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Fed roundup: Dallas Fed approves 3 Texas bank deals

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Street Talk Episode 67 - Veteran investor tabs Mick Mulvaney to help with latest financial stock-focused fund

Street Talk Episode 65 - Deferral practices trap US bank portfolios in purgatory


Fed roundup: Dallas Fed approves 3 Texas bank deals

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

Terrell, Texas-based A.N.B. Holding Co. Ltd. and ANB Corp. obtained the approval of the Federal Reserve Bank of Dallas to acquire Mesquite, Texas-based G-6 Corp.

The Office of the Comptroller of the Currency earlier approved the merger of G-6 Corp. unit First State Bank into American National Bank of Texas.

* * *

The Federal Reserve Bank of Kansas City approved Oklahoma City-based BancFirst Corp.'s proposed acquisition of state peers First Chandler Corp. and First Wagoner Corp.

As part of the deals, First Bank of Chandler and First Bank & Trust Co. will merge into BancFirst.

* * *

The Federal Reserve Bank of Atlanta approved Brentwood, Tenn.-based Commerce Union Bancshares Inc.'s proposed merger with Columbia, Tenn.-based Community First Inc.

The regulator also approved the merger of Commerce Union Bancshares unit Reliant Bank with Community First Bank & Trust.

* * *

Helena-based Eagle Bancorp Montana Inc. secured the Federal Reserve Bank of Minneapolis' approval to acquire Twin Bridges, Mont.-based TwinCo Inc.

The regulator also approved the merger of the companies' respective units, Opportunity Bank of Montana and Ruby Valley Bank.

* * *

The Dallas Fed approved Abilene, Texas-based First Financial Bankshares Inc.'s proposed acquisition of Commercial Bancshares Inc.

The OCC earlier approved the merger of Kingwood, Texas-based Commercial State Bank into First Financial Bank NA.

* * *

North Dakota-based First Holding Co. of Cavalier Inc. obtained the Minneapolis Fed's approval to acquire Minnesota-based First National Bank Mahnomen Twin Valley.

The deal is expected to be completed in the first quarter of 2018. First Holding is the parent of United Valley Bank, while First National is a unit of Mahnomen Bancshares Inc.

* * *

Texas-based Henderson Citizens Bancshares Inc. secured the Dallas Fed's approval to acquire Florence, Texas-based Union State Bancshares Inc.

The OCC earlier approved the merger of Union State Bank into Citizens National Bank.

Holdco formation, financial holdco election

GBank Financial Holding Inc. secured the Federal Reserve Bank of San Francisco's approval to acquire Las Vegas-based Bank of George.

* * *

The Atlanta Fed approved Lakeside Bancshares Inc.'s application to become a bank holding company by acquiring Lake Charles, La.-based Lakeside Bank.

* * *

Oak Brook, Ill.-based Republic Bancorp Co. became a financial holding company, effective Dec. 1.

Change in control

The Kansas City Fed permitted the proposed change in bank control of Wahoo, Neb.-based Bank Management Inc. and unit FirstBank of Nebraska.

As previously reported, Susan Schardt, individually and as co-trustee of four trusts, applied to acquire voting shares of the company and be a member of the Schardt Family Group, which controls the company.

* * *

The Kansas City Fed also permitted the proposed change in bank control of Kearney, Neb.-based Exchange Co. and unit Exchange Bank.

Schardt, individually and as co-trustee of four trusts, also applied to acquire voting shares of the company.

* * *

The Federal Reserve Bank of Richmond permitted the proposed change in bank control of Cambridge, Md.-based Delmarva Bancshares Inc. and unit 1880 Bank.

As previously reported, Basswood Capital Management LLC, along with affiliated investment vehicles, applied to acquire more than 10% of the company.

* * *

The Minneapolis Fed permitted the proposed change in bank control of Appleton, Minn.-based MPS Investment Co. and unit Farmers and Merchants State Bank of Appleton.

As previously reported, bank vice presidents Edward Massee and Andrew Schmidt are seeking to increase their respective stakes in the company to 25% from 2.92%.

* * *

The McGehee Bank Employee Stock Ownership Plan applied with the Federal Reserve Bank of St. Louis to acquire additional direct ownership of up to 35% of McGehee, Ark.-based Southeast Financial Bankstock Corp. and increase its indirect control of McGehee Bank.

Fed membership

The Federal Reserve Bank of New York approved Bridgehampton National Bank of New York's application to retain its membership in the Federal Reserve System in connection with its conversion to a state-chartered bank and rebranding as BNB Bank.

The New York State Department of Financial Services in November approved the bank's charter conversion.

Bridge Bancorp Inc. is the bank's parent company.