District 9
Federal Reserve Bank of Minneapolis
Instructions for commenting on applications
Filings received during the week ending June 3, 2017
| Filer | Filing Type | Filing Proposal | End of comment period |
|---|---|---|---|
| BANCOMMUNITY SERVICE CORPORATION | CIC | Change in Control Notice by Mark Edward Davis, Saint Peter, Minnesota, Stanley Martin Davis, Plymouth, Minnesota, Martin Edward Davis, Excelsior, Minnesota, Mark Mitchell, Davis, Excelsior, Minnesota, as a group acting in concert, to acquire 10% or more of the shares of Bancommunity Services Corporation, Saint Peter, Minnesota, and thereby indirectly gain control of First National Bank Minnesota, Saint Peter, Minnesota. | Newspaper: Not available Federal Register: 06/19/2017 |
| BANK FORWARD EMPLOYEE STOCK OWNERSHIP PLAN AND TRUST | * 3A3 | Bank Forward Employee Stock Ownership Plan and Trust, Fargo, North Dakota, to acquire up to 30% of Security State Bank Holding Company, Fargo, North Dakota, and thereby indirectly gain control of Bank Forward, Hannaford, North Dakota. | Newspaper: 06/14/2017 Federal Register: 06/30/2017 |
| ELYSIAN, INC. | CIC | Joel LaFrance, Elysian, Minnesota, to retroactively acquire shares of Elysian Inc., Elysian, Minnesota, and thereby join the group, comprised of Michael LaFrance and Judith LaFrance, both of Elysian, Minnesota, which controls 25% or more of Elysian Inc., Elysian, Minnesota and thereby indirectly controls Elysian Bank, Elysian, Minnesota. | Newspaper: 05/31/2017 Federal Register: 06/07/2017 |
| HERITAGE BANCSHARES GROUP, INC. | CIC | Change in Control Notice by Thomas William Geiger, Maple Plain, Minnesota, to acquire 10 percent or more of the shares of Heritage Bancshares Group, Inc., Spicer, Minnesota, and thereby indirectly gain control of Heritage Bank, NA, Spicer, Minnesota. | Newspaper: 06/06/2017 Federal Register: 06/19/2017 |
| WASECA BANCSHARES, INC. | * 3A5 | Waseca Bancshares, Inc., Waseca, Minnesota, to merge with Freedom Bancorporation, Inc., Lindstrom, Minnesota, and thereby indirectly acquire Lake Area Bank, Lindstrom, Minnesota. | Newspaper: 06/26/2017 Federal Register: 06/26/2017 |
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 |
|---|---|---|---|---|---|
| FARMERS ST BK, VICTOR, MONTANA | 475354 | 11/28/2016 | 05/30/2017 | S | Int Sm Bank |
CRA Examinations scheduled for Quarter of
| Institution | Location |
|---|---|
| NONE | |
* Subject to the provisions of the Community Reinvestment Act