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Fed roundup: Fed permits Forcht Bancorp to waive application for MW Bancorp 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 granted Corbin, Ky.-based Forcht Bancorp Inc.'s request to waive its application to acquire Cincinnati-based MW Bancorp Inc.

As part of the deal, MW Bancorp unit Watch Hill Bank will merge into Lexington, Ky.-based Forcht Bank NA.

Holdco formation, financial holdco election

The Federal Reserve Bank of Dallas approved Jonesboro Bancshares Inc.'s application to become a bank holding company by acquiring Jonesboro, La.-based Jonesboro State Bank.

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Dallas-based T Acquisition Inc. became a financial holding company.

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Grasshopper Bancorp Inc. applied with the Federal Reserve Bank of New York to become a bank holding company through the formation of Grasshopper Bank NA.

Organizers of the de novo bank previously thought to name the bank New York Venture Bank NA.

Change in bank control

The Federal Reserve Bank of Kansas City permitted the proposed change in bank control of Pryor, Okla.-based First Pryor Bancorp Inc. and units First Pryority Bank, Locust Grove Banshares Inc., Bank of Locust Grove and Lakeside Bank of Salina.

Ernest Dillard, Sheila Dillard, Aaron Dillard and Sarah Dillard applied with the Kansas City Fed to acquire voting shares of the company. Ernest Dillard is the chairman, president and CEO of the company. Aaron Dillard is a director of the company.

Fed membership

Sikeston, Mo.-based Montgomery Bank secured the Federal Reserve Bank of St. Louis' approval to retain its membership in the Federal Reserve System on its conversion from a national bank to a state-chartered bank.

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Hudsonville, Mich.-based West Michigan Community Bank became a member of the Federal Reserve System.