The Federal Reserve Board has approved the sale of Home State Bancshares Inc. in McPherson, Kan., to Goering Management Co.
Goering, which already controls Citizens State Bank in Moundridge, Kan., announced plans in September to buy the $132.5 million-asset Home State. Goering, with $260 million in assets, plans to merge Home State into Bon Inc., which is the holding company for Citizens State.
The Fed also approved an application by Croghan Bancshares Inc. in Fremont, Ohio, to buy four Home Savings and Loan Co. branches from the $446 million-asset United Community Financial Corp. in Youngstown, Ohio. The $501 million-asset Croghan agreed to pay a 4% premium, or roughly $4.5 million, for $11.7 million in deposits held at the branches, which are located in the Ohio communities of Tiffin, Fremont and Clyde.
Both acquisitions are expected to close this quarter.