Fed Receives 25 Apps to Acquire Banks

Mortgage News

Mortgage Daily Staff

                                                 July 3, 2009

The Federal Reserve has recently received 25 applications for individuals and entities to acquire interest or control in more than two dozen U.S. financial institutions. Among recent nonbank merger deals was the acquisition of a California-based reverse mortgage lender.

San Diego-based Security One Lending today announced the acquisition of OMNI Reverse. The deal, which was structured as a stock transaction, is “pending state and regulatory approvals.”

Mission Viejo, Calif.-based OMNI’s culture will compliment that of Security One, Torrey Larsen, president of Security One, said in the statement. In addition, he called Omni’s consumer direct retail platform “successful.”

Security One says it is a Fannie Mae approved seller-servicer.

OceanFirst Financial Corp. announced in May an agreement to acquire Central Jersey Bancorp in a $68 million all-stock transaction. The deal, expected close by Dec. 31, will boost OceanFirst’s county ranking to nine from 18. OceanFirst Chairman, President and Chief Executive Officer John R. Garbarino will keep his posts in the new organization.

OceanFirst reports $1.9 billion in assets, and Central Jersey has $0.6 billion in assets.

A $50 million installment completed a $100 million investment by MP Thrift Investments L.P. in Flagstar Bancorp Inc., a news release Tuesday said. MP had already invested $250 million in the Troy, Mich.-based institution in January.

Eastern Financial Florida Credit Union, which has been operating under the management of Space Coast Credit Union since it was seized by the Florida Office of Financial Regulations in April, has been merged with Space Coast, the National Credit Union Administration announced last month.

Melbourne, Fla.-based Space Coast has $1.7 billion in assets and more than 160,000 members, while Eastern had $1.6 billion in assets with more than 200,000 members.

The First American Corp. reported Monday that it has offered to acquire the outstanding stock of its publicly traded subsidiary, First Advantage Corp. First American already owns 74 percent of the subsidiary’s stock. The offer was made at a 10.2 percent premium to First Advantage’s closing stock price on June 26.

First American Chairman and CEO said the transaction will simplify the organizational structure and improve financial flexibility.

Thomas Siering has made an agreement to purchase up to 100,000 common shares of Capitol Acquisition Corp., a news release Tuesday said. Capitol previously agreed to become a wholly owned subsidiary of Siering affiliate Two Harbors Investment Corp. — an investor in residential mortgage-backed securities.

In recent Federal Register notices, the Federal Reserve Board reported that it received applications for the following proposed mergers and acquisitions.

Acquirer Acquisition Target Regulator Overview
Austin Bancshares Inc. La Grange Bancshares Inc. Federal Reserve Bank of Dallas Acquire 100% of voting shares.
B. Dirk Bagenstos and Lesley D. Bagenstos First Keyes Bancshares Inc. Federal Reserve Bank of Kansas Acquire voting shares.
Charles A. Adams First Mid-Illinois Bancshares Inc. Federal Reserve Bank of Chicago Acquire 10% or more of voting shares.
Army and Air Force Mutual Aid Association and Armed Forces Bank Holding Co. Armed Forces Bank, National Association and Armed Forces Bank of California, National Association Federal Reserve Bank of Richmond Become bank-holding companies by acquiring 100% of voting shares.
James Edward Baxter II Premier Bancshares Inc. Federal Reserve Bank of Dallas Acquire shares.
BCC Bancshares Inc. Bank of Calhoun County Federal Reserve Bank of St. Louis Become a bank-holding company by acquiring 100% ownership.
Cache Holdings Inc. Healthcare Bancorp Inc. Federal Reserve Bank of Kansas City Become bank-holding company through acquisition of 100% of voting shares.
David Carpenter, Chandler, Oklahoma as Trustee of the Lynda L. Cameron 2005 Family Trust, the William M. Cameron 2004 Family Trust and the Lynda L. Cameron Trust First Fidelity Bancorp Inc. Federal Reserve Bank of Kansas City Acquire control.
Community Bancshares of Mississippi Inc. ESOP Community Bancshares of Mississippi Inc. Federal Reserve Bank of Atlanta Boost ownership to 20.13%.
Conahasset Bancshares, MHC, and Conahasset Bancshares Inc. Pilgrim Co-Operative Bank Federal Reserve Bank of Boston Become a mutual bank-holding company and stock bank-holding company, respectively, through acquisition.
Charles B. Edel, Trustee of the Charles B. Edel Trust, and Suzanne Edel, Trustee of the Suzanne Edel Trust Citizens National Bancorp Inc. Federal Reserve Bank of St. Louis Increase control.
First America Holdings MRCB Holdings Inc. Federal Reserve Bank of Atlanta Acquire 100% of voting shares.
First BanCapital Fund I LP., First BanCapital Parallel Fund I LP., CBCF Partners L.P., MJR LLC and MJR Financial Group LLL Trust Old Florida Bancshares Inc. Federal Reserve Bank of Philadelphia Acquire between 6.1% and 9.7% of voting shares.
Hantz Holdings Inc. Davison State Bank Federal Reserve Bank of Chicago Become bank-holding company by acquisition of 100% of voting shares.
The Hillyer Family Control Group and related controlling interests, which consist of Hudson Hillyer, Hudson Hillyer Trust (Hudson Hillyer Trustee), Marie Hillyer Trust ( Hudson Hillyer Trustee), Carole Hillyer, Majorie Shelley, David Shelley, Blair Hillyer, Brad Hillyer, Beth Hillyer, Rebecca Hillyer, Brett Hillyer, Aaron Hillyer, Alec Hillyer, Katherine Hillyer, Jacob Hillyer, The Clay City Pipe Co., The Bowerston Shale Co. and Fab Ohio FNB Inc. Federal Reserve Bank of Cleveland Acquire shares.
Hulett Bancorp The First National Bank of Ekalakaia Federal Reserve Bank of Kansas Acquire 100% of voting shares.
JJR Holding Co. First BankAmericano Federal Reserve Bank of Philadelphia Acquire 100% of voting shares.
Richard Jordahl Hatton Bancshares Inc. Federal Reserve Bank of Minneapolis Acquire voting shares.
Morgan Stanley Herald National Bank n.a. Acquire up to 9.9% of voting shares.
Morgan Stanley Chinatrust Financial Holding Company Ltd. n.a. Acquire up to 9.9% of voting shares.
Donald and Donna Nelson State Bank Corp. Federal Reserve Bank of San Francisco Retain 10.9% share.
NewStar Holdco Southern Commerce Bank, National Association Federal Reserve Bank of Boston Become bank-holding company by acquiring 100% of voting shares.
Prairieland Bancorp Employee Stock Ownership Plan and Trust Prairieland Bancorp Inc. Federal Reserve Bank of Chicago Increase ownership to at least 48.01% (earlier notice indicated 44.62%).
The PNC Financial Services Group Inc. First Niagara Financial Group Inc. Federal Reserve Bank of Cleveland Acquire the lesser of $75 million or 5.4% of voting shares.
Van Financial Corp. Breda Savings Bank Federal Reserve Bank of Chicago Become bank-holding company by acquiring at least 80 percent ownership.
Mark H. Wright and Todd M. Wright as individuals, and as a group acting in concert with James H. Wright and Luanne S. Wright Freeport Bancshares Inc. Federal Reserve Bank of Chicago Acquire voting shares.

Mortgage Daily Staff

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