District 9 | Federal Reserve Bank of Minneapolis
Instructions for commenting on applications
Filings received during the week ending July 3, 2021
Filer | Filing Type | Filing Proposal | End of comment period |
---|---|---|---|
BANK FORWARD EMPLOYEE STOCK OWNERSHIP PLAN AND TRUST | * 3A3 | Bank Forward Employee Stock Ownership Plan and Trust, Fargo, North Dakota, to acquire 39.79% of the voting shares of Security State Bank Holding Company, Fargo, North Dakota, and thereby indirectly acquire voting shares of Bank Forward, Hannaford, North Dakota. | Newspaper: Not available Federal Register: 07/19/2021 |
EITZEN INDEPENDENTS, INC. | CIC | Bruce Olsen and Bradley Bergdahl, both of Cando, North Dakota; to retain voting shares of Cando Holding Company, Inc., and thereby indirectly retain voting shares of First State Bank of Cando, both of Cando, North Dakota, and for Mr. Bergdahl to remain a member of the Bergdahl family shareholder group, a group acting in concert. | Newspaper: Not available Federal Register: Not available |
EITZEN INDEPENDENTS, INC. | CIC | The Ronald G. Chamberlin Irrevocable Trust, Nathan A. Wurm and Eric D. Wurm as trustees; The Irrevocable Gifting Trust FBO Nathan A. Wurm, Nathan A. Wurm as trustee; and The Irrevocable Gifting Trust FBO Eric D. Wurm, Eric D. Wurm as trustee, all of Caledonia, MN; to join the Wurm Family Control Group, a group acting in concert, to retain voting shares of Eitzen Independents, Inc., Eitzen, MN, and thereby indirectly retain voting shares of ESB Bank, Caledonia, MN. | Newspaper: Not available Federal Register: Not available |
Heritage Bancshares Group Inc. ESOP | * 3A1 | The Heritage Bancshares Group, Inc. Employee Stock Ownership Plan and Trust (Applicant or ESOP) to acquire 148.4263 shares of voting common stock of Heritage Bancshares Group, Inc., a Minnesota corporation (the Company), which would increase Applicant's ownership interest in the Company from 1,416.5737 shares up to 1,565 shares (and 32.6% of the outstanding stock of the Company). The Company is the sole shareholder of Heritage Bank National Association, a national banking association with its principal office in Spicer, Minnesota (Bank). | Newspaper: Not available Federal Register: Not available |
MARINE BANCSHARES, INC. | CIC | The Scott C. Johnson and Jan L. Johnson Trust under agreement dated August 16, 2019 (the "Johnson Trust"), Scott C. Johnson and Jan L. Johnson, co-trustees of the Johnson Trust, and Jan L. Johnson, all of Stillwater, Minnesota; to become members of the Johnson Family Control Group, a group acting in concert, to acquire voting shares of Marine Bancshares, Inc., Marine on St. Croix, MN, and thereby indirectly acquire voting shares of Security State Bank of Marine, Marine on St. Croix, MN. | Newspaper: Not available Federal Register: 07/14/2021 |
MIDCOUNTRY ACQUISITION CORP. | * 3A3 | MidCountry Acquisition Corp., Minneapolis, Minnesota, to acquire all of the capital stock of McGregor Banco, Inc. and its whollyowned, Minnesota state-charted banking subsidiary, Grand Timber Bank, each located in McGregor, Minnesota. | Newspaper: Not available Federal Register: Not available |
RANDALL BANCORP, INC. | CIC | The Amended and Restated Kermit J. Zaffke A/K/A John Zaffke Revocable Trust, Kermit J. Zaffke and Karen J. Zaffke as trustees, both of Green Valley, Arizona; and The Amended and Restated Karen J. Zaffke Revocable Trust, Karen J. Zaffke and Kermit J. Zaffke as trustees, both of Green Valley, AZ; a group acting in concert to retain voting shares of Randall Bancorp Inc., and thereby indirectly retain voting shares of Randall State Bank, both of Randall, Minnesota. | Newspaper: Not available Federal Register: 06/25/2021 |
ROSCOE COMMUNITY BANKSHARES, INC. | CIC | The Family Trust created under the Last Will and Testament of John R. Beyers dated August 17, 2017 and The RCB Marital Trust created under the Last Will and Testament of John R. Beyers dated August 17, 2017, Patty Beyers as trustee, all of Roscoe, South Dakota, to retain voting shares of Roscoe Community Bankshares, Inc. and thereby indirectly retain voting shares of the First State Bank of Roscoe, both of Roscoe, South Dakota. | Newspaper: 07/06/2021 Federal Register: 07/07/2021 |
RUSHFORD STATE BANCORP, INC. | CIC | James T. Roberton, individually, and with the Lorene M. Roberton Testamentary Trust, both of Ramsey, Minnesota (James Roberton as trustee), to remain members of the Roberton Family Control Group, a group acting in concert, to retain voting shares of Rushford State Bancorp, Inc., Rushford, Minnesota, and thereby indirectly retain voting shares of Rushford State Bank, Rushford, Minnesota. | Newspaper: 06/30/2021 Federal Register: 07/19/2021 |
SECURITY FINANCIAL BANK | * 18C * Branch |
Security Financial Bank, Durand, Wisconsin, to merge with Jackson County Bank, Black River Falls, Wisconsin, and incident thereto, establish branches. | Newspaper: 06/30/2021 Federal Register: Not applicable |
STEARNS FINANCIAL SERVICES, INC. EMPLOYEE STOCK OWNERSHIP PLAN | * 3A3 | Stearns Financial Services, Inc. Employee Stock Purchase Plan and Trust (the "ESOP"), Saint Cloud, Minnesota, to acquire additional common stock and increase its ownership interest in Stearns Financial Services, Inc., Saint Cloud, Minnesota, up to 23.6130% and thereby indirectly increase its control of (i) Stearns Bank, National Association, Saint Cloud, Minnesota; (ii) Stearns Bank of Upsala, Upsala, Minnesota; and (iii) Stearns Bank of Holdingford, Holdingford, Minnesota. | Newspaper: Not available Federal Register: Not available |
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