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 October 5, 2024
| Filer | Filing Type | Filing Proposal | End of Comment Period | |
|---|---|---|---|---|
| Newspaper | Federal Register | |||
| BRAVERA HOLDINGS CORP. | * 3A5 * 3A1 | Bravera Holdings Corp., Dickinson, North Dakota, to acquire Vision Bank Holdings, Inc., Fargo, North Dakota, and thereby indirectly acquire VISIONBank, Fargo, North Dakota. In addition, Bravera Acquisition Corp., Dickinson, North Dakota, an interim subsidiary, to merge with Vision Bank Holdings, Inc., whereby Bravera Acquisition Corp. will be the surviving entity and a wholly-owned subsidiary of Bravera Holdings Corp. for a moment in time. Following the interim holding company merger, Bravera Acquisition Corp. will be merged with and into Bravera Holdings Corp., with Bravera Holdings Corp. being the surviving entity. | Not available | Not available |
| CLAYTON BANKSHARES, INC. | Change in Bank Control | Dennis J. Vogel, La Crosse, Wisconsin, to join the Bosshard Family Group, a group acting in concert; to retain voting shares of Clayton Bankshares, Inc., and thereby indirectly retain voting shares of Citizens State Bank of La Crosse, both of La Crosse, Wisconsin. | Not available | 09/23/2024 |
| STEARNS FINANCIAL SERVICES, INC. | Change in Bank Control | 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., 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. | Not available | 10/11/2024 |
| STEARNS FINANCIAL SERVICES, INC. EMPLOYEE STOCK OWNERSHIP PLAN | * 3A3 | Stearns Financial Services, Inc. Employee Stock Ownership Plan and Trust, to acquire up to 23.65 percent of the voting shares of Stearns Financial Services, Inc., both of 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. | 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 | ||