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Fed roundup: Chicago Fed OKs merger of Emmetsburg Bank, Panora State 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.


The Federal Reserve Bank of Chicago approved Iowa-based Emmetsburg Bank Shares Inc.'s acquisition of in-state peer Panora State Bank.

The deal is expected to close in the first quarter.

Emmetsburg Bank is the parent of Iowa Trust & Savings Bank. Dentel Bancorp. is the parent of Panora State Bank.

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The Federal Reserve approved Delhi, La.-based Capital Bancorp Inc.'s waiver of application to acquire Crossett, Ark.-based Evergreen Bancshares Inc. and unit First State Bank.

As part of the deal, First State Bank is merging into Capital Bancorp unit Commercial Capital Bank.

Holdco formation

Almena Investments LLC applied with the Federal Reserve Bank of Kansas City to become a bank holding company by acquiring Almena State Bank of Kansas.

Change in bank control

The Federal Reserve Bank of Minneapolis permitted the change in bank control at La Crosse, Wis.-based Bosshard Banco Ltd. and its subsidiaries, First National Bank of Bangor and Intercity State Bank.

In December 2017, Bosshard Banco filed an application for Alexandra Bosshard, as a member of the Bosshard family shareholder group, to retain and acquire shares of the company.

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The Federal Reserve Bank of Dallas approved the change in bank control at Graham Savings Financial Corp. and its subsidiary, Graham Savings and Loan SSB.

In December 2017, the Graham, Texas-based company applied for the Pitcock Family Group, a group acting in concert, to acquire and retain 10% or more of the company's outstanding shares.

* * *

The Lloyd A. Amundson 1999 Generational Trust and the Barbara A. Amundson 1999 Generational Trust intend to apply to the Fed for permission to retain or acquire control of 25% or more of Sioux Falls, S.D.-based First Sleepy Eye Bancorp. Inc.

Philip G. Amundson, acting in concert with other individuals and family trusts, also plans to secure the Fed's approval to acquire 25% or more of First Sleepy Eye's shares.

First Sleepy Eye controls Minnesota-based banks First Security Bank - Sleepy Eye and First Security Bank - Canby.

Fed membership

South County Bank NA applied with the Federal Reserve Bank of San Francisco to become a member of the Federal Reserve System and to be known as CalWest Bank following its conversion to a state charter bank from a national bank.

South County Bank is a unit of Rancho Santa Margarita, Calif.-based CalWest Bancorp.