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 6, 2024
Bank Branches, Domestic
Dallas
Frost Bank, San Antonio, Texas -- to establish a branch at 8651 Eldorado Parkway, McKinney, Texas.
Approved: July 1, 2024
Richmond
United Community Bank, Greenville, South Carolina -- to establish a branch at 1110 North Charles Seivers Boulevard, Clinton, Tennessee.
Approved: July 2, 2024
Bank Holding Companies
Boston
Mutual Bancorp, Hyannis, Massachusetts -- relief from certain commitments.*
Granted: June 26, 2024
*Addition
Director, S&R
SoFi Technologies, Inc., and Social Finance, Inc., both of San Francisco, California -- relief from certain commitments.*
Granted: June 24, 2024
*Addition
New York
Hanover Bancorp, Inc., Mineola, New York (a Maryland corporation) -- to become a bank holding company by acquiring Hanover Bancorp, Inc., Mineola, New York (a New York corporation), and thereby indirectly acquiring Hanover Community Bank, Garden City Park, New York.
Approved: July 5, 2024
Banks, State Member
San Francisco
Bank of Hawaii, Honolulu, Hawaii -- to make a public welfare investment.
Approved: July 1, 2024
Change in Bank Control
St. Louis
Commerce Holding Corporation, Corinth, Mississippi -- Ethel Archer Davis; Frank Archer Davis, Sr., individually and as trustee of the Frank Archer Davis, Jr. Trust, the John Leland Davis Trust, and the Minor Child Trust; William Hull Davis, Jr., individually and as trustee of the William Hull Davis, III Trust, the Grace Ann Davis Trust, the George Newman Davis Trust, and the Samuel McTyeire Davis Trust, all of Corinth, Mississippi; to form the Davis Family Control Group, a group acting in concert, to retain voting shares of Commerce Holding Corporation, and thereby indirectly retain voting shares of Commerce Bank, Corinth, Mississippi.
Permitted: July 3, 2024
Farmers State Holding Corp., Harrisburg, Illinois -- Thomas Ryan Franks, Thomas Walker Franks, Amanda Jo Holland, and Elizabeth Lane Pilcher, all of Harrisburg, Illinois; to join Thomas William Franks, Marion, Illinois, to establish the Franks Family Control Group, a group acting in concert, to retain voting shares of Farmers State Holding Corp. and thereby indirectly retain voting shares of Farmers State Bank of Alto Pass, Alto Pass, Illinois.
Permitted: July 3, 2024
Extensions of Time
Secretary
Total Loss-Absorbing Capacity (TLAC) Rule -- extension of time for The Bank of New York Mellon Corporation and State Street Corporation to comply with the TLAC rule's clean holding company provisions with respect to certain covered agreements.*
Granted: June 20, 2024
*Addition
Total Loss-Absorbing Capacity (TLAC) Rule -- extension of time for Bank of America Corporation; Wells Fargo & Company; Citigroup, Inc.; The Goldman Sachs Group, Inc.; JPMorgan Chase & Company; and Morgan Stanley to comply with the TLAC rule's clean holding company provisions with respect to certain covered agreements.*
Granted: June 20, 2024
*Addition
Supervision and Regulation
Director, S&R
Discover Financial Services, Riverwoods, Illinois -- to make certain capital distributions under the capital plan rule.*
Approved: June 28, 2024
*Addition
Truist Financial Corporation, Charlotte, North Carolina -- to make certain capital distributions under the capital plan rule.*
Approved: June 28, 2024
*Addition
UBS Americas Holding LLC, New York, New York -- to make certain capital distributions under the capital plan rule.*
Approved: June 28, 2024
*Addition