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 news previously covered by S&P Global Market Intelligence.
M&A
The Federal Reserve approved Garfield, N.J.-based Wawel Financial Services MHC's application to dispose of subsidiary Wawel Bank (MHC), pursuant to a merger agreement with Elmwood Park, N.J.-based Spencer Savings Bank SLA and to dissolve following the disposition of Wawel Bank.
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The Fed approved Carmichaels, Pa.-based CB Financial Services Inc.'s waiver of application to acquire First West Virginia Bancorp Inc. and unit Progressive Bank NA.
Under the merger, Progressive Bank will merge with and into CB unit Community Bank.
Holdco formation
The Federal Reserve Bank of Dallas approved Spring, Texas-based Noble Bancorp. Inc.'s application to become a bank holding company by acquiring Memphis, Texas-based Falcon Bancorp Inc., and thereby indirectly acquiring First Bank and Trust of Memphis.
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The Federal Reserve Bank of Richmond approved PB Financial Corp.'s application to become a bank holding company by acquiring Rocky Mount, N.C.-based Providence Bank.
Minority investment
The Federal Reserve Bank of Boston approved the application of 1831 Bancorp MHC and 1831 Bancorp Inc. to buy an indirect ownership interest in Plimoth Trust Co. LLC.
The application to acquire an indirect 20% stake is connected with the proposed reorganization of Massachusetts-based Dedham Institution for Savings into a two-tier mutual holding company structure, which would involve Dedham Institution for Savings creating a mutual holding company, 1831 Bancorp MHC, and a mid-tier holding company, 1831 Bancorp Inc.
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Irvine, Calif.-based H Bancorp LLC applied with the Richmond Fed to acquire 7.5% of the voting securities of Bowie, Md.-based Old Line Bancshares Inc. and thereby indirectly acquire an interest in Old Line Bank.
Fed membership
The Federal Reserve Bank of St. Louis approved Salem, Ill.-based Iuka State Bank's application to become a member of the Federal Reserve System.
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Kentucky-based Springfield State Bank applied with the St. Louis Fed to become a member of the Fed.
