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.
Holding companies, M&A
On Aug. 23, the Federal Reserve Bank of Minneapolis approved Meta Financial Group Inc.'s application to become a bank holding company through the conversion of Sioux Falls, S.D.-based MetaBank from a federal savings to a national bank named MetaBank NA. Meta Financial's election to become a financial holding company was also approved.
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The Federal Reserve Bank of Dallas on Aug. 23 granted Terrell, Texas-based A.N.B. Holding Co. Ltd. extension to Nov. 9 to acquire shares of ANB Corp. and indirectly acquire American National Bank of Texas, Lakeside Bancshares Inc. and Lakeside National Bank.
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Firstar Financial Corp.'s application to acquire shares of Fort Gibson State Bank was approved Aug. 23. The Muskogee, Okla.-based company's proposal to acquire Steve Clinkenbeard Agency Inc. and Tri-Rivers Insurance LLP, and thereby engage in insurance activities, was also approved.
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On Aug. 22, the Federal Reserve Bank of St. Louis approved Farmers Bancorp Inc. of Marion Kentucky's application to acquire through merger Community Bancorp of Kentucky Inc., and thereby indirectly acquire Central City, Ky.-based First State Bank Inc.
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The Federal Reserve Bank of Cleveland on Aug. 22 granted Toledo, Ohio-based Waterford Bancorp Inc. a waiver of application to acquire Waterford, Mich.-based Clarkston Financial Corp. and Clarkston State Bank in connection with the merger of Clarkston State Bank into Waterford Bank NA.
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On Aug. 21, the Federal Reserve Bank of Kansas City approved Fidelity Financial Corp.'s application to become a bank holding company upon the conversion of its Wichita, Kan.-based subsidiary, Fidelity Bank, to a commercial bank from a federal savings bank.
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The Dallas Fed on Aug. 20 granted Texas-based Circle I Bank Group Inc. a waiver of application to acquire GSB Bancshares Inc. and unit Gruver State Bank in connection with the merger of Gruver State Bank into Western Bank.
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On Aug. 19, the Federal Reserve Bank of Chicago approved Brodhead Bancshares Inc.'s proposed acquisition of Farmers & Merchants Bank of Orfordville. It also gave approval for Bank of Brodhead to merge with Farmers & Merchants Bank of Orfordville and thereby establish a branch.
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The Cleveland Fed on Aug. 16 granted Ohio-based Consumers Bancorp Inc. a waiver of application to acquire Peoples Bancorp of Mt. Pleasant Inc. in connection with the merger of Peoples National Bank of Mount Pleasant into Consumers National Bank.
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Pennsylvania-based S&T Bancorp Inc.'s proposed acquisition of DNB Financial Corp. and DNB First NA was approved by the Cleveland Fed on Aug. 14.
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On Aug. 13, Prosperity Bancshares Inc. was granted a waiver of application to acquire LegacyTexas Financial Group Inc. and LegacyTexas Bank in connection with the merger of LegacyTexas Bank into Prosperity Bank.
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On Aug. 12, the Federal Reserve Bank of Boston gave its approval for Middlesex Federal MHC to become a mutual savings and loan holding company in connection with the reorganization of Somerville, Mass.-based Middlesex Federal Savings FA to a stock savings association from a federal mutual savings association.
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The Minneapolis Fed approved Aug. 8 Bridger Co.'s proposed acquisition of Montana-based Valley Bank of Glasgow and First Security Bank of Malta.
Kansas-based Bern Bancshares Inc. filed an application with the Federal Reserve Bank of Kansas City to acquire up to 7.00% of the voting shares of Marysville, Kan.-based UBT Bancshares Inc. and indirectly acquire United Bank & Trust.
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Woodforest Financial Group Employee Stock Ownership Plan and Woodforest Financial Group Employee Stock Ownership Trust filed an application with the Dallas Fed to acquire up to 30% of The Woodlands, Texas-based Woodforest Financial Group Inc. and indirectly acquire Woodforest National Bank.
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In the week ending Aug. 17, Newport Trust Co., as trustee of Citizens Bancshares of Loyal Stock Bonus Plan and Trust, filed a change-in-control application to acquire control of 10% or more of Citizens Bancshares of Loyal Inc., and thereby indirectly control Citizens State Bank of Loyal.
Fed membership
During the week ended Aug. 24, First Tennessee Bank NA filed an application with the Federal Reserve Bank of St. Louis to become a member of the Federal Reserve System.
