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 November 23, 2024
| Filer | Filing Type | Filing Proposal | End of Comment Period | |
|---|---|---|---|---|
| Newspaper | Federal Register | |||
| AMERICAN FEDERAL CORPORATION | Change in Bank Control | John A. Schumacher, West Fargo, North Dakota, as co-trustee of the American Federal Bank and Affiliates Employee Stock Ownership Plan (ESOP) and as co-trustee and committee member of the American Federal Bank Restricted Stock Plan and Trust (RSP); individually and as a new member of an existing group acting in concert consisting of ESOP, RSP, and the individuals that control those entities, to acquire voting shares of American Federal Corporation, and thereby indirectly acquire voting shares of American Federal Bank, all of Fargo, North Dakota. | Not available | 12/04/2024 |
| ELKTON HOLDING COMPANY | Change in Bank Control | Frederick Hegerfeld, individually and as co-trustee of the Fred and Laura Hegerfeld Trust (FL Trust), both of Elkton, South Dakota; to acquire voting shares of Elkton Holding Company (Holding Company), and thereby indirectly acquire voting shares of BankStar Financial (Bank), both of Elkton, South Dakota. In addition, the Charles Hegerfeld Living Trust, Charles Hegerfeld, as trustee, the FL Trust, Frederick Hegerfeld and Laura Hegerfeld as cotrustees, and the Toni M. Hegerfeld Living Trust, Toni M. Hegerfeld as trustee, all of Elkton, South Dakota; Amanda Lauer, Jackson Hegerfeld, and Mary Harvey, all of Brookings, South Dakota; Katie Kielman, Elizabeth Hegerfeld, and Patricia Hegerfeld, all of Sioux Falls, South Dakota; Megan Hammond, Aurora, South Dakota; Rebecca Jurgens, Avon, South Dakota; Rachel Hegerfeld, Omaha, Nebraska; Anna Marie Erickson, Lakeville, Minnesota; and Susan Davis, Anchorage, Alaska; to join the Hegerfeld Family Group, a group acting in concert, to retain voting shares of Holding Company, and thereby indirectly retain voting shares of Bank. Frederick Hegerfeld and Charles Hegerfeld were previously permitted by the Federal Reserve System to join the Hegerfeld Family Group. | Not available | 12/04/2024 |
| REDWOOD FINANCIAL, INC. | Change in Bank Control | Gale M. Hoese, Glencoe, Minnesota; to retain voting shares of Redwood Financial, Inc., Redwood Falls, Minnesota, and thereby indirectly retain voting shares of HomeTown Bank, Carver, 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 First Quarter of 2025 (January 1, 2025 - March 31, 2025) and Second Quarter of 2025 (April 1, 2025 - June 30, 2025)
| Institution | Location | Quarter |
|---|---|---|
| FARMERS ST BK | VICTOR, MONTANA | First Quarter of 2025 |
| NORTH AMER BKG CO | ROSEVILLE, MINNESOTA | First Quarter of 2025 |
| PIONEER BK | MAPLETON, MINNESOTA | First Quarter of 2025 |