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Fed roundup: Minneapolis Fed OKs Citizens Community Bancorp/United Bank deal

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 granted Walla Walla, Wash.-based Banner Corp.'s waiver of application to acquire Burlington, Wash.-based Skagit Bancorp Inc.

As part of the deal, Skagit Bank will merge into Banner Bank.

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Eau Claire, Wis.-based Citizens Community Bancorp Inc., the parent company of Citizens Community Federal NA, secured the Federal Reserve Bank of Minneapolis' approval to acquire Osseo, Wis.-based United Bank.

The deal was announced in June.

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The Minneapolis Fed approved Whitehall, Wis.-based PF Investors Inc.'s application to become a bank holding company by acquiring Pigeon Falls, Wis.-based PFSB Bancorp Inc. and indirectly acquiring Pigeon Falls State Bank.

PF Investors filed its application in July.

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Martins Ferry, Ohio-based United Bancorp Inc. secured permission from the Fed to waive its application to acquire Powhatan Point Community Bancshares Inc. of Ohio.

As part of the deal, First National Bank of Powhatan Point will merge into Unified Bank.

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Brookfield, Mo.-based First Missouri Bank obtained approval from the Federal Reserve Bank of Kansas City to purchase certain assets and assume certain liabilities of UMB Bank NA's branch at 101 S. Market in Milan, Mo.

Fed membership

Cerritos, Calif.-based First Choice Bank applied with the Federal Reserve Bank of San Francisco to become a member of the Federal Reserve System.