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, change in control
As part of the deal, Cyrus Bancshares, the parent company of Hometown Community Bank, will indirectly acquire Quality Bank.
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The Federal Reserve Bank of Kansas City approved Wichita, Kan.-based Equity Bancshares Inc.'s applications to acquire Liberal, Kan.-based Kansas Bank Corp. and Blue Springs, Mo.-based Adams Dairy Bancshares Inc.
Upon completion of the two deals, First National Bank of Liberal and Adams Dairy Bank will merge into Equity Bank.
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The Federal Reserve Bank of Richmond approved Bowie, Md.-based Old Line Bancshares Inc.'s proposed acquisition of Columbia, Md.-based Bay Bancorp Inc. and indirect acquisition of Bay Bank FSB.
Separately, Irvine, Calif.-based H Bancorp LLC secured approval from the Richmond Fed to acquire shares of Old Line Bancshares and thereby indirectly acquire shares of Old Line Bank.
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Lake City, Fla.-based First Federal Bancorp Inc. and First Federal Bancorp MHC obtained the Federal Reserve Bank of Atlanta's approval to reconvert to savings and loan holding companies after acquiring Beaufort, S.C.-based Coastal Banking Co. Inc. and, indirectly, CBC National Bank.
Shareholders of Coastal Banking already approved the deal in February.
First Federal Bank of Florida is a subsidiary of First Federal Bancorp.
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The Federal Reserve granted New Orleans-based Union Savings and Loan Association waiver of application to acquire Hibernia Bancorp Inc.
Hibernia's subsidiary, Hibernia Bank, will merge into Union Savings and Loan upon completion of the deal.
Holdco formation
Walpole Mutual Bancorp applied with the Federal Reserve Bank of Boston to become a mutual holding company by acquiring 100% of New Hampshire-based Savings Bank of Walpole.
The MHC application is in connection with the reorganization of Savings Bank of Walpole from a mutual to stock form.
As previously reported in December 2017, Savings Bank of Walpole has agreed to merge into New Hampshire Mutual Bancorp in Concord, N.H.
