A legal fight over the future of an 90-year-old Montana community bank has reached federal court, pitting a Minnesota investor who holds nearly half the institution’s shares against a board determined to keep him out of power. At the center of the dispute is Belt Valley Bank, one of 39 community banks operating in Montana, and Brian Solsrud, a midwestern banking entrepreneur who has been acquiring shares since 2020.

A Growing Stake, A Resistant Board

Solsrud began buying Belt Valley Bank shares in 2020 and has since accumulated a 45% ownership stake in the institution. Belt Valley Bank, founded in 1936, is a small community bank in the Belt Valley area of Montana — the kind of locally rooted institution that has long been central to rural Montana’s financial infrastructure.

As Solsrud’s stake grew, so did tension with the bank’s leadership. CEO Bruce Hoyer, in a July 31 deposition, acknowledged that “no one had previously purchased bank stock as aggressively as Solsrud had,” as first reported by the Montana Free Press. The comment underscores how unusual Solsrud’s campaign has been for a bank of this size and character.

Solsrud alleges the bank’s board moved to protect itself by changing its bylaws to bar out-of-state residents from serving as board members — a provision that would effectively exclude him from any governance role regardless of how many shares he holds.

The Share Issuance at the Heart of the Case

The conflict sharpened further when, during a 2025 special meeting, the bank board approved the issuance of 160 new shares distributed among six bank officers. Solsrud contends the move was a deliberate effort to dilute his voting power at a critical moment in the ownership dispute — a common tactic in corporate governance battles when insiders seek to neutralize a rival shareholder.

The bank has not publicly conceded that motive. The matter is now before the U.S. District Court, where the federal case remains ongoing. Neither side has secured a final ruling.

Who Is Brian Solsrud?

Solsrud is affiliated with Unity Bank, a chain of 13 banks operating primarily across Minnesota and Wisconsin. Unity Bank has an existing Montana footprint — it acquired First Citizens Bank in Polson in 2020, the same year Solsrud began purchasing Belt Valley Bank shares. Unity Bank is currently in the process of selling two Minnesota branches to First Community Credit Union and a third Minnesota branch to Mid Minnesota Federal Credit Union, suggesting some consolidation of its Midwest operations.

Whether Solsrud’s interest in Belt Valley Bank is part of a broader strategy to expand Unity Bank’s Montana presence or a separate personal investment is not entirely clear from the public record. But his track record in community banking acquisition gives the dispute a significance beyond a single rural institution.

What It Means for Montana’s Community Banks

Belt Valley Bank is one of only 39 institutions classified as Montana community banks — small, locally governed lenders that serve rural areas where national and regional chains often have little presence. These banks play an outsized role in financing agriculture, small business, and local government in communities across the state.

Rural Montana’s agricultural economy is already under strain. Montana wheat farmers have seen record global prices fail to translate into meaningful profits, and agricultural lending relationships with community banks remain a critical lifeline for producers navigating tight margins. A change of control or prolonged instability at any one of these 39 institutions can have ripple effects far beyond the boardroom.

The case also raises broader questions about the vulnerability of small Montana banks to outside acquisition attempts, and whether existing governance structures — bylaws, share issuances, board composition rules — are adequate to preserve local control when determined outside investors enter the picture.

What Comes Next

The federal case in U.S. District Court is ongoing, with no resolution date publicly confirmed. The outcome will likely determine whether Solsrud can convert his 45% ownership stake into actual board representation and operational influence, or whether Belt Valley Bank’s current leadership can sustain its defensive posture. Both the bylaw challenge and the share dilution claim will need to be adjudicated before the dispute reaches a conclusion.