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Federal Reserve and STB Log Banking and Transportation Control Filings, Oct. 22, 2026

The Federal Reserve published two sets of bank ownership notices while the Surface Transportation Board tentatively approved a Tiger Infrastructure-backed acquisition of two interstate bus carriers.

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Federal Reserve: Change in Bank Control Notices

The Federal Reserve System published notices on October 22, 2026, indicating that two groups of notificants have applied under the Change in Bank Control Act (12 U.S.C. 1817(j)) and Section 225.41 of the Board's Regulation Y (12 CFR 225.41) to acquire shares of a bank or bank holding company. The factors considered in acting on the applications are set forth in paragraph 7 of the Act (12 U.S.C. 1817(j)(7)).

Under the Federal Reserve Bank of Atlanta, the Charles Clifford Brooks, Jr. Living Trust, Charles Clifford Brooks, Jr. as trustee, of Lexington, Georgia; Justin D. Brooks, of Athens, Georgia; the Robbie B. Paine Living Trust and the William F. Paine Living Trust, with William F. Paine and Robbie B. Paine as co-trustees of both trusts, all of Statham, Georgia — seek to join the Brooks Family Control Group, a group acting in concert, to retain voting shares of TCB Bancshares, Inc., and thereby indirectly retain voting shares of The Commercial Bank, both of Crawford, Georgia.

Under the Federal Reserve Bank of Minneapolis, the Jerome and Barbara Lifetime Bank Stock Revocable Trust dated December 5, 2023, as amended, Barbara A. Bushman as trustee, of Naples, Florida, along with Tia G. Bushman of Plymouth, Minnesota, and Mitchell Bushman of Hatley, Wisconsin, individually and as trustees, seek to join the Bushman Family Group, a group acting in concert, to retain voting shares of First Southeastern Banc Group, Inc., and thereby indirectly retain voting shares of First Southeast Bank, both of Harmony, Minnesota. Comments on both Change in Bank Control applications must be received no later than November 6, 2026.

Federal Reserve: Bank Holding Company Formation

Also published October 22, 2026, the Federal Reserve Bank of Minneapolis received an application from Bonanza Valley Acquisitions, Inc., of Brooten, Minnesota, to become a bank holding company by acquiring Bonanza Valley State Bank, also of Brooten, Minnesota. The application was filed pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.), Regulation Y (12 CFR part 225), and all other applicable statutes and regulations. Comments on this application must be received no later than November 23, 2026.

Public portions of all Federal Reserve applications are available for immediate inspection at the relevant Federal Reserve Banks and at the offices of the Board of Governors, and may also be obtained through the Board's Freedom of Information Office. Interested persons may express views in writing on the standards enumerated in the respective acts. Comments are subject to public disclosure and will generally be made available without change.

STB: Tiger Infrastructure Seeks Control of Two Interstate Bus Carriers

The Surface Transportation Board (STB) has tentatively approved and authorized a finance transaction in which Reliant Transportation Group, LLC; TIP MNC Acquisition, LLC; TIP MN Investments LP; and Tiger Infrastructure Partners Fund IV AIV LP (collectively, Applicants) seek authority to acquire control of Safe-Way Bus Co. and Safe-Way Wisconsin, Inc. (collectively, Additional Carriers) — two federally regulated interstate passenger motor carriers — from sellers Jane M. Stiles and Thomas W. Stiles. The application was originally filed on August 31, 2026, and supplemented on September 28, 2026, which the Board has deemed the filing date for purposes of determining the procedural schedule and statutory deadlines.

According to the application, Reliant is a Delaware limited liability company headquartered in Hastings, Minnesota, formed to own, operate, and manage various motor carriers of passengers and related companies. The application states that Reliant does not itself conduct regulated motor carrier operations, and that it is owned and controlled through a series of noncarrier holding companies by several investment entities associated with Tiger Infrastructure Partners LP. At the top of the ownership chain is Tiger Infrastructure Partners Fund IV AIV LP, which owns 100% of TIP MN Investments LP, which in turn owns 100% of TIP MNC Acquisition, LLC. TIP MNC Acquisition, LLC owns 73.56% of MNC Holdings, LP, which owns 100% of MNC Intermediate Holdings, LLC, which owns 100% of MNC Parent, LLC, which in turn owns 100% of Reliant. The transaction calls for Reliant to purchase 100% of the equity interests of the Additional Carriers from the Sellers.

The application describes Tiger Infrastructure as a private equity infrastructure investment firm founded in 2010 that is focused on growth equity investments across transportation, digital infrastructure, and energy transition sectors in North America and Europe. The application further states that in January 2025, the Board approved Tiger Infrastructure's indirect acquisition of control of seven interstate motor carriers of passengers through the Tiger Infrastructure Investment Entities and intermediate holding companies. Following that decision and as part of a post-closing reorganization, MNC Transportation, LLC was renamed Reliant Transportation Group, LLC, the application notes.

The Board's notice states that if no opposing comments are timely filed, the notice will constitute the final Board action.

What to Watch

  • November 6, 2026 — Deadline for public comments on both Federal Reserve Change in Bank Control applications (Brooks Family Control Group / TCB Bancshares; Bushman Family Group / First Southeastern Banc Group).
  • November 23, 2026 — Deadline for public comments on the Bonanza Valley Acquisitions, Inc. bank holding company formation application.
  • December 7, 2026 — Deadline for opposing comments on the STB's tentative approval of the Reliant/Tiger Infrastructure acquisition of Safe-Way Bus Co. and Safe-Way Wisconsin, Inc.
  • December 21, 2026 — Deadline for Applicants to file a reply if any comments are received in the STB proceeding.
  • December 8, 2026 — Date on which the STB notice becomes effective if no opposing comments are filed by December 7, 2026.

Related

Sources

22 cited

Every hard fact above is grounded in and cited to a primary source record.

  1. The factors considered in acting on the applications are set forth in paragraph 7 of the Act (12 U.S.C. 1817(j)(7)).

    federalregister.gov

  2. Comments on the Change in Bank Control applications must be received no later than November 6, 2026.

    federalregister.gov

  3. Bonanza Valley Acquisitions, Inc., of Brooten, Minnesota, has applied to become a bank holding company by acquiring Bonanza Valley State Bank, also of Brooten, Minnesota.

    federalregister.gov

  4. The application states that Reliant does not itself conduct regulated motor carrier operations.

    federalregister.gov

  5. At the top of the ownership chain is Tiger Infrastructure Partners Fund IV AIV LP, which owns 100% of TIP MN Investments LP, which in turn owns 100% of TIP MNC Acquisition, LLC.

    federalregister.gov

  6. TIP MNC Acquisition, LLC owns 73.56% of MNC Holdings, LP, which owns 100% of MNC Intermediate Holdings, LLC, which owns 100% of MNC Parent, LLC, which in turn owns 100% of Reliant.

    federalregister.gov

  7. The transaction calls for Reliant to purchase 100% of the equity interests of Safe-Way Bus Co. and Safe-Way Wisconsin, Inc. from the Sellers.

    federalregister.gov

  8. In January 2025, the Board approved Tiger Infrastructure's indirect acquisition of control of seven interstate motor carriers of passengers through the Tiger Infrastructure Investment Entities and intermediate holding companies.

    federalregister.gov

  9. Following that decision and as part of a post-closing reorganization, MNC Transportation, LLC was renamed Reliant Transportation Group, LLC.

    federalregister.gov

  10. The STB is tentatively approving and authorizing the proposed transaction, and if no opposing comments are timely filed, the notice will be the final Board action.

    federalregister.gov

  11. Comments on the STB's tentative approval may be filed by December 7, 2026.

    federalregister.gov

  12. If any comments are filed, Applicants may file a reply by December 21, 2026.

    federalregister.gov

  13. If no opposing comments are filed by December 7, 2026, the STB notice shall be effective on December 8, 2026.

    federalregister.gov

  14. Notificants applied under the Change in Bank Control Act (12 U.S.C. 1817(j)) and Section 225.41 of the Board's Regulation Y (12 CFR 225.41) to acquire shares of a bank or bank holding company.

    federalregister.gov

  15. The Charles Clifford Brooks, Jr. Living Trust, Charles Clifford Brooks, Jr. as trustee, of Lexington, Georgia; Justin D. Brooks, of Athens, Georgia; the Robbie B. Paine Living Trust and the William F. Paine Living Trust, William F. Paine and Robbie B. Paine as co-trustees of both trusts, all of Statham, Georgia, seek to join the Brooks Family Control Group to retain voting shares of TCB Bancshares, Inc., and thereby indirectly retain voting shares of The Commercial Bank, both of Crawford, Georgia.

    federalregister.gov

  16. The Jerome and Barbara Lifetime Bank Stock Revocable Trust dated December 5, 2023, as amended, Barbara A. Bushman as trustee, of Naples, Florida; Tia G. Bushman of Plymouth, Minnesota; and Mitchell Bushman of Hatley, Wisconsin, individually and as trustees, seek to join the Bushman Family Group to retain voting shares of First Southeastern Banc Group, Inc., and thereby indirectly retain voting shares of First Southeast Bank, both of Harmony, Minnesota.

    federalregister.gov

  17. The Bonanza Valley application was filed pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.), Regulation Y (12 CFR part 225), and all other applicable statutes and regulations.

    federalregister.gov

  18. Comments on the Bonanza Valley Acquisitions bank holding company application must be received no later than November 23, 2026.

    federalregister.gov

  19. On August 31, 2026, Reliant Transportation Group, LLC; TIP MNC Acquisition, LLC; TIP MN Investments LP; and Tiger Infrastructure Partners Fund IV AIV LP filed an application seeking authority to acquire control of Safe-Way Bus Co. and Safe-Way Wisconsin, Inc. from Jane M. Stiles and Thomas W. Stiles.

    federalregister.gov

  20. The application was supplemented on September 28, 2026, which the Board deemed the filing date for purposes of determining the procedural schedule and statutory deadlines.

    federalregister.gov

  21. Reliant is a Delaware limited liability company headquartered in Hastings, Minnesota, formed to own, operate, and manage various motor carriers of passengers and related companies.

    federalregister.gov

  22. The application describes Tiger Infrastructure as a private equity infrastructure investment firm founded in 2010, focused on growth equity investments across transportation, digital infrastructure, and energy transition sectors in North America and Europe.

    federalregister.gov

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