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Tally Rises to 41 with Minnesota Bank Failure

in Government September 10, 2012 1,056 Views

The ""FDIC"":http://www.fdic.gov/ announced on Friday the closure of First Commercial Bank in Bloomington, Minnesota.

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The bank was closed by the Minnesota Department of Commerce, which appointed The FDIC as receiver.

The FDIC announced that it entered into a purchase and assumption agreement with Republic Bank & Trust Company in Louisville, Kentucky, to assume all of the deposits of First Commercial Bank.

The sole branch of First Commercial Bank reopened Monday as a branch of Republic Bank & Trust Company. Republic Bank agreed to assume of all of First Commercial’s $206.8 million in deposits and essentially all of its $215.9 million in assets.

The FDIC estimates that the cost to the Deposit Insurance Fund will be $63.9 million.

First Commercial Bank is the fourth FDIC-insured institution in Minnesota to fail in 2012 and the 41st in the country.

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About Author: Tory Barringer

Tory Barringer began his journalism career in early 2011, working as a writer for the University of Texas at Arlington's student newspaper before joining the DS News team in 2012. In addition to contributing to DSNews.com, he is also the online editor for DS News' sister publication, MReport, which focuses on mortgage banking news.
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