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Fed roundup: Fed OKs Provident Bancorp's acquisition of Provident 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.

Bank holding companies, M&A

On Aug. 7, the Minneapolis Fed approved Bank Forward Employee Stock Ownership Plan and Trust's acquisition of shares of Fargo, N.D.-based Security State Bank Holding Co. and increase in control of Security State Bank unit Bank Forward.

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The Federal Reserve on Aug. 7 granted a waiver of application to Texas-based Industry Bancshares Inc. and its unit Citizens State Bank, to acquire West, Texas-based State National Bank in West.

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The Boston Fed on Aug. 6 approved Amesbury, Mass.-based Provident Bancorp Inc (MHC)'s acquisition of Provident Bank (MHC) in relation to the second-step conversion of Provident Bancorp from mutual to stock form.

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On Aug. 9, the Atlanta Fed approved Anniston, Ala.-based Southern States Bancshares Inc.'s merger with Wedowee-based East Alabama Financial Group Inc. and the acquisition of East Alabama unit Small Town Bank.

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The Chicago Fed on Aug. 7 approved Rosemont, Ill.-based Wintrust Financial Corp.'s acquisition of St. Charles, Ill.-based STC Bancshares Corp. and its unit STC Capital Bank.

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The San Francisco Fed on Aug. 5 approved San Jose, Calif.-based Heritage Commerce Corp. unit Heritage Bank of Commerce's merger with San Francisco-based Presidio Bank.