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Fed roundup: Minneapolis Fed OKs Choice Financial's purchase of Venture Bank

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, minority investment, change in control

The Federal Reserve Bank of Minneapolis approved Fargo, N.D.-based Choice Financial Holdings Inc.'s proposed purchase of Bloomington, Minn.-based Venture Bank.

As previously reported, Choice Financial Holding plans to merge Venture Bank with Choice Financial Group after the deal closes.

Venture Bank is a subsidiary of Venture Bancshares Inc.

* * *

The Federal Reserve Bank of Dallas approved Terrell, Texas-based A.N.B. Holding Co. Ltd.'s application to acquire additional shares of ANB Corp.

As previously reported, A.N.B. Holding applied to acquire additional shares of up to 37.5% of ANB Corp. The purchase would allow A.N.B. Holding to indirectly acquire ANB Corp.'s wholly owned units American National Bank of Texas in Terrell and First State Bank in Mesquite, Texas, as well as Lakeside Bancshares Inc. and Lakeside National Bank in Rockwall, Texas, which ANB Corp. partly owns.

A.N.B. Holding owns 34.68% of ANB Corp., according to S&P Global Market Intelligence data.

* * *

The Federal Reserve Bank of San Francisco permitted the proposed change in bank control of Rancho Cordova, Calif.-based American River Bankshares and unit American River Bank.

In February, Basswood Capital Management LLC, along with its subsidiaries and affiliates, applied to acquire more than 10% of the outstanding voting stock of American River Bankshares.

* * *

Diane Athey, individually and as co-trustee of several trusts, applied with the Federal Reserve Bank of Kansas City to acquire control of voting shares of Enid, Okla.-based Security Financial Services Corp.

Athey is a director of Security Financial and unit Security National Bank of Enid.

Peter Dillingham, as co-trustee of several trusts, along with the Linda Ann Athey Non-Exempt Q-Tip Trust and the Linda Ann Athey GST Exemption Q-Tip Trust, seeks to become members of the Athey Control Group and acquire control of voting shares of Security Financial.

Conversion, restructuring, BHC formation, financial holdco election

Salem, Ind.-based Mid-Southern MHC secured the St. Louis Fed's approval to convert to stock form and merge into Mid-Southern Bancorp Inc., a newly formed savings and loan holding company.

Subsequently, Mid-Southern Bancorp will acquire Mid-Southern Savings Bank FSB (MHC).

* * *

The Federal Reserve Bank of Kansas City approved the proposed merger of Kansas-based banks American State Bank & Trust Co. and Rose Hill Bank.

Both banks are units of Wichita, Kan.-based American State Bancshares Inc.

* * *

Mountain Pacific Bancorp applied with the Federal Reserve Bank of San Francisco to become a bank holding company by acquiring 100% of the Everett, Wash.-based Mountain Pacific Bank.

Mountain Pacific Bancorp also elected to become a financial holding company.

Fed membership

The Federal Reserve Bank of St. Louis approved Illinois-based Dieterich Bank NA's application to retain its membership in the Federal Reserve System on its conversion to a state-chartered bank.

Prime Banc Corp. is the bank's parent company.