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Fed roundup: Atlanta Fed OKs First US Bancshares' purchase of Virginia bank

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Fed roundup: Atlanta Fed OKs First US Bancshares' purchase of Virginia bank

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 granted Allegiance Bancshares Inc.'s waiver of application to buy fellow Houston-based Post Oak Bancshares Inc.

As part of the deal, Post Oak Bank NA will merge into Allegiance Bank.

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Birmingham. Ala.-based First US Bancshares Inc. secured the Federal Reserve Bank of Atlanta's approval to acquire Rose Hill, Va.-based Peoples Bank.

As part of the deal, Peoples Bank will merge into First US Bank.

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The Fed granted Topeka, Kan.-based Capitol Federal Financial Inc. waivers of application to acquire in-state peer Capital City Bancshares Inc.

As part of the deal, Capital City Bank will merge into Capitol Federal Savings Bank.

Charter conversion

New Jersey-based Freehold MHC and Freehold Bancorp obtained the Federal Reserve Bank of Philadelphia's approval to convert to bank holding companies from savings and loan holding companies.

Their application is in connection with Freehold Savings Bank's conversion to a state-chartered savings bank from a federally chartered savings bank.