District 9
Federal Reserve Bank of Minneapolis
Instructions for commenting on applications
Filings received during the week ending June 8, 2019
| Filer | Filing Type | Filing Proposal | End of comment period |
|---|---|---|---|
| FIRST RUSHMORE BANCORPORATION, INC. | CIC | Notice by The Dawn M. Van Vugt Revocable Living Trust (Dawn M. Van Vugt, trustee) and Timothy J. Van Vugt as co-trustee, Sioux Falls, South Dakota, to acquire shares of First Rushmore Bancorporation, Inc., Worthington, Minnesota ("First Rushmore"), and thereby join the Kooiman Family shareholder group, a group acting in concert, which controls 25% or more of First Rushmore. First Rushmore controls First State Bank Southwest, Pipestone, Minnesota. | Newspaper: Not available Federal Register: 06/19/2019 |
| MERCHANTS FINANCIAL GROUP, INC. | * 3A3 | Merchants Financial Group, Inc., Winona, MN, to acquire 100 percent of the stock of The First National Bank of Northfield, Northfield, Minnesota. | Newspaper: 06/14/2019 Federal Register: 06/18/2019 |
| PLAINS COMMERCE FINANCIAL | * 3A1 | Plains Commerce Financial, Inc., Hoven, South Dakota, to become a bank holding company by acquiring 100 percent of Plains Commerce Bank, Hoven, South Dakota. | Newspaper: 06/24/2019 Federal Register: 06/28/2019 |
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 |
|---|---|---|---|---|---|
| NONE | |||||
CRA Examinations scheduled
| Institution | Location | Quarter |
|---|---|---|
| NONE | ||
* Subject to the provisions of the Community Reinvestment Act