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Fed roundup: South Plains gets waiver of application for West Texas State 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 Bank of Dallas on Oct. 11 granted South Plains Financial Inc. Employee Stock Ownership Plan and Lubbock, Texas-based South Plains Financial Inc. a waiver of application to acquire West Texas State Bank, in connection with the merger of West Texas State Bank with and into City Bank.

Holdco formation, conversion

Dunkirk, N.Y.-based Lake Shore MHC has withdrawn its application to convert to a Delaware-chartered mutual bank holding company and for Lake Shore Bancorp Inc. (MHC) to convert to a Maryland-chartered bank holding company upon the conversion of Lake Shore Savings Bank to a national bank from a federal savings bank.

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The Federal Reserve Bank of San Francisco on Oct. 7 approved the separate proposals of DCB Family Holding Corp. and JGS Jr. Family Holding Corp., each based in Salt Lake City, to become bank holding companies by acquiring a stake in Home Credit Corp., and thereby indirectly acquiring control of Home Savings Bank.

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The Federal Reserve Bank of Minneapolis on Oct. 4 granted Alexandria, Minn.-based Viking Financial Corp. a waiver of application relative to the conversion of Viking Bank to a national banking association from a federal savings association, in connection with the merger of First State Bank of Ashby with and into Viking Bank.

Financial holding company

Nebraska-based First State Fremont Inc.'s election to become a financial holding company took effect Oct. 9.