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Fed roundup: Kansas-based Equity Bank gets approval for Oklahoma bank merger

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 bank control

South Dakota-based Bryant Bancshares Inc. secured approval from the Federal Reserve Bank of Minneapolis to acquire Bruce, S.D.-based Richland State Bank.

The Federal Register reported the deal on July 2.

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The Federal Reserve Bank of Kansas City approved Andover, Kan.-based Equity Bank's proposed merger with Guymon, Okla.-based City Bank and Trust Co.

As previously reported in June, Wichita, Kan.-based Equity Bancshares Inc. is buying City Bank and Trust from Docking Bancshares Inc.

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Emlenton, Pa.-based Emclaire Financial Corp. obtained permission from the Federal Reserve to waive its application to acquire Reynoldsville, Pa.-based Community First Bancorp Inc.

As part of the deal, Community First Bank will merge into Farmers National Bank of Emlenton.

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Scottsboro, Ala.-based FNS Bancshares Inc. secured the Fed's permission to waive its application to acquire Fort Oglethorpe, Ga.-based Catoosa Bancshares Inc.

Capital Bank will merge into FNB Bank as part of the deal.

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The Fed granted Prattville, Ala.-based River Financial Corp.'s request to waive its application to buy Clanton, Ala.-based PSB Bancshares Inc.

As a result of the deal, Peoples Southern Bank will operate as River Bank & Trust.

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The Minneapolis Fed permitted the proposed change in bank control of Minnesota-based First Bancshares Inc. of Cold Spring and unit Granite Community Bank.

As previously reported, investor John Dammermann seeks to acquire control the company by purchasing 1,315.79 nonvoting shares, or a 66.36% stake.

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The Fed granted Ruston, La.-based Century Next Financial Corp.'s waivers of application to acquire Crossett, Ark.-based Ashley Bancstock Co.

As part of the deal, First National Bank of Crossett will merge into Bank of Ruston.

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Minneapolis-based Park Financial Group Inc. seeks to buy 48.46% of Grand Rapids, Minn.-based Mesaba Bancshares Inc., and thereby indirectly acquire Lake Bank and American Bank of the North.

In addition, Park Financial secured an option to purchase the remaining 51.54% of the voting shares of Mesaba Bancshares.

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Ernest Dillard, Sheila Dillard, Aaron Dillard and Sarah Dillard applied with the Kansas City Fed to acquire voting shares of Oklahoma-based First Pryor Bancorp Inc.

Ernest Dillard is the chairman, president and CEO of the company. Aaron Dillard is a director of the company.

The four also seek approval to be members of the Dillard family group, which collectively controls 25% or more of the company.

Restructuring

Drayton, N.D.-based Koda Bancor Inc. is seeking the Minneapolis Fed's approval to acquire, through an in-kind dividend, ownership of Citizens Insurance Agency Inc. and Walhalla Insurance Agency LLC from unit Citizens State Bank Midwest.

Fed membership

Murrieta, Calif.-based Nano Banc secured the Federal Reserve Bank of San Francisco's approval to become a member of the Federal Reserve System.