Federal Reserve Opens Comment Period for Lake Elmo Bank Share Acquisition
Applicants must submit comments by Oct. 13, 2026 to the Minneapolis Fed on a change-in-control filing for Lake Elmo Bancshares, Inc.
The Federal Reserve System has posted a Change in Bank Control notice for an application filed under the Change in Bank Control Act (12 U.S.C. 1817(j)) and Regulation Y (12 CFR 225.41). The filing, identified as FR Doc No 2026-19701, seeks approval for Rachel Elizabeth Bonsall, of New York City, to join the Raleigh Family Control Group in retaining voting shares of Lake Elmo Bancshares, Inc., and thereby indirectly retain voting shares of Lake Elmo Bank, both located in Lake Elmo, Minnesota.
The public portions of the application, along with any related Board filings, are available for immediate inspection at the Federal Reserve Bank of Minneapolis, 90 Hennepin Avenue, Minneapolis, Minnesota 55480-0291, and at the Board of Governors' offices, 20th Street and Constitution Avenue NW, Washington, DC 20551-0001. Interested parties may also request expedited access by contacting the Minneapolis Reserve Bank or the Board's Freedom of Information Office.
Comments on the standards enumerated in paragraph 7 of the Act must be submitted in writing to the Minneapolis Reserve Bank or the Board of Governors' office, addressed to Benjamin W. McDonough, Secretary of the Board, no later than October 13, 2026. The notice specifies that comments will be publicly disclosed without alteration, except for removal of personal, confidential, or identifying information.
The Federal Reserve's notice underscores the procedural requirements for change-in-control applications, emphasizing the availability of the filing for public review and the open comment period. Stakeholders with views on the applicant's suitability under the Act's criteria are invited to submit their observations within the prescribed timeframe.
Further reading