S&P Global Market Intelligence presents a weekly roundup of notable actions at 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.
The Federal Reserve Bank of Richmond approved Salisbury, Md.-based Delmar Bancorp's proposed deal with Virginia Partners Bank.
In December 2018, Delmar Bancorp and Virginia Partners Bank agreed to a merger of equals in a deal valued then at about $55.1 million.
The Federal Reserve permitted Manitowoc, Wis.-based Bank First National Corp. to waive its application to acquire Cedarburg, Wis.-based Partnership Community Bancshares Inc.
As part of the deal, Partnership Bank will merge into Bank First NA.
The Fed granted Louisville, Ky.-based Stock Yards Bancorp Inc.'s waiver of application to acquire in-state peer King Bancorp Inc. and its unit, King Southern Bank.
As part of the deal, King Southern Bank will merge into Stock Yards Bancorp unit Stock Yards Bank & Trust Co.
Holdco formation, conversions
MiCommunity Bancorp Inc. secured the Federal Reserve Bank of Chicago's approval to become a bank holding company by acquiring Bloomfield Township, Mich.-based Mi Bank.
Indiana-based Richmond Mutual BanCorp. Inc. applied with the Chicago Fed to become a bank holding company by acquiring 100% of First Bank Richmond in connection with the merger of First Mutual of Richmond Inc. into Richmond Mutual BanCorp.
Brodhead Bancshares Inc. applied with the Chicago Fed to become a bank holding company by acquiring 100% of Wisconsin-based Bank of Brodhead.
HarborOne Northeast Bancorp Inc. applied with the Federal Reserve Bank of Boston to acquire 100% of the outstanding capital stock of Brockton, Mass.-based HarborOne Bank (MHC), in connection with the second-step conversion of HarborOne Mutual Bancshares from mutual to stock form.
Eureka Homestead Bancorp Inc. applied with the Federal Reserve Bank of Atlanta to become a savings and loan holding company by acquiring 100% of the outstanding shares of Metairie, La.-based Eureka Homestead, in connection with the mutual-to-stock conversion of Eureka Homestead.
Change in control
The Federal Reserve Bank of Minneapolis permitted the proposed change in bank control of Prinsburg, Minn.-based PSB Financial Shares Inc. and unit PrinsBank.
Cara Mulder had applied with the Minneapolis Fed to acquire 25% of the company's shares. Mulder serves as vice president, treasurer and secretary of the company and is also vice president and CFO of the bank.
The Federal Reserve Bank of Dallas permitted the proposed change in bank control of Dallas-based T Acquisition Inc. and unit T Bank NA.
Arthur Sherman and affiliated investment vehicles, as a group acting in concert, had applied to acquire control of the company and the bank. Sherman is chairman of the company and the bank.
Robert Dean and Kendra Lane, as members of the South Plains Financial Inc. Employee Stock Ownership Plan investment committee, applied with the Dallas Fed to acquire control of the employee stock ownership plan and therefore Lubbock, Texas-based South Plains Financial Inc. and unit City Bank.
John Cox, individually and as a group acting in concert with certain trusts, filed an application with the Chicago Fed to acquire 25% or more of Chicago-based Rush-Oak Corp. and unit Oak Bank.
John Cox is co-chairman of the company.
Noel Radcliffe, Richard Radcliffe, Robin Radcliffe and Rolfe Radcliffe — each individually and acting in concert — applied with the Chicago Fed to amend the Radcliffe Family Control Group and acquire 100% of the voting shares of Black River Falls, Wis.-based BRAD Inc., and thereby indirectly control unit Black River Country Bank.
Richard and Noel are members of BRAD's board, with Richard as the chairman.
Stifel Financial Corp. secured the Federal Reserve Bank of St. Louis' permission to convert St. Louis-based Stifel Trust Co. NA to a depository trust company that qualifies as a limited purpose bank from a nondepository trust company.