E6-20139. Formations of, Acquisitions by, and Mergers of Bank Holding Companies

The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR Part 225), and all other applicable statutes and regulations to become a bank holding company and/or to acquire the assets or the ownership of, control of, or the power to vote shares of a bank or bank holding company and all of the banks and nonbanking companies owned by the bank holding company, including the companies listed below.

The applications listed below, as well as other related filings required by the Board, are available for immediate inspection at the Federal Reserve Bank indicated. The application also will be available for inspection at the offices of the Board of Governors. Interested persons may express their views in writing on the standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with the standards in section 4 of the BHC Act (12 U.S.C. 1843). Unless otherwise noted, nonbanking activities will be conducted throughout the United States. Additional information on all bank holding companies may be obtained from the National Information Center website at www.ffiec.gov/​nic/​.

Unless otherwise noted, comments regarding each of these applications must be received at the Reserve Bank indicated or the offices of the Board of Governors not later than December 26, 2006.

A. Federal Reserve Bank of Minneapolis (Jacqueline G. King, Community Affairs Officer) 90 Hennepin Avenue, Minneapolis, Minnesota 55480-0291:

1. The First National Bank in Wadena Employee Stock Ownership Plan and Trust, and FNB Acquisition Holding Corporation, Wadena, Minnesota, both in Wadena, Minnesota; to become bank holding companies by acquiring 100 percent of the voting shares of The First National Agency of Wadena, Inc., Wadena, Minnesota, and thereby indirectly acquire The First National Bank in Wadena, Wadena, Minnesota.

In connection with these applications, Applicants have applied to acquire The First National Agency of Wadena, Inc., Wadena, Minnesota, and engage in insurance agency activities in a town with a population not exceeding 5,000, pursuant to section 228.28(b)(11)(iii)(A) of Regulation Y.

B. Federal Reserve Bank of Kansas City (Donna J. Ward, Assistant Vice President) 925 Grand Avenue, Kansas City, Missouri 64198-0001:

1. Community Bankshares, Inc., Greenwood Village, Colorado; to acquire 100 percent of the voting shares of Citizens Financial Corporation, and thereby indirectly acquire Citizens State Bank of Cortez, both in Cortez, Colorado.

Board of Governors of the Federal Reserve System, November 22, 2006.

Robert deV. Frierson,

Deputy Secretary of the Board.