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Fed actions, applications for week ended Dec. 10

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Fed actions, applications for week ended Dec. 10

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.

Appointment

The Federal Reserve approved the appointment of Andreas Lehnert as director of the Division of Financial Stability.

Lehnert will succeed Nellie Liang, who is retiring later this year, as previously reported. The Fed also approved Liang's appointment as senior adviser of the division.

Regulation

The Federal Reserve approved a final rule to make clarifying and technical revisions to the rule regarding risk-based capital surcharges for Global Systemically Important Bank Holding Companies, or GSIBs.

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The Federal Reserve approved interagency final rules that increase the number of small banks, savings associations, U.S. branches, and agencies of foreign banks that are eligible for an 18-month examination cycle rather than a 12-month examination cycle.

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The Federal Reserve approved the publication, for comment, of a proposal to fully apply to savings and loan holding companies the same supervisory rating system that currently applies to bank holding companies.

Enforcement

The Federal Reserve terminated its written agreement with Union, S.C.-based JCO Ventures LLC and its affiliated entities.

The bank holding company entered into the written agreement on Aug. 31, 2011.

M&A

The Federal Reserve Bank of Kansas City approved Central Kansas Bancshares Inc.'s application to become a bank holding company of Woodbine, Kan.-based Citizens State Bank and Trust Co. The regulator also approved Central Kansas Bancshares' proposed acquisition of Roxbury, Kan.-based Roxbury Bank, a unit of Roxbury Bancshares Inc.

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The Federal Reserve Bank of Minneapolis granted Norway, Mich.-based Northern Interstate Financial Inc.'s request to extend to March 12, 2017, its merger with Crystal Falls, Mich.-based C.F.C. Bancorp Inc.

As part of the merger, Northern Interstate Financial will indirectly acquire First National Bank of Crystal Falls.

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The Federal Reserve denied commenters' requests to extend the comment period on Charleston, W.Va.-based United Bankshares Inc.'s application to acquire McLean, Va.-based Cardinal Financial Corp., as well as United Bank's application to merge with Cardinal Bank.

Reorganization

The Federal Reserve Bank of Dallas approved an application filed by Laredo, Texas-based International Bancshares Corp. and IBC Subsidiary Corp. to acquire International Bank of Commerce, an Oklahoma City-based company currently in organization.

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St. Louis-based Lindell Bank & Trust Co. filed an application with the Federal Reserve Bank of St. Louis to merge with First Illinois Bank, and to retain the acquired facility as a branch.

Both banks are subsidiaries of First Illinois Bancorp Inc.

Change in bank control

The Federal Reserve Bank of Kansas City permitted the proposed change in bank control of Norfolk, Neb.-based FEO Investments Inc. and unit Elkhorn Valley Bank & Trust.

Otten Holdings LLC partly owns FEO Investments, based on S&P Global Market Intelligence data.

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The Federal Reserve Bank of Kansas City approved First Liberty Capital Corporation Employee Stock Ownership Plan's application to acquire additional shares of First Liberty Capital Corp.

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The Federal Reserve Bank of St. Louis granted M&P Community Bancshares Inc. 401(k) Employee Stock Ownership Plan's request to extend March 28, 2017, its acquisition of additional shares of Newport, Ark.-based M&P Community Bancshares Inc.

Holdco formation

Frankfort, Ky.-based Farmers Capital Bank Corp. became a financial holding company effective Dec. 9.

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Christiansburg, Va.-based Virginia Community Capital Inc. became a financial holding company effective Dec. 8.

Fed membership

Buffalo Center, Iowa-based Farmers Trust and Savings Bank is seeking the Federal Reserve Bank of Chicago's approval to become a member of the Federal Reserve System.