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Fed actions, applications for week ended Dec. 3

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Fed actions, applications for week ended Dec. 3

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

The Federal Reserve Bank of San Francisco on Nov. 30 approved Santa Rosa, Calif.-based AltaPacific Bancorp's application to acquire Murrieta, Calif.-based Commerce Bank Temecula Valley, according to a Federal Reserve release for the week ended Dec. 3. Concurrently, AltaPacific Bank's merger with Commerce Bank of Temecula Valley has also been approved.

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Knoxville, Tenn.-based Clayton HC Inc., along with units Apex Bancorp Inc. and Apex Bank, on Nov. 29 received the Federal Reserve Bank of Atlanta's approval to acquire Greeneville, Tenn.-based American Patriot Bank.

American Patriot Bank is majority-owned by American Patriot Financial Group Inc., according to SNL data.

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The Federal Reserve on Nov. 28 denied a commenter's request to extend the comment period on Los Angeles-based Cathay General Bancorp's application to acquire Los Angeles-based SinoPac Bancorp and indirectly acquire unit Far East National Bank.

Change in bank control

The Federal Reserve Bank of Kansas City on Dec. 2 permitted the proposed change in bank control of Fort Scott, Kan.-based City Bancshares Inc. and unit City Bancshares Inc.

As reported in October, City State Bank Vice President, cashier and director John Hill, along with related investment parties, is looking to acquire a majority stake in City Bancshares Inc. The Hill group — which owns 53 shares, or a 5% stake in the company — is seeking permission to acquire 510 additional shares, which would bring the investor group's stake to 53%.

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The Federal Reserve Bank of Chicago on Nov. 30 permitted the proposed change in bank control of Milford, Mich.-based Huron Valley Bancorp Inc. and unit Huron Valley State Bank

As previously reported in November, an investor group composed of Blair Bowman and Peter Scodeller is seeking permission to acquire a 29.83% stake in the company. In addition, Matthew Murvay, a director of the company, is also looking to increase his stake in the company to 20.56%.

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The Federal Reserve Bank of Richmond on Nov. 30 permitted the proposed change in bank control of Fredericksburg, Va.-based Virginia Partners Bank.

As previously reported in October, investor Kenneth Lehman agreed to buy 929,152 shares of common stock, allowing the bank to raise additional capital amounting to $8.6 million, before expenses. The transaction is expected to close in December, after which Lehman will join the bank as a director.

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The Versailles Capital Group is seeking the Federal Reserve Bank of Cleveland's approval to gain control of 25% or more of the outstanding shares of Versailles, Ky.-based Citizens Commerce Bancshares Inc. and indirectly control unit Citizens Commerce National Bank.

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An investor group, which include Moi Monroe and Ida M. Monroe Trust, filed a prior change in control notice with the Federal Reserve Bank of Atlanta to acquire, as a group, 10% or more of the shares of Waycross, Ga.-based WB&T Bankshares Inc. through a new stock purchase.

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Mike Weis and Valerie Weis — individually and as controlling shareholders of Interstate Enterprises Ltd., and as a group acting in concert with other investors — filed a notice with the Federal Reserve Bank of Chicago to acquire control of more than 25% of the voting shares of Winterset, Iowa-based Farmers & Merchants Bancorp and indirectly control unit Farmers & Merchants State Bank.

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Derek Nolan, individually and thereby acting in concert with Hawarden, Iowa-based First State Associates Inc. President Donald Nolan, filed a notice with the Chicago Fed to acquire control of more than 10% of the voting shares of the company.

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Searcy, Ark.-based First Security Bancorp filed an application with the Federal Reserve Bank of St. Louis to increase its ownership in Leawood, Kan.-based CrossFirst Holdings LLC from 10.43% to $14.53%. First Security Bancorp is proposing to purchase up to 500,000 additional common member units and increase its interest in CrossFirst Bank.

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The Banner County Ban Bancorporation Employee Stock Ownership Plan and Trust filed an application with the Federal Reserve of Kansas City to acquire up to an additional 1.85% for a total of 41.65% of the voting shares of the Harrisburg, Neb.-based Banner County Ban Corp.

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The Woodforest Financial Group Employee Stock Ownership Plan and the related Woodforest Financial Group Employee Stock Ownership Trust is seeking the Federal Reserve Bank of Dallas' approval to acquire up to 32.26% of Woodforest Financial Group Inc. and indirectly acquire unit Woodforest National Bank.

Holdco formation

The Federal Reserve on Nov. 28 approved Greater State Bancshares Corp.'s application to become a bank holding company by acquiring Falfurrias, Texas-based Greater State Bank.

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Ballston Spa, N.Y.-based Ballston Spa Bancorp Inc. became a financial holding company effective Dec. 1.

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Glastonbury, Conn.-based BBN Financial Corp. became a financial holding company effective Nov. 30.

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Marine Bancorp of Florida 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 Vero Beach, Fla.-based Marine Bank & Trust Co.

Fed membership

The Federal Reserve Bank of Boston on Nov. 30 approved Hyde Park, Mass.-based Commonwealth Co-operative Bank's application to become a member of the Federal Reserve System.