Federal Reserve Release, H2, Actions of the Board, its Staff, and the Federal Reserve Banks; Applications and Reports Received

District: 9
Federal Reserve Bank of: Minneapolis

Filings received during the week ending July 30, 2022

Filer

Filing Type

Filing Proposal

End of Comment Period

BANK FORWARD EMPLOYEE STOCK OWNERSHIP PLAN AND TRUST

* 3A3

Bank Forward Employee Stock Ownership Plan and Trust to acquire 40.29% of the voting shares of Security State Bank Holding Company and thereby indirectly acquire voting shares of Bank Forward, all of Fargo, North Dakota.

Newspaper:	08/26/2022
Federal Register:	Not available

FRANDSEN FINANCIAL CORPORATION

CIC

Robert D. Frandsen Revocable Trust U/A dated November 18, 2021 (Robert D. Frandsen, as trustee), and Rennaye M. Frandsen Revocable Trust U/A dated November 18, 2021, (Rennaye M. Frandsen, as trustee) all of Rush City, Minnesota, to become members of the Frandsen Family Control Group, a group acting in concert, to retain voting shares of Frandsen Financial Corporation, Arden Hills, Minnesota (Company), and thereby indirectly retain voting shares of Frandsen Bank & Trust, Lonsdale, Minnesota; Bank of Zumbrota, Zumbrota, Minnesota; and Pine Island Bank, Pine Island, Minnesota (the Banks). Additionally, Amy Knox, Palm Desert, California; Alexander Knox, White Bear Lake, Minnesota; Luca Bonvicini, White Bear Lake, Minnesota; Elena Bonvicini, Laguna Beach, California; Brittany Frandsen, Minneapolis, Minnesota; Johnay Frandsen, Minneapolis, Minnesota; and Frandsen Family Foundation, North Branch, Minnesota (Dennis Frandsen, Rush City, Minnesota, as trustee) to become members of the Frandsen Family Control Group, to acquire voting shares of Company, and thereby indirectly acquire voting shares of the Banks.

Newspaper:	08/09/2022
Federal Register:	08/15/2022

HERITAGE BANCSHARES GROUP INC. EMPLOYEE STOCK OWNERSHIP PLAN AND TRUST

* 3A3

Heritage Bancshares Group Inc. Employee Stock Ownership Plan and Trust to acquire 38.34 percent of the voting shares of Heritage Bancshares Group, Inc., and thereby indirectly acquiring voting shares of Heritage Bank, N.A., all of Spicer, Minnesota.

Newspaper:	08/15/2022
Federal Register:	Not available

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 WESTERN B&TC, MINOT, NORTH DAKOTA	687951	03/14/2022	07/29/2022	S	Int Small Bank

CRA Examinations scheduled for Quarter of

Institution	Location	Quarter
NONE

* Subject to the provisions of the Community Reinvestment Act

District: 9 Federal Reserve Bank of: Minneapolis

Filings received during the week ending July 30, 2022

Availability of CRA Public Evaluations

CRA Examinations scheduled for Quarter of

District: 9
Federal Reserve Bank of: Minneapolis