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, holdco formation
The Federal Reserve Bank of Philadelphia approved the application of William Penn MHC and William Penn Bancorp Inc. (MHC) to indirectly acquire New Jersey-based Audubon Savings Bank.
Following the conversion of Audubon Savings Bank from a mutual savings bank to a mutual savings association, it will merge into Levittown, Pa.-based William Penn Bank (MHC).
* * *
The Federal Reserve granted Raleigh, N.C.-based First Citizens BancShares Inc.'s waiver of application to acquire Tampa, Fla.-based HomeBancorp Inc., in connection with HomeBanc's merger with and into First-Citizens Bank & Trust Co.
* * *
Allegiant United Holdings LLC and Nano Financial Holdings, Inc., both of Irvine, Calif., applied with the Federal Reserve Bank of San Francisco to become bank holding companies through Nano Financial's acquisition of Murrieta, Calif.-based Commerce Bank Temecula Valley
The deal was announced in December 2017.
* * *
The Federal Reserve Bank of Dallas approved AOB Ventures Inc.'s application to become a bank holding company by acquiring Freer, Texas-based Brush Country Bank.
Change in bank control
The Federal Reserve Bank of Minneapolis permitted the proposed change in bank control of Polson, Mont.-based Flathead Lake BanCorp. Inc. and unit First Citizens Bank of Polson NA.
As previously reported, investor Brian Solsrud seeks to acquire a 48.11% stake in the company.
Operations
The Federal Reserve Bank of Richmond approved Towson, Md.-based Hamilton Bancorp Inc.'s application to engage in lending activities.
