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Actions taken by the Federal Reserve Bank of Minneapolis under delegated authority

Bank Branches, Domestic

Frandsen Bank & Trust, Lonsdale, Minnesota -- to establish a branch at 302 East 4th Avenue, Milbank, South Dakota.
- Approved, September 16, 2025

First Interstate Bank, Billings, Montana -- to establish a branch at 1947 9th Street West, Columbia Falls, Montana.
- Approved, March 14, 2025

Valley Bank of Ronan, Ronan, Montana -- to establish a branch at 116 West Railroad Avenue, Plains, Montana.
- Approved, January 9, 2025

Bank Holding Companies

Stockman Financial Corporation, Miles City, Montana -- request by William Coffee for relief from a commitment.
- Granted, October 15, 2025

Western State Agency, Inc., Devils Lake, North Dakota -- request by Brian L. Houkom for relief from a commitment.
- Granted, October 15, 2025

Western State Agency, Inc., Employee Stock Ownership Plan and Trust, Devils Lake, North Dakota -- request by Gary J. Lochow for relief from a commitment.
- Granted, October 15, 2025

Bank Forward Employee Stock Ownership Plan and Trust, Fargo, North Dakota -- to acquire voting shares of Security State Bank Holding Company and thereby indirectly acquire voting shares of Bank Forward, both of Fargo, North Dakota.
- Approved, September 11, 2025

Glacier Bancorp, Inc., Kalispell, Montana -- waiver of application to merge with Guaranty Bancshares, Inc., and thereby indirectly acquire Guaranty Bank & Trust, N.A., both of Mount Pleasant, Texas, in connection with the merger of Guaranty Bank and Trust N.A. with and into Glacier Bank, Kalispell, Montana.
- Granted, September 8, 2025

Battle Financial, Inc., Edwards, Colorado -- to become a bank holding company by acquiring Stearns Bank Upsala National Association, Upsala, Minnesota.
- Approved, August 22, 2025

Security State Agency of Aitkin, Inc., Aitkin, Minnesota -- to acquire Randall Bancorp, Inc., and thereby indirectly acquire Randall State Bank, both of Randall, Minnesota.
- Approved, August 18, 2025

PSB Financial Shares, Inc., Prinsburg, Minnesota -- to acquire First Community Bank, Lester Prairie, Minnesota.
- Approved, July 3, 2025

PSB Financial Shares, Inc., Prinsburg, Minnesota -- request by Myron L. Mulder for relief from a commitment involving PSB Financial Shares, Inc.
- Granted, June 2, 2025

Park Financial Group, Inc., Minneapolis, Minnesota -- relief from certain commitments.
- Granted, March 19, 2025

Glacier Bancorp, Inc., Kalispell, Montana -- waiver of application to acquire Bank of Idaho Holding Co. and thereby indirectly acquire Bank of Idaho, both of Idaho Falls, Idaho, in connection with the merger of Bank of Idaho with and into Glacier Bank, Kalispell, Montana.
- Granted, February 26, 2025

Bravera Holdings Corp. (Bravera), Dickinson, North Dakota -- (1) to acquire Vision Bank Holdings, Inc., and thereby indirectly acquire VISIONBank, both of Fargo, North Dakota, and (2) for 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 for a moment in time. Following the interim holding company merger, Bravera Acquisition Corp. will be merged with and into Bravera, with Bravera being the surviving entity.
- Approved, February 3, 2025

Bank Mergers

Grand Marais State Bank, Grand Marais, Minnesota -- to acquire by merger CenBank, Buffalo Lake, Minnesota, and thereby establish branches at the locations of Ortonville, Hutchinson, and Buffalo Lake, all of Minnesota.
- Approved, October 27, 2025

Change In Bank Control

Saint Joseph Bancshares Acquisitions, Inc., Saint Joseph, Minnesota -- Nancy Ferche, individually, and as trustee of the Robert Ferche Revocable Trust, as amended (the Ferche Trust), and Marital Trust governed by the Ferche Trust agreement, all of St. Stephen, Minnesota, to acquire voting shares of St. Joseph Bancshares Acquisitions, Inc. (Company), and thereby indirectly acquire voting shares of Sentry Bank, Saint Joseph, Minnesota, and Sherburne State Bank, Becker, Minnesota (the Banks). Additionally, Kimberly M. Juelke Revocable Trust, Kimberly Juelke as trustee, both of Little Falls, Minnesota; Jason R. Ferche 2006 Revocable Trust, as amended, Jason Ferche as trustee, both of Rice, Minnesota; Tamara L. Layne Revocable Trust, Tamara O'Hara as trustee (formerly known as Tamara L. Layne), both of Sartell, Minnesota; and Cheryl A. Lumley Revocable Trust, as amended, with Cheryl Ferche as trustee (formerly known as Cheryl A. Lumley), both of Sartell, Minnesota, to join the Ferche Family Control Group, a group acting on concert, to acquire voting shares of Company and thereby indirectly acquire voting shares of the Banks.
- Permitted, November 17, 2025

Profinium Financial Holdings, Inc., Fairmont, Minnesota -- the FWK Profinium Stock Trust UAD 4.15.25, Fred W. Krahmer and Michelle Krahmer, as co-trustees, the EIK & MFK Youth Trust, Ronald Kopischke, as trustee, the FCK Profinium Stock Trust UAD 4.15.25, Fred C. Krahmer, as trustee, the MFK Profinium Stock Trust UAD 4.15.25, Fred W. Krahmer and Michelle Krahmer, as co-trustees, the Marital Trust pursuant to Article 6 of the Constance I. Krahmer Revocable Trust, Fred C. Krahmer, as trustee, all of Fairmont, Minnesota; the Fred W. Krahmer Trust pursuant to Article 9 of the Constance I. Krahmer Revocable Trust, Fairmont, Minnesota, Fred W. Krahmer, Fairmont, Minnesota, and Peoples Bank, Rock Valley, Iowa, as co-trustees; the Ryan M. Rivers Trust pursuant to Article 7 of the Constance I. Krahmer Revocable Trust, Peoples Bank, as trustee, the Caitlyn M. Krahmer Trust pursuant to Article 7 of the Constance I. Krahmer Revocable Trust, Peoples Bank, as trustee, the Collin J. Kain Trust pursuant to Article 7 of the Constance I. Krahmer Revocable Trust, Peoples Bank, as trustee, the Ella I. Krahmer Trust pursuant to Article 7 of the Constance I. Krahmer Revocable Trust, Peoples Bank, as trustee, the Max F. Krahmer Trust pursuant to Article 7 of the Constance I. Krahmer Revocable Trust, Peoples Bank, as trustee, all of Rock Valley, Iowa; each to join the Krahmer Family Control Group, a group acting in concert, by retaining voting shares of Profinium Financial Holdings, Inc., and thereby indirectly retaining voting shares of Profinium, Inc., Truman, Minnesota. Fred C. Krahmer and Fred W. Krahmer are members of the Krahmer Family Control Group and were each previously permitted by the Federal Reserve System to acquire control of voting shares of Profinium Financial Holdings, Inc.
- Permitted, November 6, 2025

Farmers State Corporation, Mankato, Minnesota -- Jennifer S. Johnson, as co-trustee of the Jennifer S. Johnson Irrevocable Trust I and the Jennifer S. Johnson Irrevocable Trust II (together, the Johnson Irrevocable Trusts), trustee of the Jennifer S. Johnson Trust, all of Chanhassen, Minnesota, and as co-trustee of the Susan G. Sneer GST Exempt Family Trust, Mankato, Minnesota; Kelly J. Campbell, Bloomington, Minnesota, as co-trustee of the Johnson Irrevocable Trusts; and Michael J. Werner, as co-trustee of the Stuart J. Sneer Irrevocable Trust I and the Stuart J. Sneer Irrevocable Trust II, all of Battle Lake, Minnesota, to retain voting shares of Farmers State Corporation and thereby indirectly retain voting shares of United Prairie Bank, Mountain Lake, Minnesota. Additionally, Kelly J. Campbell and Michael J. Werner to join the Sneer Family Shareholder Group, a group acting in concert, to retain voting shares of Farmers State Corporation and thereby indirectly retain voting shares of United Prairie Bank. Jennifer S. Johnson and all the aforementioned trusts were previously permitted to join the Sneer Family Shareholder Group.
- Permitted, November 3, 2025

First Holding Company of Cavalier, Inc., Cavalier, North Dakota -- Blake Trenbeath, Oxbow, North Dakota, to join the Mayo Family Group, a group acting in concert, to retain voting shares of First Holding Company of Cavalier, Inc., and thereby indirectly retain voting shares of United Valley Bank, Cavalier, North Dakota.
- Permitted, October 8, 2025

State Bank of Bottineau Holding Company, Bottineau, North Dakota -- Clinton D. Gjellstad, Velva, North Dakota, to acquire voting shares of State Bank of Bottineau Holding Company and thereby indirectly acquire voting shares of State Bank of Bottineau, Bottineau, North Dakota.
- Permitted, September 23, 2025

Lake Elmo Bancshares, Inc., Lake Elmo, Minnesota -- the Family Trust under the Donald T. Raleigh Revocable Trust (co-trustees, Snowell Raleigh and Rebecca Billingsley) and the Marital Trust (LEB) under the Donald T. Raleigh Revocable Trust (co-trustees, Snowell Raleigh and Rebecca Billingsley), all of Lake Elmo, Minnesota, to join the Raleigh Family Control Group, a group acting in concert, to retain voting shares of Lake Elmo Bancshares, Inc., and thereby indirectly retain voting shares of Lake Elmo Bank, Lake Elmo, Minnesota.
- Permitted, September 5, 2025

Scale Holding Company (Scale), Minnetonka, Minnesota -- Jeffrey T. Andersen, Chaska, Minnesota, to acquire control of voting shares of Scale Holding Company by becoming a co-trustee of the Gerald Rauenhorst 2004 Children's Trust UAD December 23, 2004, Minnetonka, Minnesota, and the Grandchildren's Fidelity Trust UAD February 24, 2015, Minnetonka, Minnesota, which controls Scale and thereby indirectly controls Scale Bank, Edina, Minnesota. Additionally, Jeffrey T. Andersen, will join the Rauenhorst Family Trust Control Group, a group acting in concert, that controls voting shares of Scale.
- Permitted, August 27, 2025

Fishback Financial Corporation, Brookings, South Dakota -- the Rivlin FFC Holdings Trust, Ann Rivlin as trustee, Joel Rivlin individually and as trustee, all of Madison, Wisconsin; the AM Rivlin FFC 2025 Irrevocable Family Trust, the TS Rivlin FFC 2025 Irrevocable Family Trust, Patricia Fishback as investment advisor to the trusts, all of Brookings, South Dakota; to join the Fishback Family Control Group, a group acting in concert, to acquire voting shares of Fishback Financial Corporation and thereby indirectly acquire voting shares of First Bank & Trust, Brookings, South Dakota. Ann Rivlin and Patricia Fishback are members of the Fishback Family Control Group that were previously permitted by the Federal Reserve System to acquire voting shares of Fishback Financial Corporation in their individual capacities.
- Permitted, August 21, 2025

Grant County Bancorporation, Inc., Carson, North Dakota -- Michael Schmid, Carson, North Dakota; to join the Schmid Family Control Group, a group acting in concert, to acquire voting shares of Grant County Bancorporation, Inc., and thereby indirectly acquire voting shares of Grant County State Bank, Carson, North Dakota.
- Permitted, August 15, 2025

Farmers State Corporation, Mankato, Minnesota -- the Susan G. Sneer GST Exempt Family Trust, James G. Sneer and Stuart J. Sneer as co-trustees, all of Mankato, Minnesota; to join the Sneer Family Shareholder Group, a group acting in concert, to retain voting shares of Farmers State Corporation, Mankato, Minnesota, and thereby indirectly retain voting shares of United Prairie Bank, Mountain Lake, Minnesota.
- Permitted, July 29, 2025

MidWest Bancorporation Inc., Eden Prairie, Minnesota -- the Harold G. Wahlquist Revocable Trust, Eden Prairie, Minnesota, Harold G. Wahlquist Jr., Eden Prairie, Minnesota, and Katherine M. Wahlquist, St. Louis Park, Minnesota, individually and as co-trustees; Charles P. Wahlquist, West End, North Carolina, and Andrew C. Wahlquist, Plymouth, Minnesota; to become members of the Wahlquist Family Group, a group acting in concert, to retain voting shares of MidWest Bancorporation Inc. and thereby indirectly retain voting shares of Star Bank, Maple Lake, Minnesota.
- Permitted, June 17, 2025

Frandsen Financial Corporation, Arden Hills, Minnesota -- Michelle Lynn Ahneman, Eau Claire, Wisconsin, to acquire control of voting shares of Frandsen Financial Corporation, Arden Hills, Minnesota (Frandsen), by becoming a co-trustee of the Dennis Frandsen 2014 Children's Trust Agreement and the Dennis Frandsen 2015 Grandchildren's Trust Agreement, which owns Frandsen, and thereby indirectly owns Frandsen Bank & Trust, Lonsdale, Minnesota.
- Permitted, June 10, 2025

Koda Bancor, Inc, Drayton, North Dakota -- Todd J. Anderson and The Peter and Marie Anderson Living Trust, Peter B. Anderson and Marie K. Anderson, as co-trustees, all of Drayton, North Dakota; to join the Anderson Family Control Group, a group acting in concert, to retain voting shares of Koda Bancor, Inc., and thereby indirectly retain voting shares of KodaBank, Drayton, North Dakota.
- Permitted, June 4, 2025

Koda Bancor, Inc., Drayton, North Dakota -- Karen L. Schumacher, Drayton, North Dakota, as co-trustee of the KodaBank Employee Stock Ownership Plan; to acquire control of voting shares of Koda Bancor, Inc., and thereby indirectly acquire control of voting shares of KodaBank, Drayton, North Dakota.
- Permitted, June 4, 2025

Carlson Bankshares, Inc., New London, Minnesota -- Nicklaus Dalton and Anthony Rupp, both of Spicer, Minnesota; to become members of the Carlson Family Control Group, a group acting in concert, to acquire voting shares of Carlson Bankshares, Inc., and thereby indirectly acquire voting shares of United Minnesota Bank, New London, Minnesota.
- Permitted, April 30, 2025

American Federal Corporation, Fargo, North Dakota -- Jeffrey A. Schumacher, Grand Forks, North Dakota; and John Schumacher, West Fargo, North Dakota; as a group acting in concert, to retain voting shares of American Federal Corporation and thereby indirectly retain voting shares of American Federal Bank, Fargo, North Dakota.
- Permitted, April 2, 2025

Finlayson Bancshares, Inc., Finlayson, Minnesota -- Gabrielle Pogatchnik, Philadelphia, Pennsylvania, to join the Pogatchnik Family Control Group, a group acting in concert, to retain voting shares of Finlayson Bancshares, Inc., and thereby indirectly retain voting shares of First Independent Bank, Russell, Minnesota, and Northview Bank, Sandstone, Minnesota.
- Permitted, February 27, 2025

Clayton Bankshares, Inc., La Crosse, Wisconsin -- 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, La Crosse, Wisconsin.
- Permitted, February 6, 2025

Deerwood Bancshares, Inc., Baxter, Minnesota -- Victoria L. Holinka, Maple Grove, Minnesota, as independent trustee, and John R. Spalj, Scottsdale, Arizona, as family trustee, of the Nicole Spalj 2025 Exempt Trust, the Bianca Spalj 2025 Exempt Trust, and the Chauntel Spalj 2025 Exempt Trust, all of Scottsdale, Arizona; and John Ohlin, Baxter, Minnesota, as trustee of the Nicole Spalj Escrow Trust, the Bianca Spalj Escrow Trust, and the Chauntel Spalj Escrow Trust, all of Scottsdale, Arizona; to become members of the Spalj Family Control Group, a group acting in concert, to acquire voting shares of Deerwood Bancshares, Inc., and thereby indirectly acquire voting shares of Deerwood Bank, Waite Park, Minnesota. John R. Spalj was previously permitted by the Federal Reserve System to acquire voting shares of Deerwood Bancshares, Inc., and to join the Spalj Family Control Group.
- Permitted, January 28, 2025

Chippewa Valley Agency, Ltd., Hayward, Wisconsin -- Lindsey M. Anderson, individually and as trustee of the Rick H. Gerber-Lindsey Irrevocable Trust, both of Chippewa Falls, Wisconsin; Brittney L. Gerber, individually and as trustee of the Rick H. Gerber-Brittany Irrevocable Trust, both of Altoona, Wisconsin; and Ryan M. Gerber, individually and as trustee of the Rick H. Gerber-Ryan Irrevocable Trust, both of Hayward, Wisconsin; to join the Gerber Family Control Group, a group acting in concert, to acquire voting shares of Chippewa Valley Agency, Ltd., and thereby indirectly acquire voting shares of Chippewa Valley Bank, Hayward, Wisconsin.
- Permitted, January 15, 2025

The Bridger Company, Bridger, Montana -- the estate of Leon Langemeier (Estate), Red Lodge, Montana, and Bart Langemeier, Red Lodge, Montana, individually and as personal representative of the Estate, each to retain voting shares of The Bridger Company and thereby indirectly retain voting shares of Bank of Bridger, National Association, Bridger, Montana. Additionally, the Estate would join the Langemeier Family Shareholder Group, a group acting in concert.
- Permitted, January 8, 2025

American Federal Corporation, Fargo, North Dakota -- 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.
- Permitted, January 7, 2025

Redwood Financial, Inc., Redwood Falls, Minnesota -- Gale M. Hoese, Glencoe, Minnesota, to retain voting shares of Redwood Financial, Inc., and thereby indirectly retain voting shares of HomeTown Bank, Carver, Minnesota.
- Permitted, January 6, 2025

Elkton Holding Company, Elkton, South Dakota -- 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), Elkton, South Dakota. In addition, the Charles Hegerfeld Living Trust, Charles Hegerfeld, as trustee, the FL Trust, Frederick Hegerfeld and Laura Hegerfeld as co-trustees, 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.
- Permitted, January 6, 2025

Savings and Loan Holding Companies

Jackson Financial, MHC, and Jackson Financial, Inc., both of Jackson, Minnesota -- to dispose of their subsidiary, Jackson Federal Savings & Loan Association (Jackson Bank), Jackson, Minnesota, pursuant to the proposed merger of Jackson Bank with and into Worthington Federal Savings Bank, F.S.B., Worthington, Minnesota, and to dissolve Jackson Financial, MHC, and Jackson Financial, Inc., following the disposition of Jackson Bank.
- Approved, June 30, 2025

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Last Update: December 4, 2025