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According to Market Intelligence, April 2023

Fed roundup: Richmond Fed OKs First Bancorp-ASB Bancorp deal

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.


The Federal Reserve Bank of Richmond approved Southern Pines, N.C.-based First Bancorp's proposed acquisition of Asheville, N.C.-based ASB Bancorp Inc., as well as First Bank's merger with Asheville Savings Bank SSB.

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The Federal Reserve Bank of Atlanta approved West Point, Ga.-based Charter Financial Corp.'s proposed acquisition of Tucker, Ga.-based Resurgens Bancorp.

As part of the transaction, Resurgens Bank will merge into CharterBank.

Change in bank control, investor activity

The Federal Reserve Bank of Minneapolis approved Bismarck, N.D.-based Kirkwood Bancorp Co.'s proposed acquisition of additional shares of Las Vegas-based Kirkwood Bancorp of Nevada Inc. and indirectly increase control of Kirkwood Bank of Nevada.

Kirkwood Bancorp Co. is the parent company of Kirkwood Bank and Trust Co.

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David Holloway a director of Sublette, Kan.-based Santa Fe Trail Banc Shares Inc. and unit Centera Bank seeks to acquire shares of the company.

In addition, Holloway, along with Holloway family group members MaryAnn Miller and Kenneth Miller, seek to acquire and/or retain shares of the company.

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Emmet Harris chairman and president of George West, Texas-based Live Oak Bancshares Corp. along with family members, seek to acquire, retain and control 35% or more of the company, and indirectly, unit SouthTrust Bank N.A.

Holdco formation

Trinity Bancorp received the Atlanta Fed's approval to become a bank holding company by acquiring Dothan, Ala.-based Trinity Bank.