Board Actions

Actions taken during the week ending May 10, 2014

Testimony and Statements

Economic Outlook -- statement by Chair Yellen before the Joint Economic Committee of the U.S. Congress on May 7 and before the Senate Committee on the Budget on May 8, 2014, on the economic outlook.
-Published, May 7, 2014

Bank Holding Companies

Mercantile Bank Corporation, Grand Rapids, Michigan -- to acquire Firstbank Corporation, Alma, and thereby indirectly acquire Firstbank, Mount Pleasant, and Keystone Community Bank, Kalamazoo, and election to become a financial holding company.
-Approved, May 6, 2014

Monetary and Financial Policy

Term Deposit Facility -- to authorize an increase in the individual award cap for test TDF auctions up to $10 billion and in offering rates up to 5 basis points over the interest rate on excess reserves for TDF test operations.
-Approved, May 1, 2014
(A/C)

Regulations and Policies

Regulation XX (Concentration Limit) -- publication for comment of proposed rule to (1) implement the concentration limit for financial companies under section 622 of the Dodd-Frank Act and (2) establish reporting requirements for certain financial companies.
-Approved, May 4, 2014

Enforcement

Continental Bank Holdings, Inc., Plymouth Meeting, Pennsylvania -- cease and desist order, issued by the Office of Thrift Supervision, dated February 28, 2011, terminated May 3, 2014.
-Announced, May 6, 2014

First National Bancshares of Central Alabama, Inc., Tuscaloosa, Alabama -- written agreement dated June 23, 2011, terminated May 2, 2014.
-Announced, May 6, 2014

HMN Financial, Inc., Rochester, Minnesota -- supervisory agreement, issued by the Office of Thrift Supervision, dated February 22, 2011, terminated May 1, 2014.
-Announced, May 6, 2014

Lincoln Federal Bancorp, M.H.C., Lincoln, Nebraska, and Lincoln Federal Bancorp, Inc. -- cease and desist orders, issued by the Office of Thrift Supervision, dated October 6, 2009, terminated May 2, 2014.
-Announced, May 6, 2014