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Fed Flooded With Mergers Apps

Recent mergers and acquisitions activity

Aug. 31, 2009

By SAM GARCIA


The Federal Reserve recently received 27 bank mergers applications, while the Office of the Comptroller of the Currency recently approved 12 applications. One recent acquisition helped a California-based get one step closer to its goal of being a billion dollar producer.

BB&T Corp. reported that its Aug. 14 acquisition of failed Colonial Bank created the eighth-largest U.S. financial holding company by deposits. It now ranks No. 4 in market share in Alabama and No. 5 in Florida.

"More than 425 BB&T employees will work side-by-side with Colonial employees and their clients during the transition," BB&T said. "Colonial has more than 4,500 employees and is one of the 30 largest financial holding companies in the nation."

Minneapolis-based Wolters Kluwer Financial Services, which said it has 1,500 bank customers, issued a news release last week indicating it acquired the assets of Stormwater Research Group. The Austin, Texas, firm provides flood compliance services.

In an attempt to reach $1 billion in originations by next year, Sacramento, Calif.-based Comstock Mortgage has acquired Mortgage Resource Network, the Sacramento Bee reported. The acquisition follows an earlier acquisition of First Security Mortgage.

BancorpSouth is interested in several banks that are considered troubled by the Federal Deposit Insurance Corp. In an interview with the Memphis Commercial Appeal, Chairman and Chief Executive Officer Aubrey Patterson reportedly said the bank is targeting institutions already in its eight-state footprint.

The OCC reported the approval of the following merger applications.

Acquirer Acquisition Target Control Number Date Overview
Associated Bank, National Association Associated Trust Company, National Association 2009 CE 08 027 July 16 Establish trust company.
Capital One, National Association Chevy Chase Bank, F.S.B. 2009 NE 01 0006, 02-006, 08-007 July 14 Convert to national bank and merge.
Commerce West Bank, National Association Discovery Bank 2009 WE 02 0004 July 9 Application to merge.
Evans National Bank Waterford Village Bank 2009 NE 02 022 July 24 Purchase certain assets and assume certain liabilities.
Financial, National Association BankFirst 2009 CE 02 0021 July 17 Acquire certain assets assume certain liabilities from FDIC.
First Commons Bank, National Association First Commons Bank, National Association 2008 NE 01 0013 July 24 Application for charter.
First Dakota National Bank Alerus Financial, National Association 2009 WE 02 0017 July 17 Acquire certain assets and certain liabilities of a Sioux Falls, S.D., branch.
First Financial Bank, National Association People Community Bank 2009 CE 02 022 July 31 Purchase certain assets and assume certain liabilities.
Fulton Bank, National Association Fulton Bank, National Association 2008 NE 01 0012, 12-0164, 05-0069, 05-0069, & 08-0013 July 9 Convert to national charter.
The Rockefeller Trust Co. The Rockefeller Trust Co. 2009 NE 01 0001 July 31 Application to convert to a national bank with the title of "Rockefeller Trust Company, National Association.
SJB National Bank SJB National Bank 2009 NE 01 0009 July 31 Establish new national bank.
Summit National Bank First National Bank of Ekalaka 2009 WE 02 0010 July 7 Application to merge.

The Federal Reserve Board reported the receipt of the following applications for mergers and acquisitions.

Acquirer Acquisition Target Regulator Overview
1889 Bancorp MHC and 1889 Financial Services Corp. Norwood Co-operative Bank Federal Reserve Bank of Boston Become a mutual bank holding company and stock bank holding company by acquiring 100% of voting shares.
Aim Bancshares Inc. 401(k) and Employee Stock Ownership Plan, Scott Wade and Kenneth Willmon as Trustees Aim Bancshares Inc., AimBank Federal Reserve Bank of Dallas Acquire voting shares.
Artisan Financial Corp. Community Bancorp Inc., Valley Community Bank, N.A. Federal Reserve Bank of Chicago Become a bank-holding company by acquiring 100% of voting shares.
Bern Bancshares Inc. UBT Bancshares Inc., United Bank & Trust, Bank Federal Reserve Bank of Kansas Acquire up to an additional 1.57% for a total of 6.48%.
Dennis G. Bilski, individually and as part of a group acting in concert, the Marsha L. Ritt Revocable Living Trust, co-trustees Marsha L. Ritt, Dennis G. Bilski and Londa G. Bilksi, Gerald A. Bilksi, Sandra J. Bilski, Michael A. Adducci, Debra J. Adducci, John C. Holper, Linda M. Holper, Michael A. Bilski, Jacqueline S. Bilski N.A. Corp., North American Banking Co. Federal Reserve Bank of Minneapolis Retain voting shares.
Brooks, Melissa I., and Erik K. Brooks to join a group acting in concert with Kenneth Brooks, (individually and as trustee of the Signature Bancshares Inc. Employee Stock Ownership Plan and Trust, Roger Brooks Signature Bancshares Inc., Signature Bank Federal Reserve Bank of Minneapolis Retain control.
Combs, Richard Franklin Verity Capital Group Inc., Verity Bank Federal Reserve Bank of Atlanta Retain voting shares.
Cornelius A. Dogterom Marital Trust, Marjorie T. Dogterom as trustee and individually, the Dana Dogterom Living Trust, Dana M. Dogterom as trustee, the Toni Dogterom Living Trust, Toni L. Dogterom as trustee, the Daphne Gillam Revocable Trust, Daphne Gillam as trustee, Ashley Claire Gillam, Dana M. Dogterom as Custodian for Alexa Dogterom, as a group acting in concert Inter-Mountain Bancorp Inc., First Security Bank Federal Reserve Bank of Minneapolis Retain shares.
Farmers and Merchants Bancorp Inc. F&M Bank and Trust Co. Federal Reserve Bank of St. Louis Become bank-holding company through conversion of thrift subsidiary.
Franklin, Bradley John, Eleanor Rose Franklin, Gregory Lynn Franklin to join a group acting in concert with John Franklin United Bancorporation Inc., 1st Bank Federal Reserve Bank of Minneapolis Acquire control.
Franklin Resources Inc. Guaranty Bancorp, Guaranty Bank and Trust Co. Federal Reserve Bank of San Francisco Acquire 20.4% of voting shares.
Golden Pacific Bancorp Gold Country Financial Services Inc, Gold Country Bank, N.A. Federal Reserve Bank of San Francisco Acquire 100%.
Heart of Georgia Bancshares Inc. The Tattnall BankCorp. Federal Reserve Bank of Atlanta Acquire 100% of voting shares.
Jensen, Richard A., David J. Steeples, Lila J. Alexander, all as trustees; Brian J. Berkley GST Trust, and James E. Berkley GST Trust, as members of the Berkley family group Relianz Bancshares Inc., RelianzBank Federal Reserve Bank of Kansas Retain control.
Kamp, Thomas J., Robert K. Kamp, Sharon T. Kamp, John T. and Joyce B. Kamp, Alma J. Kamp, Lois F. Kamp, Michael S. Kamp, Thomas J. Kamp, Theodore P. Kamp, as a group acting in concert. Inter-Mountain Bancorp Inc., First Security Bank Federal Reserve Bank of Minneapolis Retain shares.
Kircher, Larry E., Trustee of the Larry E. Kircher Revocable Trust, 4/12/07, and Molly H. Kircher, Trustee of the Molly H. Kircher Revocable Trust. Citizens State Bankshares of Bald Knob Inc., Citizens State Bank Federal Reserve Bank of St. Louis Retain control.
Laura G. Gard Revocable Living Trust, Laura G. Gard, Trustee Herky Hawk Financial Corp., Citizens State Bank, New Vienna Savings Bank Federal Reserve Bank of Chicago Acquire additional voting shares.
Mackinaw Farms LLC, Armory Partners II LLC, Elisabeth Meyer Kimmel individually and as trustee of the Elisabeth Meyer Kimmel 2009 Grantor Retained Annuity Trust 1, the Elisabeth Meyer Kimmel 2009 Grantor Retained Annuity Trust 2, the Elisabeth Meyer Kimmel 2009 Grantor Retained Annuity Trust 3, August C. Meyer Jr. individually and as trustee of the August C. Meyer Jr. 2009 Grantor Retained Annuity Trust 1, the August C. Meyer, Jr. 2009 Grantor Retained Annuity Trust 2, the August C. Meyer, Jr. 2009 Grantor Retained Annuity Trust 3, the Katharine Clara Kimmel Exempt Trust C/U Elisabeth M. Kimmel 2002 Special Trust, the John August Kimmel Exempt Trust C/U Elisabeth M. Kimmel 2002 Special Trust, the Thomas Conrad Kimmel Exempt Trust C/U Elisabeth M. Kimmel 2002 Special Trust, the Katharine Clara Kimmel Trust C/U Elisabeth M. Kimmel 2002–1 Grantor Retained Annuity Trust, the John August Kimmel Trust C/U Elisabeth M. Kimmel 2002–1 Grantor Retained Annuity Trust and the Thomas Conrad Kimmel Trust C/U Elisabeth M. Kimmel 2002–1 Grantor Retained Annuity Trust, Inna A. Meyer, Gregory B. Lykins, individually and as trustee of the August C. F. Meyer Exempt Trust U/A of August C. Meyer Jr. 2001 Special Trust and the Elisabeth Meyer Kimmel Exempt Trust U/A of August C. Meyer Jr. 2001 Special Trust, Margo L. Lykins; the August C. Meyer, Jr. 2009 Grantor Retained Annuity Trust, the August C. Meyer Jr. 2009 Grantor Retained Annuity Trust 2, the August C. Meyer, Jr. 2009 Grantor Retained Annuity Trust 3, the Elisabeth Meyer Kimmel 2009 Grantor Retained Annuity Trust, the Elisabeth Meyer Kimmel 2009 Grantor Retained Annuity Trust 2, the Elisabeth Meyer Kimmel 2009 Grantor Retained Annuity Trust 3, the Katharine Clara Kimmel Exempt Trust C/U Elisabeth M. Kimmel 2002 Special Trust, the John August Kimmel Exempt Trust C/U Elisabeth M. Kimmel 2002 Special Trust, the Thomas Conrad Kimmel Exempt Trust C/U Elisabeth M. Kimmel 2002 Special Trust, the Katharine Clara Kimmel Trust C/U Elisabeth M. Kimmel 2002–1 Grantor Retained Annuity Trust; the John August Kimmel Trust C/U Elisabeth M. Kimmel 2002–1 Grantor Retained Annuity Trust; the Thomas Conrad Kimmel Trust C/U Elisabeth M. Kimmel 2002–1 Grantor Retained Annuity Trust; the August C. F. Meyer Exempt Trust U/A of August C. Meyer Jr. 2001 Special Trust, the Elisabeth Meyer Kimmel Exempt Trust U/A of August C. Meyer Jr. 2001 Special Trust First Busey Corp., Busey Bank, Busey Bank, National Association Federal Reserve Bank of Chicago Retain 10% or more of voting shares and acquire additional voting shares.
Marcia J. Edsall Trust, Marcia J. Edsall and Wayne A. Edsall as trustees, the Wayne Edsall Trust No. 2, Wayne A. Edsall as trustee, Susan Joy Edsall, Steven L. Edsall, Sharon J. Cohen, as a group acting in concert. Inter-Mountain Bancorp Inc., First Security Bank Federal Reserve Bank of Minneapolis Retain shares.
Max Bancorp LLC Sandhills Holding Company Inc., Sandhills Bank Federal Reserve Bank of New York Become a bank holding company by acquiring a majority of voting shares.
Manhattan Banking Corp. Sonoran Bank, N.A. Federal Reserve Bank of Kansas City Retain 5.85% of voting shares.
Mitsubishi UFJ Financial Group Inc., The Bank of Tokyo-Mitsubishi UFJ Ltd., UnionBanCal Corp. Texas First Bank Federal Reserve Bank of San Francisco Acquire and merge simultaneously.
NB and T Financial Group Inc., Employee Stock Ownership Plan, NB and T Financial Group Inc. Community National Corp., The Community National Bank Federal Reserve Bank of Cleveland Acquire 100% of voting shares.
Penick, Charles S., Mary M. Penick and the Charles S. Penick Mary M. Penick Revocable Trust, with Charles and Mary Penick as Trustees, both acting in concert Petit Jean Bancshares Inc., Petit Jean State Bank Federal Reserve Bank of St. Louis Retain voting shares.
Rothenberg, Alan Isaac 1st Century Bancshares Inc., 1st Century Bank, N.A. Federal Reserve Bank of San Francisco Acquire at least 10% of voting shares.
SP Acquisition Holdings Inc. Frontier Financial Corp., Frontier Bank Federal Reserve Bank of San Francisco Become bank-holding company by acquiring 100% of voting shares.
USAmeriBancorp Inc. Aliant Financial Corp., Aliant Bank Federal Reserve Bank of Atlanta Acquire 49.7 percent of outstanding voting shares.

Sam Garcia worked in mortgage lending for twenty years prior to becoming publisher of MortgageDaily.com in 2000.

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