Board of Governors of the Federal Reserve System

Citizens State Bank, Royal Oak, Michigan -- to establish a branch at 31550 Northwestern Highway, Farmington Hills, Michigan.
Approved: May 12, 2025

FirstBank, Lakewood, Colorado -- to establish a branch at 2271 North Frontage Road West, Vail, Colorado.
Approved: May 13, 2025

United Security Bank, Fresno, California -- to establish a branch at 7010 North Palm Avenue, Fresno, California.
Approved: May 16, 2025

Union Bank, Mena, Arkansas -- to establish a branch at 500 West Main Street, Russellville, Arkansas.
Approved: May 16, 2025

Cypress Capital Group, Inc., Palm Beach, Florida -- to engage de novo in commercial lending activities pursuant to section 225.28(b)(1) of the Board's Regulation Y.
Withdrawn: May 12, 2025

Seacoast Banking Corporation of Florida, Stuart, Florida -- waiver of application to merge with Heartland Bancshares, Inc., and thereby indirectly acquire Heartland National Bank (Bank), both of Sebring, Florida, in connection with the merger of Bank with and into Seacoast National Bank, Stuart, Florida.
Granted: May 13, 2025

Avidia Bancorp, Inc. (a newly formed Maryland corporation), Hudson, Massachusetts -- to become a bank holding company by merging with Assabet Valley Bancorp Interim Merger Subsidiary, Inc. (in formation), and thereby acquiring Avidia Bank, Hudson, Massachusetts, in connection with the conversion of Assabet Valley Bancorp, Hudson, Massachusetts, from mutual to stock form.
Approved: May 13, 2025

Centreville, MHC, West Warwick, Rhode Island -- to become a bank holding company by acquiring Centreville Bank, West Warwick, Rhode Island.
Approved: May 15, 2025

Reconsideration of Board action -- request for reconsideration of the Board's approval of (1) the application by Capital One Financial Corporation (Capital One), McLean, Virginia, to acquire Discover Financial Services (Discover), Riverwoods, Illinois, and (2) Capital One's notice to acquire certain of Discover's nonbanking companies.
Denied: May 13, 2025

ConnectOne Bancorp, Inc. (ConnectOne), Englewood Cliffs, New Jersey -- waiver of application to merge with The First of Long Island Corporation, Melville, New York, and simultaneously merge the First National Bank of Long Island, Glen Head, New York, with and into ConnectOne.*
Granted: May 9, 2025
*Addition

Lake Shore, MHC, Dunkirk, New York -- to convert from mutual to stock form. As part of the conversion, Lake Shore, MHC, and Lake Shore Bancorp, Inc., Dunkirk, New York, an existing mid-tier savings and loan holding company, will cease to exist, and Lake Shore Savings Bank, Dunkirk, New York, will convert to a commercial bank, to be renamed Lake Shore Bank, and become a wholly owned subsidiary of a new corporation that has applied to become a bank holding company and will maintain the name of Lake Shore Bancorp, Inc.
Approved: May 13, 2025

BankFirst Capital Corporation, Macon, Mississippi -- waiver of application to acquire The Magnolia State Corporation, Bay Springs, Mississippi, in connection with the merger of Magnolia State Bank, Bay Springs, Mississippi, with and into BankFirst Financial Services, Macon, Mississippi.
Granted: May 15, 2025

BankFirst Financial Services, Macon, Mississippi -- to merge with Magnolia State Bank, Bay Springs, Mississippi, and to retain the acquired facilities as branches.
Approved: May 15, 2025

Wayne County Bank, Waynesboro, Tennessee -- to increase its investment in bank premises.
Approved: May 13, 2025

Ally Bank, Sandy, Utah -- to make a public welfare investment (two requests).
Approved: May 13, 2025

IF Bancorp, Inc., Watseka, Illinois -- Stilwell Activist Investments, L.P., Stilwell Activist Fund, L.P., and Stilwell Partners, L.P., together known as The Stilwell Group, with Stilwell Value LLC as general partner of each of the limited partnerships, all of New York, New York; and Joseph D. Stilwell, San Juan, Puerto Rico, as managing member of Stilwell Value LLC; as a group acting in concert, to acquire voting shares of IF Bancorp, Inc., and thereby indirectly acquire voting shares of Iroquois Federal Savings and Loan Association, Watseka, Illinois.
Permitted: May 14, 2025

Berco, Inc., Salina, Kansas -- the Burke L. Matthews Irrevocable Trust, Earl H. Matthews Irrevocable Trust, Don H. Berkley Trust, Robert B. Berkley Trust, Eleanor L. Berkley Trust, Kent M. Berkley Grandkids Trust (Grandkids Trusts), Burke L. Matthews, individually, and as co-trustee of the Kent M. Berkley Trust, Hal J. Berkley Trust, Earl H. Matthews Irrevocable Trust, Paula C. Nelson Irrevocable Trust, and Mary B. Phelps Irrevocable Trust, Gretchen Hunt, Eileen L. Berkley, Eleanor L. Berkley, as co-trustee of the Eleanor L. Berkley Trust, Earl H. Matthews, individually, and as co-trustee of the Paula C. Nelson Irrevocable Trust, Mary B. Phelps Irrevocable Trust, and Burke L. Matthews Irrevocable Trust, Amy K. Hemmer, individually, and as co-trustee of Grandkids Trusts, Karla J. Spurgeon, individually, and as co-trustee of the Jeff A. Berkley Revocable Trust, and Calvin J. Berkley, individually, and as co-trustee of the Jeff A. Berkley Revocable Trust, all of Salina, Kansas, and others; to join the Berkley Family Group, a group acting in concert, to retain voting shares of Berco, Inc., and thereby indirectly retain voting shares of The Bennington State Bank, Salina, Kansas.
Permitted: May 12, 2025

Cypress Capital Group, Inc., Palm Beach, Florida -- election to become a financial holding company.*
Effective: May 9, 2025
*Addition

PNC Bank, National Association, Wilmington, Delaware -- to reestablish and extend the existence of PNC Bank International, Wilmington, Delaware, an Edge corporation.
Approved: May 13, 2025

Wayne County Bank, Waynesboro, Tennessee -- to become a member of the Federal Reserve System.
Approved: May 13, 2025

KeyCorp, Cleveland, Ohio -- to make certain capital distributions under the capital plan rule.
Approved: May 13, 2025