Notice of Change in Control of a Bank Holding Company

Notice of Change in Control of a Bank Holding Company Luke Spalj, Deerwood, Minnesota, and John Ohlin, Baxter, Minnesota, as trustees of the Zachariah Spalj Exempt Trust, the Kalina Spalj Exempt Trust, the Megan Ritter Exempt Trust, the Joe Ritter Exempt Trust, and the Natalie Ritter Exempt Trust, all of Baxter, Minnesota, and John Ohlin, as trustee of the Zachariah Spalj Escrow Trust, the Kalina Spalj Escrow Trust, the Megan Ritter Escrow Trust, the Joe Ritter Escrow Trust, and the Natalie Ritter Escrow Trust, all of Baxter, Minnesota, intend to apply to the Federal Reserve Board for permission for the aforementioned trusts to acquire voting shares and thereby join the Spalj Family Control Group, a group acting in concert, which collectively controls 25% or more of the shares and thereby control Deerwood Bancshares, Inc., Baxter, Minnesota ("Deerwood"). Luke Spalj was previously approved to acquire voting shares of Deerwood and to join the Spalj Family Control Group. Deerwood controls Deerwood Bank, Waite Park, Minnesota. The Federal Reserve considers a number of factors in deciding whether to approve the notice. You are invited to submit comments in writing on this notice to the Federal Reserve Bank of Minneapolis, Attention: Applications Officer, Division of Supervision, Regulation and Credit, P.O. Box 291, Minneapolis, MN 55480-0291. Comments can also be sent electronically to MA@mpls.frb.org. The comment period will not end before April 26, 2026 and may be somewhat longer. The Board's procedures for processing applications may be found at 12 C.F.R. Part 262.25. To obtain a copy of the Federal Reserve Board's procedures, or if you need more information about how to submit your comments on the notice, contact Mark Nagle, Assistant Vice President, at (612) 751-1563. The Federal Reserve will consider your comments if they are received in writing by the Reserve Bank on or before the last day of the comment period. Publication Dates LMNS0493453