The Federal Reserve Board has given Emigrant Bancorp, New York, permission to acquire nearly 10% of another New York City thrift, Queens County Bancorp.
Queens County, which has $1.2 billion of assets, had objected to the deal, saying Emigrant was trying to seize control. But the Fed said in an April 1 order that Emigrant, which controls $6 billion in assets, has agreed not to interfere with the the thrift's operations.
The Fed also approved a bid by Wilson Bank Holding Co., Lebanon, Tenn., to acquire a start-up, DeKalb Community Bank in Smithville, Tenn.
Union Planters Corp. had objected to the application, saying that in creating an entity called DeKalb Community Bank Wilson was trying to mimic the former name of the Memphis bank's Smithville subsidiary.
But the Fed said it couldn't consider this objection, saying similarity among names is not grounds for rejection under the Bank Holding Company Act.
Finally, the Fed gave Butte (Mont.) Bank Shares Inc. permission to acquire at least 80% of the voting shares of First Citizens Bank of Butte.
Several current shareholders and one former Butte Bank employee had protested the deal, saying the holding company lacks sufficient financial resources to consummate the deal. The Fed rejected those objections, saying the holding company is financially sound.