olanta, S.C.-based Citizens Bancshares Corp.'s waiver of application to acquire Hartsville, S.C.-based Regional Bankshares Inc.

Regional Bankshares unit Heritage Community Bank will merge into Citizens Bank as part of the deal.

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Moorefield, W.Va.-based Summit Financial Group Inc. secured permission from the Fed to waive its application to acquire Mullens, W.Va.-based Peoples Bankshares Inc.

First Peoples Bank Inc. will merge into Summit Community Bank Inc. as of the merger agreement.

Change in bank control

The Federal Reserve Bank of Kansas City permitted the proposed change in bank control of Houston-based Republic Trinidad Corp. and unit First National Bank in Trinidad.

As previously reported, George Boyd Jr., George Wesley Boyd and Karen Boyd Pou applied to acquire voting shares of the company and be members of the Boyd Family Group. George Boyd Jr. is serving as vice chairman of the company and the bank.

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W. Kirk Wycoff, James Lynch, Ira Lubert, Patriot Financial Partners GP II LP and associated entities seek to acquire up to 14.9% or more of the shares of Baltimore-based Howard Bancorp Inc.

Financial holdco, BHC election

DeKalb, Ill.-based Resource Bancshares Inc., the parent of Resource Bank NA, became a financial holding company.

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Webster City, Iowa-based WCF Bancorp Inc. is seeking the Federal Reserve Bank of Chicago's approval to become a bank holding company for WCF Financial Bank.

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Grand Island, Neb.-based Equitable Financial Corp. applied with the Kansas City Fed to become a bank holding company by acquiring 100% of the voting shares of Equitable Bank.