Federal Reserve approves new holding company for Mutual Federal Bank in Chicago

The Federal Reserve Board announced approval of two applications submitted by Mutual Federal Bancorp, MHC, and MFB Bancorp, Inc., both based in Chicago, Illinois, according to the Federal Reserve.

These approvals enable MFB Bancorp, Inc. to become a new top-tier holding company and a savings and loan holding company by acquiring Mutual Federal Bank of Chicago, the Federal Reserve said.

The Federal Reserve serves as the central bank of the United States, providing a safe and stable monetary and financial system, and it released this approval on a Monday, as stated in its announcement.

For further information, the Federal Reserve provided contact details for media inquiries, emphasizing the official nature of the announcement.