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Fed roundup: Fed grants Renasant's waiver of application to buy Brand Group

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University Essentials | COVID-19 Economic Outlook in Banking: Rates and Long-Term Expectations: Q&A with the Experts

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Fed roundup: Fed grants Renasant's waiver of application to buy Brand Group

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.


The Federal Reserve granted Sandusky, Ohio-based Civista Bancshares Inc.'s waiver of application to acquire Lawrenceburg, Ind.-based United Community Bancorp.

As part of the deal, United Community Bank will merge into Civista Bank.

Shareholders of both companies had also approved the deal.


The Fed granted Jasper, Ind.-based German American Bancorp Inc.'s waiver of application to acquire Owensboro, Ky.-based First Security Inc.

First Security Bank Inc. will merge with and into German American Bank at deal closing.


Tupelo, Miss.-based Renasant Corp. obtained permission from the Fed to waive its application to purchase Lawrenceville, Ga.-based Brand Group Holdings Inc.

Brand Banking Co. will merge into Renasant Bank upon deal closing.

BHC formation, financial holdco election

Diamond HTH Stock Co. GP LLC and Diamond HTH Stock Co. LP secured the Federal Reserve Bank of Dallas' approval to be bank holding companies and retain ownership in Dallas-based Diamond A Financial LP.

The two entities will also indirectly retain ownership in Hilltop Holdings Inc., PlainsCapital Corp. and PlainsCapital Bank.


Kansas City, Mo.-based Ameri-National Corp. became a financial holding company, effective July 16.


Los Angeles-based RBB Bancorp became a financial holding company, effective July 19.

Change in bank control, minority investment

The Federal Reserve Bank of San Francisco permitted the proposed change in bank control of San Francisco-based Trans Pacific Bancorp and unit Beacon Business Bank NA.


Kenneth Poteet, Corey Poteet and McLane Poteet, as members of a family group, applied with the Federal Reserve Bank of St. Louis to acquire 25% or more of the voting shares of St. Louis-based M1 Bancshares Inc.

Kenneth Poteet is the company's founder, chairman and CEO.


Heritage Bancshares Group Inc. Employee Stock Ownership Plan and Trust and Justin Rey, individually and as ESOP trustee, applied with the Federal Reserve Bank of Minneapolis to acquire additional shares of Spicer, Minn.-based Heritage Bancshares Group Inc. and indirectly acquire control of Heritage Bank NA.


John Phillips is seeking the Federal Reserve Bank of Kansas City's approval to acquire voting shares of Oklahoma City-based Bank7 Corp., formerly known as Haines Financial Corp, and indirectly acquire Bank 7.

Phillips is the president of the company.