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Fed roundup: Boston Fed OKs Abington Bank's merger with Avon Co-operative 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 Boston approved Massachusetts-based Abington Bank's proposed merger with in-state peer Avon Co-operative Bank.

The deal was announced in May.

Minority investments, change in control

The Federal Reserve Bank of Kansas City approved Bern, Kan.-based Bern Bancshares Inc.'s application to acquire shares of Marysville, Kan.-based UBT Bancshares Inc.

United Bank & Trust is a unit of UBT Bancshares.

Bern Bancshares currently owns 6.14% of UBT Bancshares, according to S&P Global Market Intelligence data.

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Council Bluffs, Iowa-based GGC LLP seeks to obtain the Federal Reserve Bank of Chicago's approval to acquire at least 10% of the voting shares of Treynor, Iowa-based TS Contrarian Bancshares Inc. and indirectly acquire control of North Dakota-based Bank of Tioga.

Reorganization, charter change

Fairfax, Va.-based United Bank applied with the Federal Reserve Bank of Richmond to merge Parkersburg, W. Va.-based United Bank Inc. into United Bank.

United Bank Inc. is a subsidiary of UBC Holding Co. Inc. United Bankshares Inc. is the ultimate parent.

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Pedcor Capital LLC, Pedcor Bancorp and American Capital Bancorp — all based in Carmel, Ind. — seek the Chicago Fed's approval to convert to a savings and loan holding company from a bank holding company, upon the conversion of Long Beach, Calif.-based International City Bank NA to a federal savings bank.

Holdco formation

Mountain View, Ark.-based Stone Bancshares Inc. became a financial holding company, effective July 27.

Fed membership

Massachusetts-based Cornerstone Bank applied with the Boston Fed to be a member of the Federal Reserve System.

The bank is a subsidiary of SSB Community Bancorp Inc. SSB Community Bancorp MHC is the bank's parent company.