Regulatory Alerts2025-06-05 | Conditional Approval 1341Added
Conditional Approval 1341 — Stearns Bank Upsala, NA Asset Change and Residency Waiver
The OCC conditionally approves Stearns Bank Upsala, NA's application to sell assets to Stearns Financial Services, Inc., alter its asset composition, and implement a new business plan involving national direct-to-consumer products. The OCC grants a residency waiver for seven named non-resident directors under 12 USC 72, noting that no directors will reside within 100 miles of the bank's office. Approval is contingent upon a $47,042,000 capital injection from parent Battle Financial Inc., adherence to specific capital and CRA plan requirements, and obtaining Federal Reserve approval for the holding company acquisition. The approval automatically terminates if the transaction is not consummated within six months.