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Applications Bulletin
District 9
Federal Reserve Bank of Minneapolis
Instructions for commenting on applications
Filings received during the week ending December 24, 2011
| Type | Application | Ending date of comment period |
|---|---|---|
| *3A1 | Faribault FSL Bancorporation, Inc., Faribault, Minnesota, to become a bank holding company by acquiring 100 percent of 1st United Bank, Faribault, Minnesota. 1st United Bank, Faribault, Minnesota, intends to convert from a federal savings bank to a Minnesota state-chartered bank. |
Newspaper: Not available Federal Register: 01/17/2012 |
| CIC | Gladys E. Youse Trust Agreement, Madolyn Y. Babcock, Trustee, both of Minneapolis, Minnesota, to acquire 25% or more of Metro North Bancshares, Inc. and thereby indirectly acquire control of The Bank of Elk River, both of Elk River, Minnesota. |
Newspaper: Not available Federal Register: Not available |
| *3A1 | Mountain Iron Holdings, LLC, Buhl, Minnesota, to become a bank holding company by acquiring 100 percent of Timberland Bancorporation, Baxter, Minnesota, and thereby indirectly acquire First National Bank of Buhl, Buhl, Minnesota. |
Newspaper: 01/03/2012 Federal Register: 01/03/2012 |
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 |
|---|---|---|---|---|---|
| None |
CRA examinations scheduled for Quarter
| Institution | Location |
|---|---|
| None |
* Subject to the provisions of the Community Reinvestment Act
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