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Fed roundup: Dallas Fed OKs Spirit of Texas Bancshares/Chandler 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.

M&A

In Texas, the Federal Reserve Bank of Dallas approved Oct. 18 the application of Conroe-based Spirit of Texas Bancshares Inc. to acquire Tyler-based Chandler Bancorp Inc. and indirectly acquire Chandler Bancorp of Nevada Inc. and Citizens State Bank.

The Dallas Fed also approved Kidd Partners Ltd.'s application to acquire shares of Spirit of Texas Bancshares and indirectly acquire shares of Spirit of Texas Bank SSB. Kidd Partners is the sole shareholder of Chandler Bancorp.

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The Federal Reserve Bank of Boston approved the application of New Hampshire Mutual Bancorp and MillRiver Trust Co. to acquire shares of New Hampshire Trust Co. and to merge New Hampshire Trust into MillRiver Trust.

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On Oct. 17, the Federal Reserve Bank of Atlanta approved the application of Hammond, La.-based First Guaranty Bancshares Inc. and Amite, La.-based Smith & Hood Holding Co. LLC to merge with Marksville, La.-based Union Bancshares Inc. and thereby indirectly acquire Union Bank.

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The Federal Reserve Bank of Kansas City approved Oct. 15 the application of Enid, Okla.-based Cowboy Bancshares LLC to become a bank holding company by acquiring Kremlin, Okla.-based Bank of Kremlin, a subsidiary of Kremlin Bancshares Inc.

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Woodside, Calif.-based Main Street Bank Corp. on Oct. 16 withdrew its application with the Federal Reserve Bank of San Francisco to become a bank holding company by acquiring Paonia-based First Colorado Financial Corp. and unit First Colorado National Bank.

Extensions of time

The Federal Reserve Bank of Chicago on Oct. 15 granted Minier Financial Inc. Employee Stock Ownership Plan w/401(k) Provisions an extension to Jan. 23, 2020, to acquire additional shares of Illinois-based Minier Financial Inc. and thereby increase its indirect ownership of First Farmers State Bank.