Federal Reserve Approves Mutual Federal Bancorp Applications
The Federal Reserve Board approved two applications by Mutual Federal Bancorp, MHC and MFB Bancorp, Inc., allowing a new top-tier holding company structure.
The Federal Reserve Board announced its approval of two applications submitted by Mutual Federal Bancorp, MHC, and MFB Bancorp, Inc., both based in Chicago, Illinois, according to Fed_Press.
The regulatory approvals permit the banking organization to establish a new top-tier holding company, MFB Bancorp, Inc. Under the approved structure, MFB Bancorp, Inc. will become a savings and loan holding company by acquiring Mutual Federal Bank, also located in Chicago, Illinois.
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Regulatory Structure
The transaction creates a new holding company arrangement for the institutions involved. As a savings and loan holding company, MFB Bancorp, Inc. will oversee Mutual Federal Bank under the regulatory framework supervised by the Federal Reserve Board.
Key facts
- The Federal Reserve Board approved two applications on Monday.
- The applicant entities are Mutual Federal Bancorp, MHC and MFB Bancorp, Inc.
- Both institutions are located in Chicago, Illinois.
- MFB Bancorp, Inc. will become a savings and loan holding company by acquiring Mutual Federal Bank.
Source: federalreserve.gov
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