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 February 8, 2020

Filer Filing Type Filing Proposal End of Comment Period
CITIZENS BANCORPORATION OF NEW ULM, INC. 4c8 Citizens Bancorporation of New Ulm, Inc., New Ulm, Minnesota, to acquire 100% shares of Farmers State Agency of Watkins, Inc., Watkins, Minnesota.
Newspaper: Not applicable
Federal Register: 03/03/2020
CITIZENS BANCSHARES, INC. CIC Change in control notice by Christopher J. Yatooma, Bloomfield Hills, Michigan, to acquire 100 percent of the shares of Citizens Bancshares, Inc., Ontonagon, Michigan ("Citizens"), and thereby acquire control of The Citizens State Bank of Ontonagon, Ontonagon, Michigan, a wholly-owned subsidiary of Citizens.
Newspaper: Not available
Federal Register: 02/18/2020
FULL SERVICE INSURANCE AGENCY, INC. CIC Change in Control Notice by notificant John D. Marchell, Grand Forks, North Dakota, individually, to retain 10% or more of the shares and thereby control of Full Service Insurance Agency, Inc., Buxton, North Dakota (FSIA BHC) and thereby indirectly control First State Bank, Buxton, North Dakota. In addition, the following notificants are participating in the change in control to acquire voting shares of FSIA BHC and for retroactive approval to join the Marchell, Kloster, and Haugen Family Groups, each family group controls 25% or more of the shares of FSIA BHC. Pernell S. Marchell, Warwick, North Dakota; and Lisa B. Marchell, West Richland, Washington (collectively, the Marchell Family Group); Janice M. Kloster, Fargo, North Dakota; Laurie Kloster Gray, Greenbrae, California; Nancy K. Tibbs, Loveland, Ohio; Katie, Kloster, Edina, Minnesota; Polly Kloster, Fargo, North Dakota; and Dan Kloster, Fairway, Kansas (collectively, the Kloster Family Group); and Marilyn J. Aarsvold, Blanchard, North Dakota; Nicole Haugen Prom, Bloomington, Minnesota; Peter Haugen, Portland, North Dakota; Jon Aarsvold, Fargo, North Dakota; Bruce Aarsvold, Peachtree, Georgia; Julie Haugen, Fargo, North Dakota(collectively, the Haugen Family Group).
Newspaper: Not available
Federal Register: 02/24/2020
REDWOOD FINANCIAL, INC. CIC Gale M. Hoese, Glencoe, Minnesota, individually and through IRAs to acquire 10 percent or more of the shares and thereby control of Redwood Financial, Inc., Redwood Falls, Minnesota (Redwood), and also Gale M. Hoese together with the Todd C. Hoese Revocable Trust, Waconia, Minnesota (Jonathan T. Hoese, Golden Valley, Minnesota, Trustee); Security Bancshares Co., Glencoe, Minnesota, a Minnesota bank holding company; Jonathan T. Hoese, Golden Valley, Minnesota; David J. Schornack, Perham, Minnesota, individually and through his IRAs and 401K; Denise N. Schornack, Perham, Minnesota, individually and through IRAs; Andrew Schornack, Rosemount, Minnesota, individually and through IRAs; Jill Schornack, Rosemount, Minnesota; Tamara Jo Hoese Retka, Glencoe, Minnesota; and Noah D. Retka, Glencoe, Minnesota, as a control group acting in concert, to retain 10 percent or more of the shares and thereby control of Redwood. Redwood controls HomeTown Bank, Redwood Falls, Minnesota.
Newspaper: Not available
Federal Register: 02/20/2020
STEARNS FINANCIAL SERVICES, INC. CIC A Change in Control Notice by the following persons (collectively, the "Skalicky Family Group"): Kelly A. Skalicky, New York, New York, individually and as co-trustee and/or trustee of the following trusts: the Norman C. Skalicky 2019 Revocable Trust, St. Cloud, Minnesota; the Kelly A. Skalicky 2019 GRAT, New York, New York; and the 2019 Skalicky Family Gift Trust FBO Trenton Dean Skalicky, New York, New York; and Norman C. Skalicky, as co-trustee of the Norman C. Skalicky 2019 Revocable Trust, both of St. Cloud, Minnesota; to retain 25 percent or more of the shares and thereby control of Stearns Financial Services, Inc., ("SFSI BHC"), St. Cloud, Minnesota, and thereby indirectly control Stearns Bank NA, St Cloud, Minnesota; Stearns Bank Holdingford NA, Holdingford, Minnesota; and Stearns Bank NA, Upsala, Minnesota. In addition, Cheryl R. Ryan, individually and as trustee of the Cheryl R. Ryan 2019 GRAT, both of Elk River, Minnesota; Jeffery Dean Skalicky, individually and as trustee of the Jeffery D. Skalicky 2019 GRAT, both of Rosholt, South Dakota; Jan M. Hanson, Duvall, Washington; Johanna A. Ryan, Brooklyn, New York; and Barrett C. Skalicky Doss, as trustee of the 2012 Gift Trust FBO Barrett Chelsea Skalicky Doss, both of Brooklyn, New York; are participating in the change in control notice to retain voting shares of SFSI BHC and for retroactive approval to join the Skalicky Family Group, which controls 25% or more of SFSI.
Newspaper: 02/08/2020
Federal Register: 02/06/2020


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

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Last update: February 13, 2020