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 July 29, 2023
Bank Branches, Domestic
Atlanta
Capital City Bank, Tallahassee, Florida -- to establish a branch at 3436 Highway 77, Lynn Haven, Florida.
Approved: July 27, 2023
Dallas
First Liberty Bank, Liberty, Texas -- to establish a branch at 979 County Road 5270, Cleveland, Texas.
Approved: July 27, 2023
Frost Bank, San Antonio, Texas -- to establish a branch at 5800 North Mopac Expressway, Austin, Texas.
Approved: July 27, 2023
Secretary
First Financial Bank, Cincinnati, Ohio -- to establish a branch at 2610 North High School Road, Indianapolis, Indiana.
Approved: July 26, 2023
Peapack-Gladstone Bank, Bedminster, New Jersey -- to establish a branch at 300 Park Avenue, New York, New York.
Approved: July 27, 2023
St. Louis
Arvest Bank, Fayetteville, Arkansas -- to establish a branch at the northwest corner of Highway 5 and Salem Road, Benton, Arkansas.
Approved: July 25, 2023
Bank Holding Companies
New York
SR Bancorp, Inc., Bound Brook, New Jersey -- (1) to become a bank holding company upon the conversion of its subsidiary, Somerset Savings Bank, SLA (SSB), Bound Brook, New Jersey, from a savings association to a bank and (2) waiver of application to acquire Regal Bancorp, Inc., and its subsidiary, Regal Bank, both of Livingston, New Jersey, in connection with the merger of Regal Bank with and into SSB. *
Granted: July 18, 2023
*Addition
Bank Mergers
Chicago
One Community Bank, Oregon, Wisconsin -- to merge with Farmers State Bank-Hillsboro, Hillsboro, Wisconsin, and thereby establish branches.
Approved: July 26, 2023
Bank Premises
New York
Orange Bank & Trust Company, Middletown, New York -- to exceed its investment in bank premises, pursuant to section 24A of the Federal Reserve Act and Section 208.21 of Regulation H.
Withdrawn: July 25, 2023
Banks, State Member
Dallas
Comerica Bank, Dallas, Texas -- to make a community development and public welfare investment.
Approved: July 24, 2023
San Francisco
Western Alliance Bank, Phoenix, Arizona -- to make a public welfare investment.
Approved: July 25, 2023
Secretary
Manufacturers and Traders Trust Company, Buffalo, New York -- to make a public welfare investment.
Approved: July 24, 2023
The Northern Trust Company, Chicago, Illinois -- to make a public welfare investment.
Approved: July 26, 2023
Change in Bank Control
Chicago
Bosshard Financial Group, Inc., La Crosse, Wisconsin -- Dairyland Bank Holding Corporation, and William Bosshard, Andrew Bosshard, Joseph Bosshard, Makenzie Bosshard, Carlista Bosshard, and John Bosshard as Tenants in Common, all of La Crosse, Wisconsin; to join the Bosshard Family Control Group, a group acting in concert to acquire voting shares of Bosshard Financial Group, Inc., and thereby indirectly acquire voting shares of One Community Bank, Oregon, Wisconsin, and Farmers State Bank-Hillsboro, Hillsboro, Wisconsin.
Permitted: July 26, 2023
Sac City Limited, Sac City, Iowa -- Dierk Halverson, Coon Rapids, Iowa; John Chrystal, Aspen, Colorado; and Steven Spotts, Sac City, Iowa; to acquire additional voting shares of Sac City Limited, and thereby indirectly acquire additional voting shares of Iowa State Bank, Sac City, Iowa, as part of a group acting in concert that includes Timothy O. Lee, Coon Rapids, Iowa.
Permitted: July 28, 2023
Extensions of Time
Cleveland
Genoa Bank, Genoa, Ohio -- extension to January 28, 2024, (1) to establish a branch at 1701 West State Street, Fremont, Ohio, and (2) to exceed its investment in bank premises.
Granted: July 24, 2023
Membership
Dallas
TXN Bank, National Association, Hondo, Texas -- to retain its membership in the Federal Reserve System following its conversion to a state-chartered bank.
Approved: July 27, 2023
Philadelphia
Citizens & Northern Bank, Wellsboro, Pennsylvania -- to become a member of the Federal Reserve System.
Approved: July 28, 2023
St. Louis
Bank of Winona, Winona, Mississippi -- to become a member of the Federal Reserve System.
Approved: July 27, 2023
Savings and Loan Holding Companies
General Counsel
SR Bancorp, Inc. (SR Bancorp), Bound Brook, New Jersey -- waiver of application to become a savings and loan holding company by acquiring Somerset Bank (Bank), Bound Brook, New Jersey, a state savings association, upon Bank's conversion from mutual to stock form. *
Granted: July 14, 2023
*Addition
New York
SR Bancorp, Bound Brook, New Jersey -- prior approval to engage in extending credit and servicing loans. *
Approved: July 18, 2023
*Addition
Supervision and Regulation
Director, S&R
JPMorgan Chase & Co., New York, New York -- to make capital distributions in the second, third, and fourth quarters of 2023 after the occurrence of an event requiring resubmission of its capital plan.
Approved: July 27, 2023