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Fed roundup: Nano Financial's application to buy bank returned

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, holdco formation

The Federal Reserve Bank of San Francisco returned the application filed by Irvine, Calif.-based Nano Financial Holdings Inc. and Allegiant United Holdings LLC to become bank holding companies through Nano Financial's acquisition of Commerce Bank of Temecula Valley, which is based in Murrieta, Calif. The deal is valued at about $23.3 million.

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Hamilton, Mo.-based Caldwell County Bancshares Inc., the parent of Bank Northwest, obtained the Federal Reserve Bank of Kansas City's approval to acquire Cameron, Mo.-based Horizon State Bank. The deal is expected to close in the first quarter. Osborn Bancshares Inc. is the holding company of Horizon State Bank.

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The Federal Reserve Bank of Minneapolis approved Mackinac National Bancorp Inc.'s application to become a bank holding company by acquiring Michigan-based First National Bank of St. Ignace. The regulator also approved the company's election to become a financial holding company.

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AsheCo M.H.C. and LifeStore Financial Group (MHC) both based in West Jefferson, N.C. applied with the Federal Reserve Bank of Richmond to become bank holding companies through the conversion of Lifestore Bank (MHC) from a federal savings bank to a commercial state-member bank.

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Heritage First Bancshares Inc. is seeking the Federal Reserve Bank of Atlanta's approval to become a bank holding company by acquiring 100% of the outstanding shares of Rome, Ga.-based Heritage First Bank.

Change in bank control

The Federal Reserve Bank of Kansas City permitted the proposed change in bank control of Kansas-based Andover Financial Corp. and unit Andover State Bank.

As previously reported, Allison Grace — who serves as the company's CFO and a member of the board — and the Allison M. Grace Trust Agreement dated April 7, 2005, has applied to acquire voting shares of the company.

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A group of investors — including Chirag Bhavsar, James Seneff Jr. and Rice Financial Holdings, and numerous others — filed an application with the Federal Reserve Bank of Atlanta to acquire shares and thereby control Orange City, Fla.-based Pinnacle Bank Holding Co. Inc. and unit Pinnacle Bank.

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Allen Soffer, as trustee of the Donald G. Soffer 1995 Decanted Family Trust dated Jan. 29, 2018, filed an application with the Federal Reserve Bank of St. Louis to gain control of St. Louis Bancshares Inc.

According to a notice posted on the St. Louis Post-Dispatch on Feb. 10, Soffer, as trustee, seeks to obtain control of 10% or more of the voting shares of the company.

Fed membership

Kentucky-based Springfield State Bank, a subsidiary of Springfield Bankshares Inc., secured the Federal Reserve Bank of St. Louis' approval to become a member of the Federal Reserve System.