Federal Reserve Release, H2, Actions of the Board, its Staff, and the Federal Reserve Banks; Applications and Reports Received

Release dates | Full version (300 KB PDF)
Actions by the Board | Actions under delegated authority
Applications and reports:
Boston | New York | Philadelphia | Cleveland | Richmond | Atlanta
Chicago | St. Louis | Minneapolis | Kansas City | Dallas | San Francisco

District: 9
Federal Reserve Bank of: Minneapolis

Filings received during the week ending July 10, 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: 07/28/2021
HERITAGE BANCSHARES GROUP INC. ESOP * 3A1 The Heritage Bancshares Group, Inc. Employee Stock Ownership Plan and Trust; to become a bank holding company by acquiring 32.6 percent of the voting shares of Heritage Bancshares Group, Inc., and thereby indirectly acquiring voting shares of Heritage Bank, N.A., both of Spicer, Minnesota. Heritage Bancshares Group, Inc. Employee Stock Ownership Plan and Trust, Spicer, Minnesota elects to be a financial holding company.
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: 07/27/2021
Federal Register: 07/14/2021
MIDCOUNTRY ACQUISITION CORP. * 3A3 MidCountry Acquisition Corp., Minneapolis, Minnesota, to acquire McGregor Banco, Inc., and thereby indirectly acquire Grand Timber Bank, both of McGregor, Minnesota.
Newspaper: Not available
Federal Register: 08/12/2021
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
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: 07/25/2021
Federal Register: 07/19/2021
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
NONE


CRA Examinations scheduled for     Quarter of

Institution Location Quarter
NONE

* Subject to the provisions of the Community Reinvestment Act

Release dates | Full version (300 KB PDF)
Actions by the Board | Actions under delegated authority
Applications and reports:
Boston | New York | Philadelphia | Cleveland | Richmond | Atlanta
Chicago | St. Louis | Minneapolis | Kansas City | Dallas | San Francisco