During the past month, the Federal Reserve received two dozen applications to acquire financial institutions. Meanwhile, three other banks are in deals to acquire bank branches, assets and deposits.
In a Jan. 19 statement, U.S. Bancorp said it completed the acquisition of some of BB&T Corp.’s Nevada banking operations. BB&T inherited the Nevada operations with its August acquisition of failed Colonial Bank.
Great Western Bank in Sioux Falls, S.D., has agreed to acquire F&M Bank of Iowa for $50 million from Citizens Republic Bancorp Inc., a news release yesterday said. The deal, which includes around $125 million in loans and $410 million in deposits, is expected to close in the fourth quarter.
On Jan. 20, FirstMerit Corp. said its Nov. 11, 2009, acquisition of approximately $1.2 billion in deposits and 24 Chicago-area branches from First Bank was approved by its regulators. Also acquired were an asset-based loan business and the associated servicing staff.
The branding on the acquired branches will be changed to FirstMerit this month.
The Federal Reserve Board disclosed in public filings that the following companies submitted applications to acquire banks.
Acquirer | Acquisition Target | Regulator | Overview |
Marty E. Adams, Kevin T. Thompson, John S. Loeber | Palm Bancorp Inc., Palm Bank | Federal Reserve Bank of Atlanta | Acquire voting shares. |
Alger, Richard T., the Richard T. Alger Revocable Trust, Richard T. Alger, trustee, and the Mason W. Alger and Dorothy Turner Alger Irrevocable Trust or Thomas M. Alger, Richard T. Alger, trustee | Hometown of Homestead Banking Co., 1st National Bank of South Florida | Federal Reserve Bank of Atlanta | Acquire voting shares of Atlanta. |
Austin Bancshares Inc. | La Grange Bancshares Inc., Colorado Valley Bank, SSB | Federal Reserve Bank of Dallas | Become bank-holding company by acquiring 100 % of voting shares. |
Burke, Charles H. III | South Dakota Bancshares Inc., BankWest Inc. | Federal Reserve Bank of Minneapolis | Acquire voting shares. |
BW Acquisition LLC and Teach and Save LLC (as a controlling owner of BW Acquisition LLC) | Community Bancorp, Utah Community Bank | Federal Reserve Bank of San Francisco | Become bank-holding companies by acquiring 57.7% of voting shares. |
Cabool State Bank Employee Stock Ownership Plan | Cabool Bancshares Inc., Cabool State Bank | Federal Reserve Bank of St. Louis | Acquire additional 1.04% for a total of 31.67% of voting shares. |
Clary Anthony Family Irrevocable Trust No. 101, Lynda June Anthony and Luther Clary Anthony Jr., Co Trustees; Lynda June Anthony, Luther Clary Anthony Jr., Luther Clary Anthony Sr., Frankie Sayers Anthony | Citizens Bankshares of Springhill Inc., Citizens Bank & Trust Co. | Federal Reserve Bank of Dallas | Individually to retain voting shares. |
First National Bancorp Inc. | Legacy National Bank Inc. | Federal Reserve Bank of St. Louis | Acquire additional 0.78% for a total of 9.06 percent of voting shares. |
First Niagara Financial Group Inc. | Harleysville National Corp., Berkshire Bancorp Inc., Berkshire Bank | Federal Reserve Bank of New York | Acquire 100% of outstanding shares. (In connection with this application, applicant also applied to retain First Niagara Bank and First Niagara Commercial Bank and thereby engage in operating a savings association in extending credit and servicing loans) |
Frey, Eugene | Naples Bancorp Inc., Bank of Naples | Federal Reserve Bank of Atlanta | Acquire voting shares. |
Grandpoint Capital Inc. | Santa Ana Business Bank | Federal Reserve Bank of San Francisco | Become bank-holding company by acquiring 100% of voting shares. |
John E. Helgerson | Hedrick Bancorp Inc., Hedrick Savings Bank | Federal Reserve Bank of Chicago | Acquire additional shares. |
Herman, Verlyn Joseph Jr. and Aaron Joseph Herman, as members of a family group acting in concert | First Norton Corp., First Security Bank & Trust Co. | Federal Reserve Bank of Kansas City | Retain voting shares. |
Lake Central Financial Inc. | Annandale State Bank | Federal Reserve Bank of Minneapolis | Become bank-holding company by acquiring 100% of voting shares. |
Losner, William Hall | Hometown of Homestead Banking Co., 1st National Bank of South Florida | Federal Reserve Bank of Atlanta | Acquire voting shares. |
McRae, Brian Clayton | Vernon Bancshares, Vernon Bank | Federal Reserve Bank of Atlanta | Retain shares. |
Moross Limited Partnership, Riddle Limited Partnership (Moross is controlled by Pacesetter Management Inc., and Pacesetter is wholly owned and controlled by Stanley B. Dickson Jr., while Riddle Limited Partnership is controlled by Kathryn J. Dickson) | FNBH Bancorp Inc., First National Bank | Federal Reserve Bank of Chicago | Retain control. |
Nanda, Viradesh Kumar; Sameer Kumar Nandaack | Hometown Community Bancshares Inc., Hometown Community Bank | Federal Reserve Bank of Atlanta | Acquire additional shares. |
Pfaff, Vernon R. | United Commerce Bancorp, United Commerce Bank | Federal Reserve Bank of Chicago | Acquire voting shares. |
Sandhills Financial Services LLC | Bassett Investment Co., Commercial Bank | Federal Reserve Bank of Kansas City | Become bank-holding company through acquisition of 100% of voting shares. |
Schwethelm, A.C. | Paint Rock Bancshares Inc., First State Bank | Federal Reserve Bank of Dallas | Retain voting shares and acquire additional shares. |
State Bank Financial Corp. | State Bank and Trust Co. | Federal Reserve Bank of Atlanta | Become bank-holding company by acquiring 100% of voting shares. |
Treetops Acquisition Group LP, Treetops Acquisition Group II LP, Treetops Acquisition Group Ltd., Treetops Acquisition Group II Ltd., CAM Discount Ltd., the Edgar M. Bronfman Trusts A, B, C, D, E, F, G | Israel Discount Bank Ltd., Discount Bancorp Inc., Israel Discount Bank of New York | Federal Reserve Bank of New York | Acquire additional voting shares, for a total of up to 28.5% of outstanding voting shares. |
Western Liberty Bancorp | Service1st Bank | Federal Reserve Bank of San Francisco | Become bank-holding company by acquiring 100% of voting shares. |