Actions of the Board, Its Staff, and the Federal Reserve Banks; Applications and Reports Received
Actions under delegated authority PDF
Actions taken during the week ending February 25, 2023
Bank Branches, Domestic
Boston
Cornerstone Bank, Spencer, Massachusetts -- to establish a branch at 195 Main Street, Shrewsbury, Massachusetts.
Approved: February 24, 2023
St. Louis
Simmons Bank, Pine Bluff, Arkansas -- to establish a branch at 201 Franklin Road, Brentwood, Tennessee.
Approved: February 24, 2023
Simmons Bank, Pine Bluff, Arkansas -- to establish a branch at 2498 West Illinois Avenue, Dallas, Texas.
Approved: February 22, 2023
Bank Holding Companies
Chicago
FS Bancshares, Inc., Markesan, Wisconsin -- waiver of application to acquire Farmers and Merchants Bank of Kendall (F&M), Kendall, Wisconsin, in connection with the merger of F&M with and into Ergo Bank, Markesan, Wisconsin.
Granted: February 24, 2023
New York
SR Bancorp, Inc., Bound Brook, New Jersey -- to become a bank holding company by acquiring Somerset Savings Bank, SLA, Bound Brook, New Jersey. *
Withdrawn: February 16, 2023
*Addition
Richmond
Shore Bancshares, Inc., Easton, Maryland -- waiver of application to acquire The Community Financial Corporation and thereby indirectly acquire its wholly owned subsidiary, Community Bank of the Chesapeake (Bank), both of Waldorf, Maryland, in connection with the merger of Bank with and into Shore United Bank, National Association, Easton, Maryland.
Granted: February 23, 2023
Banks, State Member
Atlanta
Synovus Bank, Columbus, Georgia -- to make two public welfare investments.
Approved: February 24, 2023
Extensions of Time
Atlanta
Bank Independent, Sheffield, Alabama -- extension to May 12, 2023, to establish a branch at 11254 County Line Road, Madison, Alabama. *
Granted: February 15, 2023
*Addition
Financial Holding Companies
Chicago
University Bancorp, Ann Arbor, Michigan -- election to become a financial holding company.
Effective: February 21, 2023
Membership
St. Louis
Bank of Kilmichael, Kilmichael, Mississippi -- to become a member of the Federal Reserve System.
Approved: February 21, 2023
Signature Bank of Arkansas, Fayetteville, Arkansas -- to become a member of the Federal Reserve System.
Approved: February 23, 2023
Supervision and Regulation
Director, S&R
Citizens Financial Group, Inc., Providence, Rhode Island -- to make capital distributions in the second quarter of 2023 after the occurrence of an event requiring resubmission of its capital plan. *
Approved: February 10, 2023
*Addition
Director, S&R, and Director, Financial Stability
Stress Tests -- issuance of hypothetical scenarios for 2023 stress tests. *
Approved: February 9, 2023
*Addition