trending Market Intelligence /marketintelligence/en/news-insights/trending/gHMhLybeZX56S4G7ubj5Zw2 content esgSubNav
In This List

Fed actions, applications for the week ended March 25

Blog

Latin American and Caribbean Market Considerations Blog Series: Focus on LGD

BLOG

Banking Essentials Newsletter: June Edition

Case Study

กรณีศึกษา A Bank Takes its Project Finance Assessments to a New Level

Blog

Financial Institutions Factor Transition Risk into Climate-Related Stress Testing


Fed actions, applications for the week ended March 25

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, holdco formation

The Federal Reserve Bank of Minneapolis approved Kalispell, Mont.-based Glacier Bancorp Inc.'s proposed acquisition of Yuma, Ariz.-based TFB Bancorp Inc., as well as Foothills Bank's merger into Glacier Bank. The deal was announced in November 2016.

* * *

The Federal Reserve Bank of Atlanta approved Nashville, Tenn.-based Pinnacle Financial Partners Inc.'s proposed merger with High Point, N.C.-based BNC Bancorp and unit Bank of North Carolina. The deal was announced in January.

Pinnacle Financial is the parent company of Nashville, Tenn.-based Pinnacle Bank.

* * *

The Chicago Fed granted Stratford, Wis.-based Stratford Bancshares Inc.'s request to extend to July 13 the completion date for its acquisition of Spencer, Wis.-based Spencer Bancorp Inc. and indirect acquisition of unit Heritage Bank. The regulator approved the deal in January.

Stratford State Bank is a subsidiary of Stratford Bancshares.

* * *

The Federal Reserve Bank of Dallas approved Plano, Texas-based Oakwood Bancshares Inc.'s application to become a bank holding company by acquiring Oakwood, Texas-based Oakwood State Bank.

* * *

The Federal Reserve Bank of New York approved Fieldpoint Private Holdings Inc.'s application to become a bank holding company by acquiring 100% of the outstanding stock of Greenwich, Conn.-based Fieldpoint Private Bank & Trust.

The regulator also approved the bank's application to become a member of the Federal Reserve System.

* * *

The Atlanta Fed approved Daytona Beach, Fla.-based Intracoastal Bancorp Inc.'s application to become a bank holding company by acquiring Palm Coast, Fla.-based Intracoastal Bank.

* * *

Oakland, Iowa-based Oakland Financial Services Inc.'s election to become a financial holding company took effect March 21.

* * *

First Boston Holdings Inc.'s application to become a savings and loan holding company by acquiring Boston-based Admirals Bank was withdrawn March 22.

Change in bank control

The Minneapolis Fed approved Stearns Financial Services Inc. Employee Stock Ownership Plan's proposed purchase of additional shares of Saint Cloud, Minn.-based Stearns Financial Services Inc., and indirect increase to its control of units Stearns Bank NA, Stearns Bank Upsala NA and Stearns Bank Holdingford NA.

* * *

The Minneapolis Fed permitted the proposed change in bank control of Bottineau, N.D.-based State Bank of Bottineau Holding Co. and unit State Bank of Bottineau.

Patrick Artz, Richard Kornkven and Monte Mikkelsen each sought to acquire 10% or more of the company's shares. Artz is president and CEO of the company and the bank. Artz, Kornkven and Mikkelsen are all directors of the company and the bank.

* * *

The Federal Reserve Bank of Chicago granted Mid Illinois Bancorp Inc. Employee Stock Ownership Plan's request to again extend its timeline to increase its stake in Peoria, Ill.-based Mid Illinois Bancorp Inc., this time to June 30. Once the transaction is completed, the ESOP would also increase its indirect ownership of unit South Side Trust & Savings Bank of Peoria.

* * *

Paragon Financial Solutions Inc. Chairman Craig Weiss filed a notice with the Federal Reserve Bank of St. Louis to acquire control of the Memphis, Tenn.-based company.

Foreign banking activity

State Street Corp., State Street Bank and Trust Co., and State Street International Holdings seek the Federal Reserve Bank of Boston's approval for the company to transfer shares of an Edge Act corporation, for State Street Bank and Trust to invest in the capital stock of State Street International Holdings in excess of the 10% limit, and for State Street International Holdings to amend its articles of association.