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Tuesday Express: 2 Iowa banks to merge; Robert Jackson extending SEC stay

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Tuesday Express: 2 Iowa banks to merge; Robert Jackson extending SEC stay

* In Iowa, Central Bancshares agreed to acquire Walcott Trust and Savings Bank in a deal set to close by the end of 2019 and make Central Bancshares' assets breach $1 billion.

* Investment banking and asset management firm National Holdings is buying employee-owned full-service investment firm Winslow Evans & Crocker in a deal expected to boost National Holdings' gross and adjusted EBITDA margins. The transaction is expected to close in the fiscal first quarter of 2020.

* While banks have shunned the cannabis market due to heavy regulation, Chicago-based private credit firm Monroe Capital extended a $50 million credit facility to KushCo Holdings, a supplier of vaporizers and bags for the cannabis and hemp sectors, Bloomberg News reports.

* Moody's analysts warn that relaxing the Volcker rule, which prohibits banks from engaging in proprietary trading, could be credit-negative for many banks. The Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency recently approved a change in the Volcker rule. If the three other regulators involved also sign off on the changes, it would narrow the scope of financial instruments subject to the rule and could encourage some banks to increase their risk-taking.

* Though his term ended June 5, Robert Jackson Jr., one of the SEC's two Democratic commissioners, is extending his stay at the agency as his fellow Democrats on Capitol Hill continue to consider a number of candidates to succeed him. The White House issues official nominations for SEC commissioners, but the five-person commission can have only up to three panel members from the same political party.

* Based on the recent yield drop, Bank of America analysts think that the lawsuit filed against Illinois for allegedly violating state constitution through the issuance of $14 billion in bonds will fail, Bloomberg News reports. John Miller, co-head of fixed income at Nuveen LLC, which owns $2 billion of Illinois general-obligation bonds together with AllianceBernstein, told the news outlet that he believes the purpose of the issuance was valid.

* More banks are now turning to mergers and acquisitions to get talents for key posts, American Banker reports, citing CenterState Bank, WesBanco and Prosperity Bancshares as among those that have taken the tack.

* House Financial Services Committee chair Maxine Waters, D-Calif., is apt to continue probing within her committee's jurisdiction Facebook's planned foray into cryptocurrrency following a meeting with Swiss regulators, CoinDesk reports.

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