District 9: Federal Reserve Bank of Minneapolis PDF

Filings received during the week ending May 27, 2023

FilerFiling TypeFiling ProposalEnd of Comment Period
NewspaperFederal Register
FRANKSON INVESTMENT CORPORATIONChange in Bank ControlThe 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 availableNot available
HERITAGE BANCSHARES GROUP INC. EMPLOYEE STOCK OWNERSHIP PLAN AND TRUST* 3A3Heritage 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 availableNot available
LAKE CENTRAL FINANCIAL, INC.* 3A3Lake Central Financial, Inc., Annandale, Minnesota, to acquire State Bank of Danvers, Benson, MinnesotaNot available06/20/2023
MINNEHAHA BANSHARES, INC.Change in Bank ControlThe 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 availableNot 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 / LocationRSSD IDExam DateCRA Public DateCRA RatingExam Method
CHARTER BK, EAU CLAIRE, WISCONSIN16065009/12/202204/11/2022SInt Small Bank
FIRST WESTERN B&TC, MINOT, NORTH DAKOTA68795107/29/202203/14/2022SInt 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)
Back to Top
Last Update: June 01, 2023