District 9
Federal Reserve Bank of Minneapolis
Instructions for commenting on applications
Filings received during the week ending August 31, 2019
| Filer | Filing Type | Filing Proposal | End of comment period |
|---|---|---|---|
| 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: 09/10/2019 Federal Register: 09/03/2019 |
| 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: 09/11/2019 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
| Institution | Location | Quarter | |||
|---|---|---|---|---|---|
| NONE | |||||
* Subject to the provisions of the Community Reinvestment Act