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Fed roundup: Richmond Fed OKs Bank of McKenney's MOE with CCB Bankshares

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 Richmond approved Virginia-based Bank of McKenney's merger-of-equals with South Hill,Va.-based CCB Bankshares Inc. and Citizens Community Bank.

The combined Virginia-based bank will be known as Touchstone Bank.

Bank of McKenney is partly owned by Bank of Southside Virginia Corp.

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In Minnesota, Greenbush-based Border Bancshares Inc., the parent company of Border State Bank, obtained the Federal Reserve of Minneapolis' approval to acquire state peer First State Bank of Clearbrook.

The deal was posted in the Federal Register in August.

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In Colorado, Denver-based Guaranty Bancorp and Guaranty Bank and Trust Co. obtained the Federal Reserve Bank of Kansas' approval to acquire Castle Rock Bank Holding Co., and for Guaranty Bank and Trust to merge with Castle Rock Bank.

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The Federal Reserve granted Michigan City, Ind.-based Horizon Bancorp's waiver of prior notice to acquire Midland, Mich.-based Wolverine Bancorp Inc., in connection with the merger of Wolverine Bank Federal Savings Bank and Horizon Bank.

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The Federal Reserve granted First Nebraska Bancs Inc.'s waiver of application to acquire Fullerton, Neb.-based Woodstock Land and Cattle Co.., in connection with the merger of Fullerton National Bank and Sidney, Neb.-based Points West Community Bank.

Change in bank control, investor activity, minority investment

The Kansas City Fed permitted the change in bank control of Randolph, Neb.-based First State Bancorp Inc. and unit First State Bank.

As previously reported, Deborah Viergutz, Patricia Verzani and other affiliated parties seek to retain or acquire voting shares of the company. Verzani is a director of the company and the bank.

* * *

The Kansas City Fed permitted the proposed change in bank control of Sublette, Kan.-based Santa Fe Trail Banc Shares Inc. and unit Centera Bank.

As previously reported, David Holloway — a director of the company and the bank, together with Holloway family group members MaryAnn Miller and Kenneth Miller — sought to acquire and/or retain shares of the company.

* * *

The Federal Reserve Bank of Chicago permitted the proposed change in bank control of Iowa-based Titonka Bancshares Inc. and unit Titonka Savings Bank.

As previously reported, Aaron Boyken — a director of the company and the bank, individually and together as a group acting in concert with three family trusts —applied to acquire control of 100% of the voting shares the company.

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Rapid City, S.D.-based Stockmens Financial Corp. and Stockmens LP obtained the Kansas Fed's approval to engage in investment advisory services through the acquisition of shares of Rock Creek Advisors LLC.

As previously reported, the company and the bank sought the Kansas Fed's approval to engage in investment advisory services by acquiring 24% of Rock Creek Advisors.

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Scottdale, Pa.-based Lawrence Keister & Co. seeks to acquire 17% or more of the outstanding stock of Millersburg, Pa.-based Mid Penn Bancorp Inc.

Mid Penn Bancorp is buying Scottdale Bank & Trust Co., which is majority-owned by Lawrence Keister. The deal is expected to close this fourth quarter.

Restructuring, holdco formation, financial holdco election

The Richmond Fed approved CAB Financial Corp.'s application to become a bank holding company by acquiring Spartanburg, S.C.-based Carolina Alliance Bank.

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The Federal Reserve Bank of San Francisco approved New Resource Bancorp's application to become a bank holding company by acquiring San Francisco-based New Resource Bank.

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Devils Lake, N.D.-based Ramsey Financial Corp., the parent company of Ramsey National Bank, and Ramsey Financial Corp. and Affiliates Employee Stock Ownership Plan both elected to become financial holding companies.

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First Choice Bancorp applied with the San Francisco Fed to become a bank holding company by acquiring 100% of Cerritos, Calif.-based First Choice Bank.

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Savi Financial Corp. seeks the San Francisco Fed's approval to become a bank holding company by acquiring 100% of the voting common stock of Burlington, Wash.-based SaviBank.