The Federal Reserve System published a notice regarding applications from companies seeking approval to form, acquire, or merge bank holding companies. Two specific applications are highlighted: Eagle Financial Bancorp in Cincinnati, planning to become a bank holding company by acquiring EAGLE Bank, and Southern Bancorp, Inc. in Arkadelphia, aiming to merge with DeWitt First Bankshares Corporation to indirectly acquire Arkansas County Bank. The public can inspect these applications at the relevant Federal Reserve Banks and submit their comments by the end of March 2021.
Simple Explanation
The Federal Reserve System is looking at some companies that want to either take over or join banks. For example, a company called Eagle Financial Bancorp wants to buy a bank called EAGLE Bank, and Southern Bancorp, Inc. wants to merge with another company to get a different bank. People can share their thoughts about these changes before the end of March 2021.