The ""FDIC"":http://www.fdic.gov/ announced on Friday the closure of First Commercial Bank in Bloomington, Minnesota.[IMAGE]
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 CommercialÃ¢â‚¬â„¢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.