Federal Reserve opens comment period on two bank control applications
The public may comment on two groups seeking voting shares of Minnesota and Montana banks through Dec. 1, 2026
The Federal Reserve System published a notice (FR Doc 2026-23244) on Nov. 16, 2026 announcing that two applicant groups have filed Change in Bank Control Act applications to acquire voting shares of a bank or bank holding company. The notice invites written comments on the standards set forth in paragraph 7 of the Act.
The first applicant, the Citizens Shareholder Agreement Control Group, comprises the Todd A. Burich Citizens Bancshares of Hutchinson, Inc. Revocable Trust; the Heather M. Knorr Citizens Bancshares of Hutchinson, Inc. Revocable Trust; the Nanci K. Thomas Revocable Trust and John F. Thomas individually; the James D. Sheedy Trust and the Sheedy Family Irrevocable Trust; Anne E. Thomas; and Tata A. Faber. The group seeks to retain voting shares of Citizens Bancshares of Hutchinson, thereby indirectly retaining voting shares of Citizens Bank & Trust Co., both located in Hutchinson, Minnesota.
The second applicant, the Grove Family Control Group, includes the Holden M. Grove Business Trust, the Michael A. Grove Business Trust, Daniel P. Grove (individually and as trustee of the Grove Trusts), and Holden M. Grove and Michael A. Grove. The group proposes to acquire voting shares of Countricorp, thereby indirectly acquiring voting shares of Bank of the Rockies, both based in Helena, Montana. Michael E. Grove, a member of the group, was previously permitted by the Federal Reserve System to acquire voting shares of Countricorp in an individual capacity.
The public portions of the applications and any related 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. Comments must be submitted to the Minneapolis Reserve Bank or the Board of Governors by Dec. 1, 2026, and may also be sent electronically to the address provided in the notice.
Comments are subject to public disclosure and will be made available without alteration, except for removal of personal or business identifying information. The notice directs commenters to avoid including confidential information that would be inappropriate for public release.
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