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Bank Merger Wagon Rolling

Recent bank merger activity

Nov. 13, 2010

By PAULA PARISOT MortgageDaily.com


photo of Paula Parisot
Paula Parisot
A Chinese investment firm received a nod from the Federal Reserve Board, while two Spanish companies have an interest in acquiring multiple Florida-based banks. Federal banking regulators have received almost 90 applications during the past three months for bank acquisitions.

China Investment Corp. got the go-ahead to indirectly acquire up to 10 percent of the voting shares of Morgan Stanley. China Investment Corp. is a sovereign wealth fund that currently manages some of the People's Republic of China's foreign exchange reserves.

The Federal Reserve Bank of Atlanta has received an application from Caja de Ahorros de Valencia,Castellon Y Alicante and New Bank, both of Spain to become a bank-holding company by acquiring a Spanish bank and indirectly three Florida banks, according to a Nov. 12 public filing.

BankUnited announced last month it acquired a small-business lending platform from Butler Capital Corp. and a municipal leasing business from Koch Financial Corp. The Miami Lakes, Fla.-based company said its commercial financing business, United Capital Business Lending, will be headquartered in Hunt Valley, Md., and the municipal leasing business, Pinnacle Public Finance in Scottsdale, Ariz.

Cadence Financial Corp., a $1.9 billion institution, agreed last month to be acquired by Houston-based Community Bancorp LLC after terminating a merger agreement with Trustmark, according to a press release.

CBC said it has raised equity capital commitments in excess of $900 million for the purpose of making investments in the U.S. banking sector.

Abilene, Texas-based First Financial Bankshares, which has at least $3.0 billion in assets, said it is acquiring Sam Houston Financial Corp., parent company to The First State Bank in Huntsville, Texas in a $22 million stock-and-cash transaction.

Investors in the Bank of Hampton Roads Bankshares' $255 million private placement of common stock have been met with approval. Lead investors in the Norfolk, Va.-based bank holding company include Anchorage Advisors L.L.C., CapGen Financial Group and The Carlyle Group.

IBERIABANK's federally-chartered bank merged into its commercial bank, IBERIABANK, with its mortgage company to become a wholly-owned subsidiary. IBERIABANK Corp. said it has assets of $10.4 billion.

McKinney, Texas-based Independent Bank Group said it now has $1 billion in assets after acquiring First Bank last month.

A $50 million investment was made by Stamford, Conn.-based PNBK Holdings LLC to acquire 33.6 million newly issued shares of common stock of Patriot National Bancorp, giving the holding company controlling interest, or 88 percent of the company's outstanding common stock.

The National Credit Union Administration approved the third federally chartered credit union this year for Charlotte, N.C.-based Shepherd's Federal Credit Union, according to a NCUA press release. The NCUA granted Shepard's FCU a low-income designation.

Investors Bancorp Inc. said CEO Kevin Cummings has doubled the size of the Short Hills, N.J.-based company in less than three years with its acquisition of Summit Federal Savings Bank in 2008, American Bancorp in 2009, Banco Popular branches last year and Millenium bcpbank last month.

Atlanta, Ga.-based State Bank announced it completed its holding company reorganization to become the wholly-owned subsidiary of State Bank Financial Corp. The company said it has completed nine failed bank acquisitions from the FDIC and its assets were $2.6 billion as of this year's second quarter.

Last month, M&T Bank Corp. and Wilmington Trust Corp. jointly announced their merger. Buffalo, N.Y.-based M&T has $68.2 billion in assets, while Wilmington, Del.-based Wilmington Trust has $10.4 billion, according to the announcement.

The following table includes applications to become a bank-holding company or acquire assets or control of a bank-holding company received by the Federal Reserve Board pursuant to the Bank Holding Company Act of 1956. The table also includes Fed applications for permission to acquire firms that engage in non-banking activities and a mergers applications reported by the Office of Thrift Supervision.
Acquirer Acquisition Target Regulator Overview
The Bagge Family Bank Stock Trust of 2010 Mission Valley Bancorp, Mission Valley Bank Bancorp Federal Reserve Bank of San Francisco Retain control.
Country Bancshares, Inc. Liberty First Bancshares, Inc., Patriots Bank Federal Reserve Bank of Kansas City Retain 13.06 percent of the voting shares.
Steele Holdings, Inc. American State Bank Federal Reserve Bank of Dallas Become a bank holding company by acquiring 100 percent of the voting shares.
Clint Edwin Shepard II, individually, and as trustee of the Clint Edwin Shepard II Trust, and Virginia Sue Barr, individually, and as trustee of the Virginia Sue Shepard Barr Trust Oak Ridge Bancshares, Inc., Bank of Oak Ridge Federal Reserve Bank of Dallas Acquire control.
Mason National Bancshares, Inc., Mason National Bank na Federal Reserve Bank of Dallas To engage de novo through subsidiary Mason National Bank.
Benefit Financial Group, Inc., Benefit Bank na Federal Reserve Bank of St. Louis Become a bank holding company upon the conversion of its subsidiary bank, Benefit Bank.
Wells Fargo & Company Western Liberty Bancorporation, Service 1st Bank of Nevada Federal Reserve Bank of San Francisco Acquire more than 5 percent of the voting shares.
Marshall & Ilsley Corporation Taplin Canida Habacht, LLC Federal Reserve Bank of Chicago Retain an additional 4 percent, for a total equity of 84 percent.
Daniel L. Tanner Canon Bank Corporation, parent of Canon National Bank Federal Reserve Bank of Kansas City Acquire control.
Thomas D. McGavran Delphos, Inc., State Bank of Delphos Federal Reserve Bank of Kansas City Acquire additional shares.
GV Bancorp Employee Stock Ownership Plan GV Bancorp, Gunnison Valley Bank Federal Reserve Bank of San Francisco Acquire additional voting shares.
The Thomas C. Pangborn Trust, with Thomas C. Pangborn as trustee, and the Trust, together with Thomas C. Pangborn, Heidi M. Pangborn, Emily Davies, and Christine A. Wherry, as a group acting in concert TCSB Bancorp, Inc. Federal Reserve Bank of Chicago Acquire more than 25 percent of the outstanding voting shares.
First Bank Corp. Bankshares of Fayetteville, Inc., Bank of Fayetteville Federal Reserve Bank of St. Louis Acquire 9.99 percent of Bankshares of Fayetteville.
Zaring Group Holdings LLC First Suburban Bancorp Corporation, First Suburban National Bank Federal Reserve Bank of Chicago Become a bank-holding company by acquiring 75.1 percent of the voting shares.
Hometown Community Bancorp, Inc., and Hometown Community Bancorp, Inc. Employee Stock Ownership Plan and Trust CSBC Financial Corporation, Citizens State Bank of Cropsey Federal Reserve Bank of Chicago Merge.
Shawn Paul Weinand and Linda Lou Weinand Alliance Bank Shares Corporation, 1st Regents Bank Federal Reserve Bank of Minneapolis Acquire shares.
Mason National Bancshares na Federal Reserve Bank of Dallas To engage de novo in lending activities through the acquisition of loans.
David H. Duey Revocable Trust, David H. Duey, trustee; Diana Duey Strokan Trust, Diana Duey Strokan, trustee; Ann Duey Revocable Trust, Ann Duey, trustee; Sara Lierman; Laura Strickland; Dan Duey; Natasha Duran; and Nathan Strokan; all members of the Duey Family Group Cass County State Company, Cass County Bank, Inc. Federal Reserve Bank of Kansas City Retain control.
The Margaret E. Thelen Revocable Trust dated January 5, 2000, Margaret E. Thelen, Trustee; individually, and with John A. Thelen, Jr., Nancy M. Shipman, Sharon M. Watland, Robert T. Thelen, Michael J. Thelen, Kathryn M. Stalheim, Steven D. Thelen, Luke D. Shipman, Daniel J. Shipman, Elizabeth A. Shipman, and Adam J. Shipman, as a group acting in concert American Bancorporation of Minnesota, Inc., American National Bank Federal Reserve Bank of Minneapolis Retain control.
Kendall L. Combs and Patricia A. Combs Branson Bancshares, Inc., Branson Bank Federal Reserve Bank of St. Louis Retain control.
Grandpoint Capital, Inc. Southern Arizona Community Bank Federal Reserve Bank of San Francisco Acquire 100 percent of the voting shares.
Richard E. Workman as sole trustee for the Richard E. Workman 2001 Trust Midland States Bancorp, Inc., Midland States Bank Federal Reserve Bank of St. Louis Acquire voting shares.
Eastern Bank Corporation, Boston, Massachusetts Wainwright Bank and Trust Company Federal Reserve Bank of Boston Acquire 100 percent of the voting shares.
GLAASS Financial, LLC EMSWATER Financial, LLC and First National Insurance Agency, Inc. Federal Reserve Bank of Kansas City Become a bank holding company through the acquisition of 36.4 percent of the voting shares of EMSWATER and acquire control of both.
BancFirst Corporation Exchange Bancshares of Moore, Inc., Exchange National Bank Federal Reserve Bank of Kansas City Acquire 100 percent of the voting shares.
Everest Bancshares Bancshares of McLouth, Bank of McLouth Federal Reserve Bank of Kansas City Acquire 100 percent of the voting shares.
Henderson Texas Bancshares, Inc. Prosper Bancshares, Inc., Prosper Bank Federal Reserve Bank of Dallas Acquire 85 percent of the voting shares.
Cendera Holdings, Inc. First Bells Bankshares, Inc., The First National Bank of Bells/Savoy Federal Reserve Bank of Dallas Become a bank holding company by acquiring 100 percent of the voting shares.
Rockville Financial Rockville Bank Federal Reserve Bank of Boston Become a bank holding company by acquiring 100 percent of the voting shares.
The George W. Connell Revocable Trust Drexel Morgan & Co., The Haverford Trust Company Federal Reserve Bank of Philadelphia Acquire voting shares.
Henry Lewis Gallegly and Marjorie Clair Gallegly First Dalhart Bancshares, Inc., First National Bank in Dalhart Federal Reserve Bank of Dallas Acquire additional voting shares.
Rigler Investment Co. State Bank & Trust Company Federal Reserve Bank of Chicago Acquire 100 percent of the voting shares.
Camp QFP, L.L.L.P., Atlanta, Georgia, and its general partners, Mary L. Camp and Lovell E. Camp FMCB Holdings, Inc., First Choice Community Bank Federal Reserve Bank of Atlanta Acquire outstanding voting shares.
Steele Holdings, Inc. American State Bank Federal Reserve Bank of Dallas Become a bank holding company by acquiring 100 percent of the voting shares.
Woodforest Financial Group Employee Stock Ownership Plan (with 401(k) Provisions) (Amended and Restated Effective March 1, 2006) and Woodforest Financial Group Employee Stock Ownership Trust Woodforest Financial Group, Inc., Woodforest National Bank Federal Reserve Bank of Dallas Become a bank holding company by acquiring up to 30 percent of the voting shares.
PFGBI, LLC Montgomery County Bankshares, Inc., Montgomery County Bank & Trust Federal Reserve Bank of Atlanta Become a bank holding company by acquiring approximately 50.8 percent of the outstanding voting shares.
Cecil R. Simmons, individually; Cecil R. Simmons, Leonard P. Simmons, Anita Simmons Boswell, Michael Scott, Wilson B. Fry, Francisco Loya, Frank E. Russell (the ‘‘Director Group''); Cecil R. Simmons and Juana L. Simmons, Anita Simmons Boswell, Sarah Simmons Hays, Dolores Simmons, Leonard P. Simmons and Mary Beth Simmons, Delores M. Simmons, Ricardo D. Leal, Audrey Simmons Hooks, Samuel E. Simmons, Ernest G. Nash, III First San Benito Bancshares Corporation, First Community Bank, National Association Federal Reserve Bank of Dallas Acquire voting shares of and control.
Clay P. Graham, individually, and with Bryan H. Graham, and the Estate of James F. Graham acting in concert North Valley Bancshares, Inc., North Valley Bank Federal Reserve Bank of Cleveland Acquire voting shares.
William Lee Hale and the William Lee Hale Trust, acting in concert First Regions Bancshares, Inc., First Sentinel Bank Federal Reserve Bank of Richmond Retain control of 20.86% of the voting shares.
Stuart and Teresa Gibson First Cherokee Bancshares, Inc., First Cherokee State Bank Federal Reserve Bank of Atlanta Acquire control.
Robert A. Engen and Beverly J. Engen, individually and as part of a group acting in concert with Steven R. Engen Tolna Bancorp, Inc., The Farmers & Merchants State Bank of Tolna Federal Reserve Bank of Minneapolis Retain and acquire control.
First State Associates, Inc. Farmers State Holding Company, Farmers State Bank Federal Reserve Bank of Chicago Acquire 100 percent of the voting shares.
Old National Bancorp Monroe Bancorp, Monroe Bank Federal Reserve Bank of St. Louis Merge.
German American Bancorp, Inc. American Community Bancorp, Inc., Bank of Evansville Federal Reserve Bank of St. Louis Merge.
Warburg Pincus Private Equity S, L.P. National Penn Bancshares, Inc., National Penn Bank Federal Reserve Bank of Philadelphia Acquire voting shares.
Franklin Acquisition Company, LLC Anderen Financial, Inc., Anderen Bank Federal Reserve Bank of Atlanta Become a bank holding company by merging.
Florida Bank Group, Inc. Franklin Acquisition Company, LLC, Anderen Bank Federal Reserve Bank of Atlanta Merge.
Frandsen Financial Corporation Island Financial Corporation, State Bank of Bird Island Federal Reserve Bank of Minneapolis Acquire 100 percent of the voting shares.
SKBHC Holdings, LLC "Starbuck Bancshares, Inc. (""Bancshares""), The First National Bank of Starbuck Federal Reserve Board Become a bank holding company and acquire all the voting shares.
J. Grant Burcham, as trustee of the James Grant Burcham Trust MBT Bancshares, Inc., Missouri Bank and Trust Company Federal Reserve Bank of Kansas City Retain control.
Byron Cook; Ginne Sue Cook; Katie Cook; Lance Cook; Karen Cook, and Nina Sue Cook Community Bank Holdings of Texas, Inc., Community National Bank and Trust of Texas Federal Reserve Bank of Dallas Retain voting shares.
Woolfam VI SLB, LLC St. Louis Bancshares, Inc., St. Louis Bank Federal Reserve Bank of St. Louis Become a bank holding company by controlling 32.5 percent of the voting shares.
Vogel Bancshares, Inc. Farmers Savings Bank Federal Reserve Bank of Chicago Acquire up to 100 percent of the voting shares.
Carpenter Fund Manager GP, LLC, Carpenter Fund Management Company, LLC, Carpenter Community Bancfund, L.P., Carpenter Community Bancfund—A, L.P., Carpenter Community Bancfund—CA, L.P., CGB Holdings, Inc., CCFW, Inc., and SCJ, Inc. Professional Business Bank, California General Bank Federal Reserve Bank of San Francisco Acquire 100 percent of the voting shares of Professional Business Bank which will merge with California General Bank.
CGB Holdings, Inc. CGB Asset Management, Inc. Federal Reserve Bank of San Francisco Acquire 100 percent of the voting shares.
Marcelo L. Sacomori Granville Bancshares, Inc., Granville National Bank, and Sheridan State Bank Federal Reserve Bank of Chicago Acquire additional voting shares.
Larry L. Bingham, Ross C. Hartley, Fred Mitchelson and Bob L. Robinson American BancShares, Inc., American Bank Federal Reserve Bank of Kansas City Acquire control.
JRMB II, Inc. J.R. Montgomery Bancorporation, City National Bank and Trust Company, Fort Sill National Bank Federal Reserve Bank of Kansas City Become a bank holding company by acquiring 82.97 percent of the voting shares.
Community Bancorp LLC Cadence Financial Corporation, Cadence Bank Federal Reserve Bank of Dallas Become a bank-holding company by acquiring 100 percent of the voting shares.
Robert John Dentel and Mary P. Howell Dentel Bancorporation, Victor State Bank,Corydon State Bank, First State Bank of Colfax, Maxwell State Bank, Pocahontas State Bank, and Panora State Bank Federal Reserve Bank of Chicago To control 25 percent or more of the voting shares.
Henry Liebman, Gail Katz, and Sodo Builders, acting as a group in concert Regal Financial Bancorp, Inc., Regal Financial Bank Federal Reserve Bank of San Francisco Retain voting shares.
Bigfork Bancshares, Inc. Kelliher Bancshares Inc., Citizens State Bank Federal Reserve Bank of Minneapolis Merge.
Veritex Holdings, Inc. Fidelity Resources Company, Fidelity Bank Federal Reserve Bank of Dallas Acquire 100 percent of the voting shares.
WCM Holdings, Inc., and WCM–Parkway, Ltd. Veritex Holdings, Inc., Professional Bank, NA Federal Reserve Bank of Dallas Acquire at least 5 percent of the voting shares.
SKBHC Holdings, LLC, and SKBHC Hawks Nest Acquisition Corp. AmericanWest Bank Federal Reserve Bank of San Francisco Acquire 100 percent of the voting shares.
Bedison Bancshares, Inc. The Citizens Bank of Oregon Federal Reserve Bank of Kansas City Become a bank holding company by acquiring 78.03 percent of the voting shares.
Wells Bancshares, Inc. Bedison Bancshares, Inc., The Citizens Bank of Oregon Federal Reserve Bank of Kansas City Acquire 17.54 percent of the voting shares.
First Niagara Financial Group, Inc. NewAlliance Bancshares, Inc., NewAlliance Bank Federal Reserve Bank of New York Acquire 100 percent of the voting shares.
Hometown Community Bancorp, Inc., Employee Stock Ownership Plan and Trust Hometown Community Bancorp, Inc., MortonCommunity Bank Federal Reserve Bank of Chicago Acquire additional voting shares, for a total of 35 percent of the voting shares.
The First National Bank of Berryville Employee Stock Ownership Trust First Carroll Bankshares, Inc., The First National Bank Federal Reserve Bank of St. Louis Acquire an additional 6 percent of the voting shares.
Bertram BancShares, Inc. Farmers State Bank Federal Reserve Bank of Dallas Become a bank holding company by acquiring voting shares.
Feliciana Bancshares, Inc. Feliciana Bank & Trust Company Federal Reserve Bank of Atlanta Become a bank holding company by acquiring 100 percent of the voting shares.
Robert John Dentel, Mary P. Howell, individually; and the Robert John Dentel Family (Robert J. Dentel, Patricia A. Dentel, and (three minor children); and the Mary P. Howell Family (Mary P. Howell, Stephen J. Howell, and three minor children Dentel Bancorporation, Victor State Bank, Corydon State Bank, First State Bank of Colfax, Maxwell State Bank, Pocahontas State Bank, and Panora State Bank Federal Reserve Bank of Chicago Control voting shares.
Lonoke Bancshares, Inc. Central Bancshares, Inc., Central Bank Federal Reserve Bank of St. Louis Acquire no more than 24.99 percent of the voting shares.
Cross County Bancshares, Inc. Central Bancshares, Inc., Central Bank Federal Reserve Bank of St. Louis Acquire no more than 24.99 percent of the voting shares.
Carlson Bancshares, Inc. Central Bancshares, Inc., Central Bank Federal Reserve Bank of St. Louis Acquire no more than 9.99 percent of the voting shares.
Northern Missouri Bancshares, Inc. Exchange Bancorp of Missouri, Inc., Exchange Bank of Missouri Federal Reserve Bank of Kansas City Acquire at least 51 percent of the voting shares.
Kenneth L. Morrison Doniphan Bancshares, Inc., Bank of Doniphan Federal Reserve Bank of Kansas City Acquire control.
Caja de Ahorros de Valencia, Castellon Y Alicante Caja de Ahorros y Monte de Piedad de Madrid, Caja Madrid Cibeles S.A., CM Florida Holdings, Inc., City National Bancshares, Inc., and City National Bank of Florida Federal Reserve Bank of Atlanta Become a bank holding company by acquiring control of Caja de Ahorros y Monte de Piedad de Madrid.
New Bank Caja de Ahorros y Monte de Piedad de Madrid, Caja Madrid Cibeles S.A., CM Florida Holdings, Inc., City National Bancshares, Inc., and City National Bank of Florida Federal Reserve Bank of Atlanta Become a bank holding company by acquiring control of Caja de Ahorros y Monte de Piedad de Madrid.
Chestnut Bancorp, Inc. Bank of Chestnut Federal Reserve Bank of Chicago Become a bank holding company by acquiring 100 percent of the voting shares.
Fred Diefenbaugh Bippus State Corporation, Bippus State Bank Federal Reserve Bank of Chicago Retain control of the voting shares.
M&P Community Bancshares, Inc. 401(k) Employee Stock Ownership Plan M&P Community Bancshares, Inc., Merchants and Planters Bank Federal Reserve Bank of St. Louis Acquire additional voting shares, for a total of 32.07 percent.
Bitterroot Holding Company West One Bank Federal Reserve Bank of Minneapolis Retain shares.
Family Bancorp na Federal Reserve Bank of Dallas To engage de novo in lending activities.
Metcalf Bank The First National Bank Federal Reserve Board Acquire certain assets and assume certain liabilities of four branches.
China Investment Corporation Morgan Stanley Federal Reserve Board Approval to acquire indirectly up to 10 percent of the voting shares.
SKBHC Holdings LLC Starbuck Bancshares, Inc. ("Bancshares") Federal Reserve Board Approval to acquire all the voting shares.

Paula Parisot has been covering the mortgage industry as a reporter for MortgageDaily.com since 2004.

e-mail Paula at: [email protected]


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