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Fed roundup: Boyle Bancorp gets waiver of application for Farmers Deposit deal

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Fed roundup: Boyle Bancorp gets waiver of application for Farmers Deposit deal

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 St. Louis on Dec. 27, 2019, granted Ridgeland, Miss.-based BancPlus Corp. a waiver of application to acquire State Capital Corp., in connection with the merger of State Bank & Trust Co. with and into BankPlus.

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The St. Louis Fed on Dec. 27, 2019, granted Danville, Ky.-based Boyle Bancorp Inc. a waiver of application to acquire Farmers Deposit Bank, in connection with the merger of Farmers Deposit Bank with and into Farmers National Bank of Danville.

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The Federal Reserve Bank of Richmond on Dec. 27, 2019, approved Olney, Md.-based Sandy Spring Bank's pending merger with Rockville, Md.-based Revere Bank.

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The Federal Reserve Bank of Minneapolis on Dec. 20, 2019, approved Hancock, Mich.-based Keweenaw Financial Corp.'s application to merge with Bingham Farms, Mich.-based North Star Financial Holdings Inc., and thereby indirectly acquire Main Street Bank.

Operations

The Federal Reserve Bank of Atlanta on Dec. 26, 2019, approved Birmingham, Ala.-based Oakworth Capital Inc.'s application to engage de novo in extending credit and servicing loans.

Restructuring

The Federal Reserve Bank of Boston on Dec. 18, 2019, approved Massachusetts-based Brookline Bank's merger with First Ipswich Bank. Both banks are units of Brookline Bancorp Inc.

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In the week ending Dec. 21, 2019, the Federal Reserve Bank of Kansas City received an application from Pawhuska, Okla.-based Blue Sky Bank to merge with Oklahoma-based Bank of Cushing. Both banks are units of N.B.C. Bancshares in Pawhuska Inc.

Financial holding company

Millersburg, Pa.-based Mid Penn Bancorp Inc.'s election to become a financial holding company took effect Dec. 16, 2019.

Supervision and regulation

DB USA Corp. on Dec. 17, 2019, obtained the Fed's approval for a proposed internal debt "conversion trigger" that would allow the Fed board to order the conversion of DB's eligible long-term debt into common equity tier 1 capital, in accordance with the board's total loss-absorbing capacity rule.