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 Chicago approved Wisconsin-based Oregon Bancorp Inc.'s proposed acquisition of in-state peer Bosshard Financial Group Inc.
The Chicago Fed also approved the merger of Bosshard Financial's unit, Grand Marsh State Bank, with Oregon Community Bank.
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The Federal Reserve granted Hilton Head Island, S.C.-based CoastalSouth Bancshares Inc.'s waiver of application to acquire Dawsonville, Ga.-based First Citizens Financial Corp.
As part of the deal, First Citizens Financial unit Foothills Community Bank will merge into CoastalStates Bank.
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The Fed granted Lodi, Calif.-based Farmers & Merchants Bancorp.'s waiver of application to acquire in-state peer Bank of Rio Vista.
Shareholders of the seller have already approved the deal.
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The Fed granted Wolsey, S.D.-based Leackco Bank Holding Co. Inc.'s waiver of application to acquire Stickney, S.D.-based Farmers State Bank.
As part of the deal, Farmers State Bank will merge into Leackco Bank Holding's unit, American Bank & Trust.
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The Federal Reserve Bank of St. Louis approved El Dorado, Ark.-based First Financial Bank's application to purchase certain assets and assume certain liabilities of two branches of Little Rock, Ark.-based Bear State Bank. The branches are located in Mena, Ark.
As previously reported, the First Financial Banc Corp. unit will shutter one of the branches after deal completion.
Change in control, minority investment
Overton Financial Corp. of Texas and Overton Delaware Corp. secured the approval of the Federal Reserve Bank of Dallas to acquire shares of Texas-based Longview Financial Corp. and indirectly acquire shares of unit Texas Bank and Trust Co.
As previously reported, Overton Financial and Overton Delaware applied to buy up to 37.8% of Longview Financial's issued and outstanding shares of voting common stock.
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The Merle Wait Trust and co-trustees Brenda Martin, Candace Murphy, Merle Wait Jr. and Elaine Philips applied with the Federal Reserve Bank of Kansas City to acquire voting shares of Kansas-based Protection Bank Holding Co. Inc.
Wait serves as chairman and president of the company and chairman of unit Bank of Protection, according to S&P Global Market Intelligence data. Murphy is vice president of the company and president and CEO of the bank.
