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Fed roundup: SSB Holdings-First Picher Bancshares merger gets Fed approval

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 approved Miami, Okla.-based SSB Holdings Inc.'s waiver of application to acquire Commerce, Okla.-based First Picher Bancshares Inc. and unit First State Bank.

First State Bank will be merged into SSB subsidiary Security Bank and Trust Co.

Restructuring, holdco formation

The Federal Reserve Bank of San Francisco approved Savi Financial Corp.'s application to become a bank holding company by acquiring Burlington, Wash.-based SaviBank.

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The Federal Reserve Bank of Cleveland approved the application of Somerville Bancorp to become a bank holding company in connection with the merger of Ohio-based Somerville National Bank with and into Somerville Interim Bank. Upon the merger, Somerville Interim Bank will be renamed Somerville Bank.

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West Bend, Wis.-based Westbury Bancorp Inc. applied with the Federal Reserve Bank of Chicago to become a bank holding company following the conversion of Westbury Bank to a Wisconsin state-chartered bank from a federal savings bank.

Change in control

The Federal Reserve Bank of Dallas permitted the change in bank control of Fort Worth, Texas-based Riverbend Financial Corp. and Riverbend Bank, which rebranded as Spectra Bank in late October.

As previously covered, Shair Baz Hakemy and Sabreena Hakemy applied as a group acting in concert with the Dallas Fed to retain, acquire and control 25% or more of the voting securities of Riverbend Financial Corp., and acquire 25% or more of voting securities of Riverbend Financial Corp. - Nevada, the parent of Spectra Bank.

Shair Baz Hakemy is a director of Riverbend Financial Corp. and RiverBend Bank, while Sabreena Hakemy is a director of the bank, according to SNL data.

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The Chicago Fed approved the change in bank control of Tuscola, Ill.-based TNB Bancorp Inc. and its subsidiary TNB Bank.

As previously covered, Timothy Murphy, as general partner, filed to acquire control of TNB Bancorp Inc.

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Iuka Bancshares Inc filed with the Federal Reserve Bank of St. Louis a notice by David Armbrust to gain control of the Salem, Ill.-based company.

Armbrust is a director of the company and Iuka State Bank.

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Andover Financial Corp. filed with the Federal Reserve Bank of Kansas City for Allison Grace and the Allison M. Grace Trust Agreement dated April 7, 2005, to acquire voting shares of the Andover, Kan.-based company, and thereby indirectly acquire Andover State Bank.

Lending activity

The Federal Reserve Bank of Richmond allowed Berryville, Va.-based Eagle Financial Services Inc. to engage in lending activities.

Fed membership

Wisconsin-based Baraboo National Bank, a unit of Baraboo Bancorp. Inc., secured the Chicago Fed's approval to retain its Fed membership when it converts to a state-chartered bank.

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The Chicago Fed approved Thumb Bank & Trust's application to retain membership in the Federal Reserve System upon conversion to a state-chartered bank.

The Pigeon, Mich.-based bank is a unit of Thumb Bancorp Inc.