Federal Reserve Bank of Minneapolis
|Type||Application||Ending date of
|CIC||Notice by William Sexton, Incline Village, Nevada, as an individual, and as part of a group acting in concert with Kevin Noble, Minnetonka, Minnesota; Brian Schoenborn, Saint Joseph, Minnesota; and Jason Noble, Clara City, Minnesota, to acquire control of Kensington Bancorp, Inc., Kensington, Minnesota, and thereby indirectly acquire control of First State Bank of Kensington, Kensington, Minnesota.||
Newspaper – 08/01/2007
Fed Reg – 07/05/2007
|* 3A5||Merchants Financial Group, Inc., Winona, Minnesota, to acquire 100 percent of Jerema, Inc., Cannon Falls, Minnesota, and thereby indirectly acquire The First National Bank in Cannon Falls, Cannon Falls, Minnesota.||
Newspaper – Not available
Fed Reg – 07/09/2007
*Subject to the provisions of the Community Reinvestment Act.
The Community Reinvestment Act is intended to encourage depository institutions to help meet the credit needs of the communities in which they operate, including low- and moderate-income neighborhoods. It was enacted by the Congress in 1977 (12 U.S.C. 2901) and is implemented by Regulation BB (12 CFR 228). The regulation was revised in May 1995.
The CRA requires that each depository institution's record in helping meet the credit needs of its entire community be evaluated periodically. That record is taken into account in considering an institution's application for deposit facilities.
A copy of an institution's CRA evaluation may be obtained directly from the institution or Reserve Bank.
Federal bank regulators use the following performance levels to rate an institution's performance under CRA:
O = Outstanding
S = Satisfactory
NI = Needs to improve
SN = Substantial noncompliance
The following state member banks have been examined and their CRA public evaluations are now available.
|RSSD number||Institution/Location||Exam date||CRA public date||CRA rating||Exam type|