09/19/1991 Council Minutes - Laserfiche WebLink

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93 COUNCIL WORK SESSION CITY OF LINO LAKES COUNCIL MINUTES SEPTEMBER 19, 1991 DATE September 19, 1991 TIME STARTED : 3:30 P.M. TIME ENDED • 5:20 P.M. MEMBERS PRESENT: Bisel, Bohjanen, Kuether, Neal, Reinert MEMBERS ABSENT : None Staff members present: City Engineer, Darrell Schneider; Public Works Director, Don Volk; Acting Sergeant, Bruce Keller; City Administrator, Randy Schumacher and Clerk- Treasurer Marilyn Anderson. NORTHERN COMMUNITY BANK, STEVE NEISEN Mr. Neisen presented a formal booklet to the Council outlining the organization of a bank to be known as the Northern Community Bank. The material in the booklet is private and confidential at this time. Mr. Neisen explained that the new bank is proposed to constructed at the southeast corner of I35W and Lake Drive. He also gave a brief background of what was required of his group to secure a bank charter from the State of Minnesota. Preliminary approval of the bank charter was secured on July 31, 1991 and the officers and directors of the bank are now offering sales of 100,000 shares in the bank. The purpose is to secure $2,000,000.00 worth of investment. The bank will be a full service, independent and locally owned bank. It is planned to be in full operation by no later than the second quarter of 1992. Council Member Bohjanen asked what would happen if a major bank offered to buy Northern Community Bank. Mr. Neisen said the sale would depend upon the decision of the share holders. Mr. Schumacher asked if securing the bank charter was dependent upon a formal study of the need for a bank in this area. Mr. Neisen explained that a study was prepared several years ago. This study indicated that there was a need for another bank. In addition, the attorneys for Northern Community Bank decided another study would be beneficial and the Maxfield group prepared the current study. Mayor Bisel asked that the information regarding the study be made public and Mr. Neisen said he would PAGE 1 1 1 1