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 May 27, 2023
| Filer | Filing Type | Filing Proposal | End of Comment Period | |
|---|---|---|---|---|
| Newspaper | Federal Register | |||
| FRANKSON INVESTMENT CORPORATION | Change in Bank Control | The Ann Elise Gaytko Revocable Trust For Frankson Investment Corporation Shares, Ann Gaytko as trustee, and the Thomas Jerome Sankovitz Revocable Trust For Frankson Investment Corporation Shares, Thomas Sankovitz as trustee and individually, all of Waseca, Minnesota, to retain additional voting shares of Frankson Investment Corporation and thereby indirectly retain additional voting shares of Keen Bank, National Association, both of Waseca, Minnesota. | Not available | Not available |
| HERITAGE BANCSHARES GROUP INC. EMPLOYEE STOCK OWNERSHIP PLAN AND TRUST | * 3A3 | Heritage Bancshares Group Inc. Employee Stock Ownership Plan and Trust to acquire up to 41.12 percent of the voting shares of Heritage Bancshares Group, Inc., and thereby indirectly acquire voting shares of Heritage Bank, N.A., all of Spicer, Minnesota. | Not available | Not available |
| LAKE CENTRAL FINANCIAL, INC. | * 3A3 | Lake Central Financial, Inc., Annandale, Minnesota, to acquire State Bank of Danvers, Benson, Minnesota | Not available | 06/20/2023 |
| MINNEHAHA BANSHARES, INC. | Change in Bank Control | The Richard C Baker Irrevocable Trust and William L Baker, as business advisor of the trust, and member of the Baker Family Group, a group acting in concert, to retain voting shares of Minnehaha Banshares Inc., and thereby indirectly retain voting shares of First National Bank in Sioux Falls, all of Sioux Falls, South Dakota. Additionally, the Richard C Baker Irrevocable Trust to join the Baker Family Group. | 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 |
|---|---|---|---|---|---|
| CHARTER BK, EAU CLAIRE, WISCONSIN | 160650 | 09/12/2022 | 04/11/2022 | S | Int Small Bank |
| FIRST WESTERN B&TC, MINOT, NORTH DAKOTA | 687951 | 07/29/2022 | 03/14/2022 | S | Int Small Bank |
CRA Examinations scheduled for Third Quarter of 2023 (July 1, 2023 - September 30, 2023) and Fourth Quarter of 2023 (October 1, 2023 - December 31, 2023)
| Institution | Location | Quarter |
|---|---|---|
| NONE | ||