District 9 | Federal Reserve Bank of Minneapolis
Instructions for commenting on applications
Filings received during the week ending July 23, 2022
Filer | Filing Type | Filing Proposal | End of comment period |
---|---|---|---|
FRANDSEN FINANCIAL CORPORATION | CIC | Robert D. Frandsen Revocable Trust U/A dated November 18, 2021 (Robert D. Frandsen, as trustee), and Rennaye M. Frandsen Revocable Trust U/A dated November 18, 2021, (Rennaye M. Frandsen, as trustee) all of Rush City, Minnesota, to become members of the Frandsen Family Control Group, a group acting in concert, to retain voting shares of Frandsen Financial Corporation, Arden Hills, Minnesota (Company), and thereby indirectly retain voting shares of Frandsen Bank & Trust, Lonsdale, Minnesota; Bank of Zumbrota, Zumbrota, Minnesota; and Pine Island Bank, Pine Island, Minnesota (the Banks). Additionally, Amy Knox, Palm Desert, California; Alexander Knox, White Bear Lake, Minnesota; Luca Bonvicini, White Bear Lake, Minnesota; Elena Bonvicini, Laguna Beach, California; Brittany Frandsen, Minneapolis, Minnesota; Johnay Frandsen, Minneapolis, Minnesota; and Frandsen Family Foundation, North Branch, Minnesota (Dennis Frandsen, Rush City, Minnesota, as trustee) to become members of the Frandsen Family Control Group, to acquire voting shares of Company, and thereby indirectly acquire voting shares of the Banks. | Newspaper: Not available Federal Register: Not available |
METRO NORTH BANCSHARES, INC. | 4c8 | Metro North Bancshares, Inc., Elk River, Minnesota, to engage, de novo, in extending credit and servicing loans. | Newspaper: Not applicable 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 |
---|---|---|---|---|---|
NONE |
CRA Examinations scheduled
Institution | Location | Quarter |
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NONE |
* Subject to the provisions of the Community Reinvestment Act