District 9
Federal Reserve Bank of Minneapolis
Instructions for commenting on applications
Filings received during the week ending May 4, 2019
Filer | Filing Type | Filing Proposal | End of comment period |
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DRAPER HOLDING COMPANY, INC. | CIC | Notice by Stephen K. Hayes, Presho, South Dakota, individually and as trustee of the Margery I. Hayes Trust, Fort Pierre, South Dakota, to retain control of more than 25 percent of Draper Holding Company, Inc., Fort Pierre, South Dakota, and thereby indirectly retain control of Dakota Prairie Bank, Fort Pierre, South Dakota. Additionally, Stephen K. Hayes, Margery I. Hayes Trust, Mary A. Dott, Sioux Falls, South Dakota, and JoAnne M. Wingert, Benton City, Washington, as a group acting in concert, to retain control of 25 percent or more of Draper Holding Company, Inc., and thereby indirectly retain control of Dakota Prairie Bank, Fort Pierre, South Dakota. | Newspaper: Not available Federal Register: Not available |
FIRST NATIONAL AGENCY OF BAGLEY, INC. | CIC | Change in Control notice by Penelope K. Lee, Alexandria, Minnesota, individually and as co-trustee of the Eleanor Kaiser Trust A for the benefit of Penelope K. Lee, the Eleanor Kaiser Trust B for the benefit of Penelope K. Lee, and the Eleanor Kaiser Irrevocable Trust for the benefit of Penelope K. Lee (together, the "Trusts FBO Ms. Lee" trustees Lake Elmo Bank, Oakdale, Minnesota (branch of Lake Elmo Bank, Lake Elmo, Minnesota), and Penelope K. Lee), to retain control of the First National Agency of Bagley, Inc. ("Company") and thereby indirectly retain control of First National Bank ("Bank"), both of Bagley, Minnesota. Additionally, Penelope K. Lee; Trusts FBO Ms. Lee; Whitney Lee, Minneapolis, Minnesota; Tammy Lee Morell, San Diego, California; and Kyle Lee, Cave Creek, Arizona, as a group acting in concert, to retain control of Company and thereby indirectly retain control of Bank. | Newspaper: 05/07/2019 Federal Register: 05/08/2019 |
FIRST NATIONAL AGENCY OF BAGLEY, INC. | CIC | Change in control notice by William C. Rosacker, Burnsville, Minnesota; William C. Rosacker II, Minnetonka, Minnesota; and Stephanie L. Forbes, Prior Lake, Minnesota, as a group acting in concert, to retain control of the First National Agency of Bagley, Inc. and thereby indirectly retain control of First National Bank, both of Bagley, Minnesota. | Newspaper: 05/07/2019 Federal Register: 05/08/2019 |
KRAUSE FINANCIAL, INC. | CIC | Notice by Lana Krause, Winnebago, Minnesota, to gain control of Krause Financial, Inc., Winnebago, Minnesota, and thereby indirectly gain control of First National Bank in Winnebago, Winnebago, Minnesota. | Newspaper: Not available Federal Register: 05/21/2019 |
STEARNS FINANCIAL SERVICES, INC. EMPLOYEE STOCK OWNERSHIP PLAN | CIC | Heather M. Plumski, Avon, Minnesota, as a trustee of the Stearns Financial Services, Inc., Employee Stock Ownership Plan and Trust, Saint Cloud, Minnesota, (ESOP), to acquire control of the ESOP, and thereby indirectly gain control of Stearns Financial Services, Inc., Saint Cloud, Minnesota (Stearns). Stearns controls Stearns Bank National Association, Saint Cloud, Minnesota, Stearns Bank of Upsala National Association, Upsala, Minnesota, and Stearns Bank of Holdingford National Association, Holdingford, Minnesota. | Newspaper: 05/08/2019 Federal Register: 05/20/2019 |
WALSH FINANCIAL, INC. | * 3A1 | Walsh Financial, Inc., Minneapolis, Minnesota, to become a bank holding company by acquiring 100 percent of The First National Bank of Buhl, Mountain, Minnesota. | Newspaper: Not available Federal Register: 05/13/2019 |
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 |
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NONE |
CRA Examinations scheduled
Institution | Location | Quarter |
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NONE |
* Subject to the provisions of the Community Reinvestment Act