District 9
Federal Reserve Bank of Minneapolis
Instructions for commenting on applications
Filings received during the week ending April 15, 2017
| Filer | Filing Type | Filing Proposal | End of comment period |
|---|---|---|---|
| ALERUS FINANCIAL CORPORATION | CIC | Notice by Alerus Financial Employee Stock Ownership Plan, Grand Forks, North Dakota to increase its ownership to 10% or more of Alerus Financial Corporation, Grand Forks, North Dakota, and indirectly Alerus Financial, National Association, Grand Forks, North Dakota. | Newspaper: 4/21/2017 Federal Register: 03/20/2017 |
| FRANKSON INVESTMENT CORPORATION | CIC | Change in Control Notice by James Richard Sankovitz, Chaska, Minnesota, individually and as trustee of the Irrevocable Trust Agreement for the Benefit of Katherine M. Buland ("Buland Trust") to acquire 10 percent or more of the shares of Frankson Investment Corporation, Waseca, Minnesota ("Frankson"), and thereby indirectly gain control of The First National Bank of Waseca, Waseca, Minnesota ("Bank"). In addition the Buland Trust (trustees James Sankovitz, Thomas Sankovitz, and Ann Gaytko), Waseca, Minnesota, and Bernard Gaytko, Waseca, Minnesota, to acquire/retain shares of Frankson and thereby join the Sankovitz family shareholder group, which controls Frankson and thus indirectly controls Bank. | Newspaper: Not available Federal Register: Not available |
| OPPORTUNITY BANK OF MONTANA | * Branch | Opportunity Bank of Montana, Helena, Montana, to establish a branch facility to be located at 120 First Avenue North, Great Falls, Montana. | Newspaper: Not available Federal Register: Not available |
| WILCOX BANCSHARES, INC. | CIC | Nicholas Steven Wilcox, Wayzata, Minnesota, to acquire voting shares of Wilcox Bancshares, Inc., Grand Rapids, Minnesota, and join the Wilcox family shareholder group, which controls 25% or more of Wilcox Bancshares, Inc., and thereby indirectly controls Grand Rapids State Bank, Grand Rapids, Minnesota, and Minnesota Lakes Bank, Delano, Minnesota. | Newspaper: Not available Federal Register: Not available |
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.
| Institution/Location | RSSD ID | Exam date | CRA public date | CRA rating | Exam method |
|---|---|---|---|---|---|
| CITIZENS B&TC, BIG TIMBER, MONTANA | 657758 | 09/12/2005 | 04/04/2017 | S | Small Bank |
CRA Examinations scheduled for Quarter of
| Institution | Location | ||||
|---|---|---|---|---|---|
| NONE | |||||
* Subject to the provisions of the Community Reinvestment Act