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 December 7, 2024
| Filer | Filing Type | Filing Proposal | End of Comment Period | |
|---|---|---|---|---|
| Newspaper | Federal Register | |||
| CHIPPEWA VALLEY AGENCY, LTD. | Change in Bank Control | Lindsey M. Anderson, individually and as trustee of the Rick H. Gerber-Lindsey Irrevocable Trust, both of Chippewa Falls, WI; Brittney L. Gerber, individually and as trustee of the Rick H. Gerber-Brittany Irrevocable Trust, both of Altoona, WI; and Ryan M. Gerber, individually and as trustee of the Rick H. Gerber-Ryan Irrevocable Trust, both of Hayward, WI; to become members of the Gerber Family Control Group, a group acting in concert, to acquire voting shares of Chippewa Valley, Agency, Ltd, and thereby indirectly acquire voting shares of Chippewa Valley Bank, both of Hayward, WI. | 12/17/2024 | Not available |
| DEERWOOD BANCSHARES, INC. | Change in Bank Control | Victoria L. Holinka, Maple Grove, Minnesota, as Independent trustee, and John R. Spalj, Scottsdale, Arizona, as Family trustee, of the Nicole Spalj 2025 Exempt Trust, the Bianca Spalj 2025 Exempt Trust, and the Chauntel Spalj 2025 Exempt Trust, all of Scottsdale, Arizona; and John Ohlin, Baxter, Minnesota, as trustee of the Nicole Spalj Escrow Trust, the Bianca Spalj Escrow Trust and the Chauntel Spalj Escrow Trust, all of Scottsdale, Arizona; to become members of the Spalj Family Control Group, a group acting in concert, to acquire voting shares of Deerwood Bancshares, Inc., Baxter, Minnesota, and thereby indirectly acquire voting shares of Deerwood Bank, Waite Park, Minnesota. John R. Spalj was previously permitted by the Federal Reserve System to acquire voting shares of Deerwood Bancshares, Inc., and to join the Spalj Family Control Group. | Not available | Not available |
| OPPORTUNITY BANK OF MONTANA | * Branch (Domestic) | Opportunity Bank, Helena, Montana, to establish a branch at 2215 W. Broadway, Missoula, Montana | 12/15/2024 | Not applicable |
| REDWOOD FINANCIAL, INC. | Change in Bank Control | Gale M. Hoese, Glencoe, Minnesota; to retain voting shares of Redwood Financial, Inc., Redwood Falls, Minnesota, and thereby indirectly retain voting shares of HomeTown Bank, Carver, Minnesota. | Not available | Not available |
* 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 | ||