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, change in bank control
Plains Bancshares Inc. in Kansas, the parent company of Plains State Bank, secured the Federal Reserve Bank of Kansas City's approval to acquire Salina, Kan.-based Sixth Bancshares Inc. and unit BANK VI.
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The Federal Reserve granted Olympia, Wash.-based Heritage Financial Corp.'s waiver of application to acquire Hillsboro, Ore.-based Premier Commercial Bancorp.
As part of the deal, Premier Community Bank will merge into Heritage Bank.
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Rock Valley, Iowa-based Peoples Bancorp obtained permission from the Fed to waive its application to acquire Sioux City, Iowa-based Pinnacle Bancorp Inc.
As part of the deal, Peoples Bank will merge into Pinnacle Bank Sioux City.
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The Fed granted Dallas-based Triumph Bancorp Inc.'s waiver of application to acquire Inverness, Ill.-based First Bancorp of Durango Inc.
As part of the deal, First National Bank of Durango and Bank of New Mexico will merge into Triumph Bancorp's unit TBK Bank SSB.
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The Fed also granted Triumph Bancorp's waiver of application to acquire Inverness-based Southern Colorado Corp.
As part of the deal, Southern Colorado unit Citizens Bank of Pagosa Springs will merge into TBK Bank.
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Susser Bank Holdings LLC and SBH Manager LLC secured the Federal Reserve Bank of Dallas' approval to become holding companies by acquiring shares of Arlington, Texas-based BancAffiliated Inc. and indirectly acquiring Affiliated Bank NA.
The Dallas Fed also approved Susser Bank Holdings and SBH Manager's election to become financial holding companies.
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The Federal Reserve Bank of Minneapolis permitted the proposed change in bank control of Minnetonka, Minn.-based Equity Bank Holding Co. Inc. and unit Equity Bank.
As previously reported, private investor Todd Ellestad filed an application to acquire 100% of the shares of the company.
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The Federal Reserve Bank of Cleveland approved Columbus, Ohio-based MSB Capital Corp.'s application to become a bank holding company by acquiring De Graff, Ohio-based United Midwest Savings Bank, upon its conversion to a national bank.
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Bank Forward Employee Stock Ownership Plan and Trust applied with the Minneapolis Fed to acquire up to 33% of Fargo, N.D.-based Security State Bank Holding Co., and indirectly increase control of unit Bank Forward.
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Kelley Rash, chairman of Broken Arrow, Okla.-based Arkansas Valley Bancshares Inc., applied with the Kansas City Fed to purchase voting shares of the company.
AVB Bank is a unit of the company.
Charter conversions
New Jersey-based Freehold MHC and Freehold Bancorp applied with the Federal Reserve Bank of Philadelphia to convert to bank holding companies from savings and loan holding companies.
Their application is in connection with Freehold Savings Bank's conversion to a state-chartered savings bank from a federally chartered savings bank.
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West Bend, Wis.-based Westbury Bancorp Inc. applied with the Federal Reserve Bank of Chicago to become a bank holding company following the conversion of Westbury Bank to a Wisconsin state-chartered commercial bank from a federal savings bank.
