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Fed roundup: Atlanta Fed approves B.P.C.'s acquisition of CFB Bancshares

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Fed roundup: Atlanta Fed approves B.P.C.'s acquisition of CFB Bancshares

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

Cookeville, Tenn.-based B.P.C. Corp., the parent of Bank of Putnam County, secured the Federal Reserve Bank of Atlanta's approval to merge with Wartburg, Tenn.-based CFB Bancshares Inc. and acquire Citizens First Bank.

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Wellsboro, Pa.-based Citizens & Northern Corp. secured permission from the Federal Reserve to waive its application to acquire Doylestown, Pa.-based Monument Bancorp Inc.

As part of the $42.7 million deal, Monument Bank will merge into Citizens & Northern Bank.

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The Federal Reserve Bank of Minneapolis approved Billings, Mont.-based First Interstate Bank's proposed merger with Post Falls, Idaho-based Community 1st Bank.

First Interstate BancSystem Inc.'s $21.5 million deal to buy Community 1st Bank was announced in October 2018.

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Elkhart, Kan.-based Heartland Tri-State Bank secured the Federal Reserve Bank of Kansas City's approval to purchase certain assets and assume certain liabilities of Citizens State Bank's branches in Arlington and Attica in Kansas.

Wisner, Neb.-based Citizens State Bank is a unit of Citizens National Corp. Heartland Tri-State Bank is a unit of Elkhart Financial Corp.

Change in bank control, inside activity

The Federal Reserve Bank of Chicago permitted the proposed change in bank control of Decorah, Iowa-based Security Agency Inc. and unit Decorah Bank & Trust Co.

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Cleo Springs, Okla.-based Cleo Bancshares Inc. Chairman John Parker seeks to secure approval from the Kansas City Fed to acquire voting shares of the company and indirectly acquire control of unit Cleo State Bank.