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Fed actions, applications for the week ended Jan. 14


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Fed actions, applications for the week ended Jan. 14

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 approved an extension of the comment period, to Feb. 17, on the interagency advance notice of proposed rulemaking on enhanced cyber risk management standards for large and interconnected financial companies.

The proposed cyber risk management standards was initially open for comments through Jan. 17.


Stratford, Wis.-based Stratford Bancshares Inc. received the Federal Reserve Bank of Chicago's approval to acquire Spencer, Wis.-based Spencer Bancorp Inc., and indirectly acquire unit Heritage Bank.

Stratford State Bank is a subsidiary of Stratford Bancshares.

Change in bank control

In North Dakota, Hazen-based Hazen Bancorp. Inc. and Ashley-based McIntosh County Bank Holding Co. Inc. each filed an application with the Federal Reserve Bank of Minneapolis to increase their respective ownership stakes in Jamestown, N.D.-based North Star Holding Co. Inc., as a result of a stock redemption of North Star Holding, and indirectly increase control of Unison Bank.

According to S&P Global Market Intelligence data, Hazen Bancorp, the parent company of Union State Bank of Hazen, currently holds a 16.67% interest in North Star Holding, while McIntosh County Bank Holding, the parent company of McIntosh County Bank, currently holds a 33.33% interest in North Star Holding.

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Dennis Schardt, Brian Schardt and Christina Nokelby filed an application with the Federal Reserve Bank of Kansas City to acquire control of Wahoo, Neb.-based Bank Management Inc. through the acquisition of voting shares.

Bank Management is the parent company of FirstBank of Nebraska.

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The Federal Reserve Bank of Dallas permitted the proposed change in bank control of Chico, Texas-based Chico Bancorp Inc. and unit First State Bank.

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The Chicago Fed permitted the proposed change in bank control of Winterset, Iowa-based Farmers & Merchants Bancorp and unit Farmers & Merchants State Bank.

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The St. Louis Fed permitted the proposed change in bank control of Germantown, Tenn.-based Germantown Capital Corp. Inc. and unit First Capital Bank.

Reorganization and holdco formation

In Illinois, the Federal Reserve Bank of St. Louis approved St. Louis-based Lindell Bank & Trust Co.'s proposed merger with its sister bank, East Saint Louis-based First Illinois Bank, and the plan to keep the acquired facility as a branch.

Both banks are subsidiaries of First Illinois Bancorp Inc.

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The Federal Bank of Philadelphia approved Monument Bancorp Inc.'s application become a bank holding company by acquiring Doylestown, Pa.-based Monument Bank

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The Federal Reserve Bank of Atlanta approved Peach State Bancshares Inc.'s application to become a bank holding company by acquiring Gainesville, Ga.-based Peach State Bank & Trust.

Fed membership

The St. Louis Fed approved Paris National Bank's application to retain membership in the Federal Reserve System on its conversion from a national bank to a state-chartered institution, TPNB Bank.

The Paris, Mo.-based bank is a subsidiary of Paris Bancshares Inc.