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

Release dates | Full version (300 KB PDF)
Actions by the Board | Actions under delegated authority
Applications and reports:
Boston | New York | Philadelphia | Cleveland | Richmond | Atlanta
Chicago | St. Louis | Minneapolis | Kansas City | Dallas | San Francisco

District: 9
Federal Reserve Bank of: Minneapolis

Filings received during the week ending November 14, 2020

Filer Filing Type Filing Proposal End of Comment Period
FARMERS & MERCHANTS AGENCY, INC. CIC Todd J. Zaun, Sartell, Minnesota, individually and as trustee of the Todd J. Zaun Grantor Trust, as modified (TJZ Grantor Trust), and the Todd Zaun Revocable Trust, each of Sartell, Minnesota; and Steven M. Zaun, Pacific Palisades, California, individually and as trustee of the Steven M. Zaun Grantor Trust, as modified (SMZ Grantor Trust), and the SMZ Trust, each of Pacific Palisades, California; to retain or acquire 25 percent or more of the voting shares of Farmers & Merchants Agency, Inc., (Company) and thereby indirectly retain or acquire shares of Farmers & Merchants State Bank of Pierz (Bank), both of Pierz, Minnesota. Additionally, the TJZ Grantor Trust and SMZ Grantor Trust to acquire voting shares and thereby join the Zaun Family Group, a group acting in concert that owns voting shares of Company and thereby indirectly owns voting shares of Bank.
Newspaper: Not available
Federal Register: 11/23/2020
SECURITY BANCSHARES CO. * 3A3 Security Bancshares Company, Glencoe, Minnesota, to acquire up to 15.27% of Flagship Financial Group, Inc., Eden Prairie, Minnesota, and thereby indirectly acquiring, Flagship Bank Minnesota, Wayzata, Minnesota.
Newspaper: Not available
Federal Register: 12/04/2020


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
NONE


CRA Examinations scheduled for     Quarter of

Institution Location Quarter
NONE

* Subject to the provisions of the Community Reinvestment Act

Release dates | Full version (300 KB PDF)
Actions by the Board | Actions under delegated authority
Applications and reports:
Boston | New York | Philadelphia | Cleveland | Richmond | Atlanta
Chicago | St. Louis | Minneapolis | Kansas City | Dallas | San Francisco