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Fed actions, applications for the week ended Jan. 28

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Fed actions, applications for the week ended Jan. 28

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 approved Harlingen, Texas-based Texas State Bankshares Inc.'s proposed acquisition of Blanco, Texas-based Blanco National Holdings Inc. The regulator also approved Texas Regional Bank's merger with Blanco National Bank.

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The Federal Reserve Bank of Boston approved Abington, Mass.-based Abington Bank's proposed merger with Holbrook, Mass.-based Holbrook Cooperative Bank, and thereby establish a branch.

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SmartBank received the Federal Reserve Bank of Atlanta's approval to purchase the assets and assume the liabilities of Atlantic Capital Bank NA's branch at 3200 Keith Street NW, in Cleveland, Tenn.

Pigeon Forge, Tenn.-based SmartBank is a subsidiary of SmartFinancial Inc. and Chattanooga, Tenn.-based Atlantic Capital Bank is a subsidiary of Atlantic Capital Bancshares Inc.

Change in bank control

The Federal Reserve Bank of Chicago permitted the proposed change in bank control of Davenport, Iowa-based AmBank Holdings Inc. and unit American Bank and Trust Co. NA.

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The Federal Reserve Bank of Cleveland permitted the proposed change in bank control of Versailles, Ky.-based Citizens Commerce Bancshares Inc. and unit Citizens Commerce National Bank.

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The Federal Reserve of Bank Minneapolis permitted the proposed change in bank control of Heritage Bancshares Group Inc. and unit Heritage Bank NA.

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The proposed change in bank control of Mercedes, Texas-based MNB Ventures Inc. and unit Texas National Bank, which was filed with the Dallas Fed, has been withdrawn.

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Windsor, Va.-based Farmers Bankshares Inc. filed an application with the Federal Reserve Bank of Richmond to engage in nonbanking activities through the indirect acquisition of a minority interest in Tidewater Home Funding LLC.

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Community Bancshares of Mississippi Inc. Employee Stock Ownership Plan is seeking the Atlanta Fed's approval to acquire an additional 0.46% of the voting shares of common stock of Brandon, Miss.-based Community Bancshares of Mississippi Inc.

Once effective, the stock ownership plan would indirectly acquire the company's three Mississippi-based bank subsidiaries — Forest-based Community Bank of Mississippi, Community Bank, and Amory-based Community Bank North Mississippi — as well as the company's middle-tier bank holding company, Brandon-based Community Bancshares Coast Inc. and its wholly owned subsidiary bank, Biloxi-based Community Bank Coast.

Holdco formation

Signature Bancshares Inc. Employee Stock Ownership Plan & Trust filed an application with the Minneapolis Fed to become a bank holding company by acquiring 35% of Minnetonka, Minn.-based Signature Bancshares Inc. and indirectly acquire Signature Bank.