Actions of the Board, Its Staff, and the Federal Reserve Banks; Applications and Reports Received
District 7: Federal Reserve Bank of Chicago PDF
Filings received during the week ending March 18, 2023
| Filer | Filing Type | Filing Proposal | End of Comment Period | |
|---|---|---|---|---|
| Newspaper | Federal Register | |||
| BEDFORD BANCORP, INC. | Change in Bank Control | Notice by James Edwin Larkin, Lawrence, Kansas, to acquire shares of Bedford Bancorp, Inc., Bedford, Iowa, and thereby indirectly acquire voting shares of State Savings Bank, Creston, Iowa. | Not available | Not available |
| EMMETSBURG BANK SHARES, INC. | Change in Bank Control | Notice by Lisa Elsenbast, Minneapolis, Minnesota, individually and together as a co-trustee with Annette Sarazine-Jensen, Omaha, Nebraska, Monica Anderegg, Edina, Minnesota, and Julia T. Sarazine, Chicago, Illinois of the Charles L. Sarazine 2022 Trust Agreement and the four together on behalf of Maryanna Sarazine, Algona, Iowa, to join the Spies/Sarazine Family Control Group, to retain voting shares of Emmetsburg Bank Shares, Inc. and indirectly control Iowa Trust & Savings Bank, both of Emmetsburg, Iowa. | Not available | 03/21/2023 |
| GARRETT BANCSHARES, LTD. | Change in Bank Control | Notice by Neal D. Logan, West Des Moines, Iowa to acquire voting shares of Garrett Bancshares, LTD and thereby indirectly acquire voting shares of Success Bank, both of Bloomfield, Iowa. | Not available | 04/03/2023 |
| SAC CITY LIMITED | Change in Bank Control | Notice by Dierk Halverson, Coon Rapids, Iowa, John Chrystal, Aspen, Colorado, and Steven Spotts, Sac City, Iowa to retain and to acquire voting shares; and together with Timothy O. Lee, Coon Rapids, Iowa, who was previously approved, to form a group acting in concert to control Sac City Limited and thereby indirectly control Iowa State Bank both of Sac City, Iowa. | Not available | Not available |
| WATERMAN ACQUISITION GROUP, LLC | Waiver | Waterman Acquisition Group, LLC, Wilmette, Illinois, requests a waiver from filing a section 3 application pursuant to section 225.12(d)(2) of Regulation Y, to acquire Montgomery Bancshares, Inc., and thereby indirectly acquire Bank of Montgomery, both of Montgomery, Illinois. | Not applicable | Not applicable |
* 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 |
|---|---|---|---|---|---|
| CBI B&TC, MUSCATINE, IOWA | 830542 | 11/14/2022 | 07/18/2022 | S | Int Small Bank |
| FIRST BK OF BERNE, BERNE, INDIANA | 312244 | 05/07/2022 | 01/31/2022 | S | Int Small Bank |
| FIRST ST BK, EASTPOINTE, MICHIGAN | 113740 | 09/12/2022 | 03/14/2022 | S | Int Small Bank |
CRA Examinations scheduled for Quarter of
| Institution | Location | Quarter |
|---|---|---|
| NONE | ||