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PUBLIC NOTICE

Notice of Change in Control of a Bank Holding Company

Daniel Otten, Hayward, MN, intends to apply to the Federal Reserve Board for permission to acquire 10 percent or more of the shares and thereby control of Minnesota Community Bancshares, Inc., Albert Lea, MN (MCBI”). Additionally, the Daniel M. Otten Revocable Trust, Hayward, MN (Daniel Otten, Trustee, Kim Otten, Trustee, Hayward, MN), Magdalene E. Otten Revocable Trust, Wisner, NE (Daniel Otten, Trustee, Magdalene Otten, Trustee, Wisner, NE), and Kim M. Otten Revocable Trust, Hayward, MN (Daniel Otten, Trustee, Kim Otten, Trustee) intend to apply to the Federal Reserve Board for permission to acquire shares of MCBI and thereby join the Otten family shareholder group acting in concert, which controls 10 percent or more of MCBI. MCBI controls Arcadian Bank, Hartland, MN. The Federal Reserve considers a number of factors in deciding whether to approve the notice.

You are invited to submit comments in writing on this notice to the Federal Reserve Bank of Minneapolis, Attention: Applications Officer, Division of Supervision, Regulation and Credit, P.O. Box 291, Minneapolis, MN 55480-0291. Comments can also be sent electronically to MA@mpls.frb.org. The comment period will not end before March 15, 2022, and may be somewhat longer. The Board’s procedures for processing applications may be found at 12 C.F.R. Part 262.25. To obtain a copy of the Federal Reserve Board’s procedures, or if you need more information about how to submit your comments on the notice, contact Chris Wangen, Assistant Vice President, at (612) 204-5087. The Federal Reserve will consider your comments and any request for a public meeting or formal hearing on the notice if they are received in writing by the Reserve Bank on or before the last day of the comment period

Albert Lea Tribune:
Feb. 12, 2022
NOTICE OF CHANGE