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, minority investment
Tennessee-based Franklin Synergy Bank, a unit of Franklin Financial Network Inc., obtained the Federal Reserve Bank of Atlanta's approval to merge with Nashville, Tenn.-based Civic Bank & Trust.
The deal, announced in December 2015, is expected to be completed in the first quarter of 2018.
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The 2013 Monte Hulse Family Irrevocable Trust I applied with the Federal Reserve Bank of Dallas to acquire up to 30% of Waco, Texas-based FCT Bancshares Inc., and to thereby indirectly acquire unit First National Bank of Central Texas.
Change in control
The Federal Reserve Bank of San Francisco permitted the proposed change in control of Sandy, Utah-based All West Bancorp and unit FinWise Bank.
As previously reported, the company is planning a $3.7 million capital raise, relating to proposed stock purchase agreements with five investors.
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The Federal Reserve Bank of Chicago permitted the proposed change in control of Iowa-based De Witt Bancorp Inc. and unit De Witt Bank & Trust Co.
As previously reported, director Jeffrey Graves, individually and acting in concert with Carla Graves, seeks to acquire control of more than 25% of the company's voting shares.
The Atlanta Fed approved MBT Bancshares Inc.'s application to become a bank holding company by acquiring Metairie Bank & Trust Co. of Louisiana.
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Broken Arrow, Okla.-based Arkansas Valley Bancshares Inc., the parent company of AVB Bank, became a financial holding company, effective Dec. 29.
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PB Financial Corp. applied with the Federal Reserve Bank of Richmond to become a bank holding company by acquiring 100% of the voting shares of Rocky Mount, N.C.-based Providence Bank.
