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 Atlanta approved the merger of Florida state peers Stuart-based Seacoast Banking Corp. of Florida and Tampa-based NorthStar Banking Corp.
As part of the deal, NorthStar Bank will merge into Seacoast National Bank.
* * *
The Federal Reserve Bank of Richmond approved Virginia-based Union Bankshares Corp.'s proposed acquisition of state peer Xenith Bankshares Inc. as well as Union Bank & Trust's merger with Xenith Bank and to thereby establish branches.
In connection with the deal, CapGen Capital Group VI LP — which partially owns Xenith Bancshares — together with CapGen Capital Group VI LLC obtained the Richmond Fed's approval to acquire up to 7.3% of the voting securities of Union Bankshares and indirectly control Union Bank & Trust.
* * *
The Federal Reserve Bank of Philadelphia approved First Citizens Community Bank's application to purchase the assets and assume the liabilities of S&T Bank's branch at 141 W. Beaver Ave. in State College, Pa.
Citizens Financial Services Inc. is the parent company of Mansfield, Pa.-based First Citizens Community Bank, and S&T Bancorp Inc. is the parent company of Indiana, Pa.-based S&T Bank.
The Federal Reserve Bank of Dallas permitted the proposed change in bank control of George West, Texas-based Live Oak Bancshares Corp., and unit SouthTrust Bank NA.
As previously reported, Emmet Harris — chairman and president of the company and the bank — along with family members, seek to acquire, retain and control 35% or more of the company.
* * *
Edward Massee and Andrew Schmidt — directors of MPS Investment Co. and unit Farmers and Merchants State Bank of Appleton in Minnesota — filed a change in control notice with the Federal Reserve Bank of Minneapolis to acquire shares of the company and indirectly control the bank.
Financial holdco election, holdco formation
Huntington, W.Va.-based Premier Financial Bancorp Inc. became a financial holding company, effective Oct. 5.
* * *
MBT Bancshares Inc. applied with the Atlanta Fed to become a bank holding company by acquiring 100% of the outstanding shares of Metairie Bank & Trust Co. of Louisiana.
* * *
CBC Financial Inc. applied with the Federal Reserve Bank of Chicago to become a bank holding company through the acquisition of 100% of Citizens Bank of Chatsworth in Illinois.
The Federal Reserve Bank of Boston approved Massachusetts-based Cornerstone Bank's application to become a member of the Federal Reserve System.
The bank is a subsidiary of SSB Community Bancorp Inc. SSB Community Bancorp MHC is the bank's parent company.