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The Federal Reserve Board on Tuesday announced the execution of a Written Agreement by and between the Ridgedale State Bank, Minnetonka, Minnesota and the Federal Reserve Bank of Minneapolis. The Federal Reserve Board also announced the issuance of a Cease and Desist Order against Robert C. Arneson, the president and a director of the Ridgedale State Bank, Minnetonka, Minnesota. These enforcement actions were issued in coordination with the U.S. Securities and Exchange Commission, which announced settlements with the Ridgedale State Bank and Mr. Arneson for alleged securities law violations.
Copies of the Written Agreement and the Order are attached.
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