Actions of the Board, Its Staff, and the Federal Reserve Banks; Applications and Reports Received
District 9: Federal Reserve Bank of Minneapolis PDF
Filings received during the week ending November 2, 2024
| Filer | Filing Type | Filing Proposal | End of Comment Period | |
|---|---|---|---|---|
| Newspaper | Federal Register | |||
| COMMUNITY RESOURCE BANK | * 18C * Branch (Domestic) | Community Resource Bank, Northfield, Minnesota, to merge with 1st United Bank, Faribault, Minnesota, and, incident thereto, establish a branch in Faribault, Minnesota. | 12/04/2024 | Not applicable |
| MINNESOTA COMMUNITY BANCSHARES, INC. | Change in Bank Control | Gigi Otten, Hayward, Minnesota; and the James and Renata MacAlpine Trust, Ord, Nebraska (James MacAlpine and Renata MacAlpine, both of Ord, Nebraska as trustees), to join the Otten Family Shareholder Control Group (Otten Group), a group acting in concert, by retaining voting shares of Minnesota Community Bancshares, Inc., Albert Lea, Minnesota (MCBI), and thereby indirectly retaining voting shares of Arcadian Bank, Hartland, Minnesota. Additionally, the William E. Brush & Bettina A. Brush Trust, North Loup, Nebraska, (William Brush, North Loup, Nebraska, as trustee); and the Harold C. Kermes Trust dated February 4, 2022, Hayward, Minnesota (Harold Kermes, Hayward, Minnesota, as trustee) to join the Otten Group by acquiring voting shares of MCBI, and thereby indirectly acquiring voting shares of Arcadian Bank. | 11/20/2024 | 11/20/2024 |
* Subject to the provisions of the Community Reinvestment Act
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 |
|---|---|---|---|---|---|
| FIRST MT BK, MISSOULA, MONTANA | 613156 | 06/23/2024 | 09/11/2023 | S | Int Small Bank |
| FIRST ST BK SOUTHWEST, PIPESTONE, MINNESOTA | 823656 | 03/18/2024 | 08/14/2023 | O | Int Small Bank |
| OPPORTUNITY BK OF MT, HELENA, MONTANA | 685676 | 04/29/2024 | 10/24/2022 | O | Int Small Bank |
CRA Examinations scheduled for Quarter of
| Institution | Location | Quarter |
|---|---|---|
| NONE | ||