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, holdco formation
The Federal Reserve granted Miami-based Sunstate Bank's waiver of application to acquire in-state peer Intercontinental Bankshares LLC and Intercontinental Bank.
The deal is expected to close in the third quarter.
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The Federal Reserve Bank of Minneapolis approved Alexandria, Minn.-based Viking Financial Corp.'s application to become a bank holding company by acquiring in-state peer First State Bank of Ashby.
In connection with the deal, Viking Financial will retain ownership of Viking Bank and engage in operating a savings association.
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Green Forest, Ark.-based First National Bancorp Inc., through unit Springdale, Ark.-based Legacy BancShares Inc., applied with the Federal Reserve Bank of St. Louis to indirectly acquire 8.10% of the voting shares of in-state peer Gravett Bancshares Inc.
First National Bancorp owns 8.10% of Legacy BancShares, according to the S&P Global Market Intelligence data. Legacy BancShares is in the process of buying Gravett Bancshares and unit Bank of Gravett. As part of the deal, Bank of Gravett will become a subsidiary bank of Legacy BancShares.
