Federal Reserve Board Approves Two Applications by Mutual Federal Bancorp, MHC, and MFB Bancorp, Inc.
Key Takeaways
- •The Federal Reserve Board approved two applications on November 9, 2026, filed by Mutual Federal Bancorp, MHC, and MFB Bancorp, Inc., both based in Chicago, Illinois.
- •The approvals clear the organization to form a new top-tier holding company, with MFB Bancorp, Inc. becoming a savings and loan holding company by acquiring Mutual Federal Bank.
- •The reorganization places a parent company above the bank, while Mutual Federal Bank itself continues to operate as it did before.
- •Federal Reserve supervision of savings and loan holding companies began with the Dodd-Frank Act of 2010, and creating such a company generally requires Board approval under the Home Owners' Loan Act.
- •The 'MHC' designation denotes a mutual holding company, a structure in which ownership rests with members, typically depositors, rather than outside shareholders.
The Federal Reserve Board on Monday, November 9, 2026, announced its approval of two applications filed by Mutual Federal Bancorp, MHC, and MFB Bancorp, Inc., both of Chicago, Illinois. The announcement was released at 4:00 p.m. EST.
According to the Board, the approvals allow the banking organization to establish a new top-tier holding company, MFB Bancorp, Inc. The Chicago-based holding company would become a savings and loan holding company by acquiring Mutual Federal Bank, also of Chicago, Illinois. Formations of this kind add a parent company above the bank in the corporate structure while the bank itself continues to operate as before, and the approvals clear the organization to take the steps needed to complete that reorganization.
Savings and loan holding companies fall under the supervisory authority of the Federal Reserve, a responsibility the central bank has carried since the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 transferred oversight of such organizations to the Board. Transactions that create a savings and loan holding company generally require the Board's approval under the Home Owners' Loan Act. The "MHC" designation in Mutual Federal Bancorp's name stands for mutual holding company, a mutually owned corporate structure used by certain U.S. banking organizations in which ownership rests with the institution's members—typically its depositors—rather than outside shareholders.
Board decisions on applications of this type are documented in written orders that set out the Board's determinations. Orders in these matters typically also record the reasoning behind the decision, any conditions attached to the approval, and the period allowed for consummating the transaction, making the order the primary public record of the terms governing what the organization may do next. The order covering these approvals was published alongside the announcement and is available on the Federal Reserve's website as Order (PDF).
The original press release is available on the Federal Reserve's website: https://www.federalreserve.gov/newsevents/pressreleases/orders20261109a.htm
Media inquiries may be directed to the Board's public affairs office by email at [email protected] or by phone at (202) 452-2955.
