Public Information Documents

Actions taken by the Federal Reserve Bank of Minneapolis under delegated authority

Bank Branches, Domestic
Pillar Bank, Baldwin, Wisconsin -- to establish a branch at 1080 Cornwall Avenue, Amery, Wisconsin.
- Approved, October 3, 2024
Bank Holding Companies
Stearns Financial Services, Inc. Employee Stock Ownership Plan and Trust, Saint Cloud, Minnesota -- to acquire voting shares of Stearns Financial Services, Inc., Saint Cloud, Minnesota, and thereby indirectly acquire voting shares of Stearns Bank National Association, Saint Cloud, Minnesota, and Stearns Bank of Upsala, National Association, Upsala, Minnesota.
- Approved, November 15, 2024
Bridgewater Bancshares, Inc., Saint Louis Park, Minnesota -- request by Gerald Baack for relief from a commitment involving Bridgewater Bancshares, Inc.
- Granted, November 13, 2024
NATCOM Bancshares Inc., Superior, Wisconsin -- to merge with Great River Holding Company and thereby indirectly acquire RiverWood Bank, both of Baxter, Minnesota.
- Approved, November 1, 2024
Bravera Holdings Corp., Dickinson, North Dakota -- request by George Ehlis for relief from a commitment involving Bravera Holdings Corp. (formerly known as United Bancor, Ltd.).
- Granted, October 8, 2024
Bank Forward Employee Stock Ownership Plan and Trust, Fargo, North Dakota -- to acquire voting shares of Security State Bank Holding Company and thereby indirectly acquire voting shares of Bank Forward, both of Fargo, North Dakota.
- Approved, September 4, 2024
First Rushmore Bancorporation, Inc., Worthington, Minnesota -- request by Gregory Raymo for relief from certain commitments involving First Rushmore Bancorporation.
- Granted, August 22, 2024
WNB Holding Company, Winona, Minnesota -- to engage de novo in making loans and other extensions of credit.
- Approved, June 3, 2024
Stearns Financial Services, Inc. Employee Stock Purchase Plan, Saint Cloud, Minnesota -- to increase its voting shares of Stearns Financial Services, Inc., Saint Cloud, Minnesota, and thereby indirectly increase its voting shares of Stearns Bank National Association, Saint Cloud, Minnesota; Stearns Bank of Upsala, Upsala, Minnesota; and Stearns Bank of Holdingford, Holdingford, Minnesota.
- Approved, April 24, 2024
Change In Bank Control
Stearns Financial Services, Inc., Saint Cloud, Minnesota -- Barrett Doss, Los Angeles, California, to join the Skalicky Family Group, a group acting in concert, to acquire voting shares of Stearns Financial Services, Inc., and thereby indirectly acquire voting shares of Stearns Bank National Association, Saint Cloud, Minnesota, and Stearns Bank of Upsala, National Association, Upsala, Minnesota.
- Permitted, November 15, 2024
Lake Central Financial, Inc., Annandale, Minnesota -- Bruns Family Trust, Shirley Bruns, as trustee, both of Annandale, Minnesota, to join the Bruns Family Control Group, a group acting in concert, to retain voting shares of Lake Central Financial, Inc., and thereby indirectly retain voting shares of Lake Central Bank, Annandale, Minnesota.
- Permitted, October 23, 2024
Lake Elmo Bancshares, Inc., Lake Elmo, Minnesota -- John Daniel Billingsley, Lake Elmo, Minnesota, to join the Raleigh Family Control Group, a group acting in concert, to retain voting shares of Lake Elmo Bancshares, Inc., and thereby indirectly retain voting shares of Lake Elmo Bank, Lake Elmo, Minnesota.
- Permitted, October 10, 2024
215 Holding Co., Minneapolis, Minnesota -- Colleen Short Lucke, Edina, Minnesota; Kevin Short, Hudson, Wisconsin; and Elizabeth Short, University Heights, Ohio; each individually and as trustee of one or more Short family trusts; to retain voting shares of 215 Holding Co. (Company) and thereby indirectly retain voting shares of Liberty Financial Services, Inc., and Liberty National Bank, both of Sioux City, Iowa; First Farmers & Merchants National Bank, Luverne, Minnesota; First Farmers & Merchants National Bank, Fairmont, Minnesota; First Farmers & Merchants State Bank, Brownsdale, Minnesota; First Farmers & Merchants State Bank of Grand Meadow, Grand Meadow, Minnesota; and First Farmers & Merchants Bank, Cannon Falls, Minnesota (together, the Subsidiaries). Additionally, the Robert M. Short Revocable Trust, Minneapolis, Minnesota (trustees Brian Short, St. Paul, Minnesota; Marianne Short, St. Paul, Minnesota; and Colleen Short Lucke) to join the Short family shareholder group and to retain voting shares of Company and thereby indirectly retain voting shares of the Subsidiaries.
- Permitted, September 6, 2024
Commercial Holding Company, Wagner, South Dakota -- the Jill M. Frei Family Trust, Dakota Dunes, South Dakota, to join the Frei Family Group, a group acting in concert, to retain voting shares of Commercial Holding Company and thereby indirectly retain voting shares of Commercial State Bank of Wagner, Wagner, South Dakota.
- Permitted, July 10, 2024
Clayton Bankshares, Inc., La Crosse, Wisconsin -- The William H. Bosshard Family GST Trust dated December 12, 2023, La Crosse, Wisconsin, Andrew R. Bosshard, La Crosse, Wisconsin, and Joseph W. Bosshard, Boulder, Colorado, as co-trustees, to join the Bosshard Family Group, a group acting in concert, to acquire voting shares of Clayton Bankshares, Inc., and thereby indirectly acquire voting shares of Citizens State Bank--La Crosse, La Crosse, Wisconsin. Co-trustee Andrew R. Bosshard was previously permitted by the Federal Reserve System to join the Bosshard Family Group with regard to control of the voting shares of Clayton Bankshares, Inc., and Citizens State Bank--La Crosse in the capacity as trust protector of the Bosshard Bank Trust.
- Permitted, May 31, 2024
North Shore Financial Corporation, Duluth, Minnesota -- Frederick C. Lewis II, Duluth, Minnesota, to retain voting shares of North Shore Financial Corporation and thereby indirectly retain voting shares of North Shore Bank of Commerce, Duluth, Minnesota.
- Permitted, May 30, 2024
Cattail Bancshares, Inc., Atwater, Minnesota -- Keith Markwardt, Buffalo, Minnesota, and Daniel Spiller, Minneapolis, Minnesota, to become co-trustees of the Ella Elizabeth Meyerson 2008 Irrevocable GST Trust dated December 22, 2008, Atwater, Minnesota, which is a member of the Meyerson Family Control Group, a group acting in concert, to acquire voting shares of Cattail Bancshares, Inc., and thereby indirectly acquire voting shares of Harvest Bank, Kimball, Minnesota, and Citizens State Bank of Waverly, Inc., Waverly, Minnesota.
- Permitted, May 17, 2024
Stearns Financial Services, Inc., St. Cloud, Minnesota -- the Estate of Norman C. Skalicky, Maple Grove, Minnesota; the Norman C. Skalicky Revocable Trust u/a/d July 10, 2002, Las Vegas, Nevada; Kelly A. Skalicky, Las Vegas, Nevada, as personal representative of the Estate of Noman C. Skalicky and trustee of the Norman C. Skalicky Revocable Trust u/a/d July 10, 2002; to join a group acting in concert, to retain voting shares of Stearns Financial Services, Inc., St. Cloud, Minnesota, and thereby indirectly retain voting shares of Stearns Bank National Association, St. Cloud, Minnesota; Stearns Bank of Upsala, National Association, Upsala, Minnesota; and Stearns Bank of Holdingford, National Association, Holdingford, Minnesota.
- Permitted, April 29, 2024
Flagship Financial Group, Inc., Eden Prairie, Minnesota -- Timothy J. Hoese, individually, and as beneficiary with voting rights to the Clayton W. Hoese Irrevocable Trust Under Agreement dated June 18, 1981, as modified September 12, 2023, all of Glencoe, Minnesota; to become a member of the Hoese/Schornack Family Shareholder Group, a group acting in concert, to retain voting shares of Flagship Financial Group, Inc., and thereby indirectly retain voting shares of Flagship Bank Minnesota, Wayzata, Minnesota, and Security Bank & Trust Company, Glencoe, Minnesota.
- Permitted, April 9, 2024
Fishback Financial Corporation, Brookings, South Dakota -- the Fishback-Mitchell FFC Living Trust established August 16, 2023, Amanda T. Mitchell and John T. Fishback, as co-trustees, all of San Francisco, California, to become members of the Fishback Family Shareholder Group, a group acting in concert, to retain voting shares of Fishback Financial Corporation and thereby indirectly retain voting shares of First Bank & Trust, Brookings, South Dakota.
- Permitted, April 9, 2024
Minnesota Community Bancshares, Inc., Albert Lea, Minnesota -- Mark J. Heinemann Trust Agreement dated January 23, 2024, Mark Heinemann and Allison Berg Heinemann, as co-trustees, all of Albert Lea, Minnesota; Leslie Heinemann and Lisbeth Heinemann, both of Flandreau, South Dakota; and Thomas T. Berg and Paula D. Berg, both of Albert Lea, Minnesota; as members of the Heinemann Family Control Group, a group acting in concert, to acquire voting shares of Minnesota Community Bancshares, Inc., and thereby indirectly acquire voting shares of Arcadian Bank, Albert Lea, Minnesota.
- Permitted, April 4, 2024
Stearns Financial Services, Inc., Saint Cloud, Minnesota -- the Estate of Noman C. Skalicky, Maple [Grove, Minnesota,] and the Norman C. Skalicky Revocable Trust Agreement dated December 23, 2019, Minneapolis, Minnesota, and more, to form the Hillger Control Group, a group acting in concert, to retain voting shares of Stearns Financial Services, Inc., and thereby indirectly retain voting shares of Stearns Bank National Association, Saint Cloud, Minnesota, and more.
- Permitted, February 21, 2024
Financial Holding Companies
Sterling Financial Group, Inc., Rochester, Minnesota -- election to become a financial holding company.
- Effective, August 1, 2024
Savings and Loan Holding Companies
CFB Mutual Holding Company and CFB Financial, Inc., both of Cumberland, Wisconsin -- to become a mutual savings and loan holding company and a mid-tier stock savings and loan holding company, respectively, by acquiring Cumberland Federal Bank, FSB, Cumberland, Wisconsin, in connection with Cumberland Federal Bank, FSB's conversion from mutual to stock form.
- Approved, June 12, 2024

Last Update: November 29, 2024