District 9
Federal Reserve Bank of Minneapolis
Instructions for commenting on applications
Filings received during the week ending August 24, 2019
Filer | Filing Type | Filing Proposal | End of comment period |
---|---|---|---|
BANCOMMUNITY SERVICE CORPORATION | * 3A3 | Bancommunity Service Corporation, St. Peter, Minnesota to acquire 100 percent of the voting shares of State Bank of Belle Plaine, Belle Plaine, Minnesota. | Newspaper: 08/31/2019 Federal Register: 09/09/2019 |
FIRST BANCSHARES, INC., OF COLD SPRING | CIC | Notice by Jacob Reiter, Cold Spring, Minnesota, to acquire shares of First Bancshares, Inc. of Cold Spring, Cold Spring, Minnesota ("Company") and thereby join the Reiter Family shareholder group acting in concert, which controls more than 25% of Company. Company controls Granite Community Bank, Cold Spring, Minnesota. | Newspaper: 09/02/2019 Federal Register: 09/03/2019 |
FRANDSEN FINANCIAL CORPORATION | CIC | Change in control by Joseph Naiberg, Andover, Minnesota, and Kenneth Osowski, Lino Lakes, Minnesota, individually and as trustees of the Dennis Frandsen 2014 Children's Trust Agreement and the Dennis Frandsen 2015 Grandchildren's Trust Agreement, to gain control of Frandsen Financial Corporation, Arden Hills, Minnesota, and thereby indirectly gain control of Frandsen Bank and Trust, Lonsdale, Minnesota. | Newspaper: Not available Federal Register: 09/03/2019 |
GROVE FINANCIAL GORUP, INC. | 3A1 | Grove Financial Group, Inc., Excelsior, Minnesota to become a bank holding company through the acquisition of 100 percent of the voting shares of First State Bank of Grove City, Grove City, Minnesota. | Newspaper: Not applicable Federal Register: Not applicable |
LAKE SHORE III CORPORATION | * 3A3 | Lake Shore III Corporation, Glenwood City, Wisconsin to acquire 100 percent of First American Bank, National Association, Hudson, Wisconsin. | Newspaper: 09/07/2019 Federal Register: 08/26/2019 |
LINCOLN INVESTMENT COMPANY | 4c8 | Lincoln Investment Company, Lennox, South Dakota, to acquire certain assets of Berens Insurance Agency, Inc., Parker, South Dakota, and thereby engage in general insurance activities in a community that has a population not exceeding 5,000. | Newspaper: Not applicable Federal Register: 09/11/2019 |
WATFORD CITY BANCSHARES, INC | CIC | Stephen P. Stenehjem, West Fargo, North Dakota, Erik P. Stenehjem, Paradise Valley, Arizona, Kira L. Stenehjem Noll, Watford City, North Dakota, and Kristen K. Stenehjem, Watford City, North Dakota, to retain shares and thereby join the Stenehjem family shareholder group acting in concert, which controls 25% or more of the shares of Watford City Bancshares, Inc., Watford City, North Dakota. Watford City Bancshares, Inc. controls First International Bank and Trust, Watford City, North Dakota. | Newspaper: Not available Federal Register: 09/09/2019 |
WESTBRAND, INC. | * 3A3 | Westbrand, Inc., Minot, North Dakota to acquire 100 percent of the voting shares of BlackRidge Financial, Inc., West Fargo, North Dakota, and thereby indirectly acquire BlackRidgeBANK, Fargo, North Dakota. | Newspaper: Not available Federal Register: 09/10/2019 |
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 for Fourth Quarter of 2019 (October 1, 2019 - December 31, 2019) and First Quarter of 2020 (January 1, 2020 - March 31, 2020)
Institution | Location | Quarter |
---|---|---|
COMMUNITY RESOURCE BK | NORTHFIELD, MINNESOTA | Fourth Quarter of 2019 |
FIRST CMNTY BK | GLASGOW, MONTANA | Fourth Quarter of 2019 |
FIRST WESTERN B&TC | MINOT, NORTH DAKOTA | Fourth Quarter of 2019 |
1ST BK | BROADUS, MONTANA | First Quarter of 2020 |
BELT VALLEY BK | BELT, MONTANA | First Quarter of 2020 |
DACOTAH BK | ABERDEEN, SOUTH DAKOTA | First Quarter of 2020 |
MERCHANTS ST BK | FREEMAN, SOUTH DAKOTA | First Quarter of 2020 |
* Subject to the provisions of the Community Reinvestment Act