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 New York on Aug. 30 granted Bridgeport, Conn.-based People's United Financial Inc. a waiver of application to acquire Hartford, Conn.-based United Financial Bancorp Inc. and United Bank, in connection with the merger of United Bank into People's United Bank NA.
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On Aug. 29, the Federal Reserve Bank of St. Louis granted El Dorado, Ark.-based First Financial Banc Corp. a waiver of application to acquire Wynne, Ark.-based First National Corp. of Wynne and First National Bank of Wynne, in connection with the merger of First National Bank of Wynne into First Financial Bank.
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The Federal Reserve Bank of Chicago on Aug. 29 approved the application of New London, Wis.-based First State BancShares Inc. to merge with Auburndale, Wis.-based Pioneer Bancorp Inc. and indirectly acquire Pioneer Bank.
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The Federal Reserve Bank of Minneapolis approved the application of Arden Hills, Minn.-based Frandsen Financial Corp. to acquire Hayward, Wis.-based Peoples Bank Midwest, a unit of Hayward Bancshares Inc.
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On Aug. 28, the Minneapolis Fed granted Superior, Wis.-based NATCOM Bancshares Inc. a waiver of application to acquire Duluth, Minn.-based Republic Bancshares Inc. and Republic Bank Inc., in connection with the merger of Republic Bank into National Bank of Commerce.
Change in control
In the week ending Aug. 31, the Federal Reserve Bank of Kansas City received a change-in-control notice submitted by Ross Tessendorf, Todd Tessendorf and Travis Tessendorf, as a family group acting in concert, to acquire voting shares of Nebraska-based Bellwood Community Holding Co., the parent company of Bank of the Valley The Kansas City Fed also received a notice submitted by Ryan Tessendorf and Wendy Matthews, as a family group acting in concert, to acquire voting shares of the company and the bank.
