Applications Bulletin

District 9
Federal Reserve Bank of Minneapolis

Instructions for commenting on applications

Applications and notifications filed during the week ending October 15, 2011

Type Application Ending date of
comment period

Midwest Bancshares, Inc., Tyndall, South Dakota, to become a bank holding company by acquiring 100 percent of Security State Bank, Tyndall, South Dakota, and Midwest Bancshares, Inc., Tyndall, South Dakota, to acquire 100 percent of Dakota Heritage State Bank, Chancellor, South Dakota. In addition, Midwest Bancshares, Inc., Tyndall, South Dakota, to acquire 100 percent of Chancellor Insurance Agency, LLC, Chancellor, South Dakota, and thereby engage in insurance agency activities in a town with a population not exceeding 5,000.

Newspaper: Not available

Federal Register: 11/14/2011


Notice by Marilyn Senty Ivers, Great Falls, Montana, to retain 25 percent or more of the shares of Northern Financial Corporation, Independence, Wisconsin, and thereby indirectly retain control of Independence State Bank, Independence, Wisconsin.

Newspaper: Not available

Federal Register: 10/26/2011

Availability of CRA public evaluations

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
945950 Grand Marais State Bank
Grand Marais, Minnesota
06/06/2011 10/11/2011 S Small Bank
687250 Lake County Bank
Saint Ignatius, Montana
06/07/2011 10/07/2011 S Small Bank

CRA examinations scheduled for Quarter

Institution Location

* Subject to the provisions of the Community Reinvestment Act

Latest Articles

Contact Federal Reserve Consumer Help to file a complaint against a bank or obtain additional information on mortgages, deposit accounts and other banking-related topics - offsite.

Federal Reserve Financial Services

Partnership for Progress is a Federal Reserve System program created to preserve and promote minority-owned institutions and enhance their ability to thrive in an increasingly competitive banking environment - offsite