Sept 10 - First Commercial Bank, Bloomington, Minn., has been closed by the Minnesota Department of Commerce, which appointed the FDIC as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Republic Bank & Trust Company, Louisville, Ky., to assume all of the deposits of First Commercial Bank.
As of June 30, 2012, First Commercial Bank had approximately $215.9 million in total assets and $206.8 million in total deposits. In addition to assuming all of the deposits of the First Commercial Bank, Republic Bank & Trust Company agreed to purchase essentially all of the assets.
Customers with questions about the transaction should call the FDIC toll-free at 1-800-528-4893. Interested parties also can visit the FDIC's website at www.fdic.gov/bank/individual/failed/firstcommbk_mn.html.
The FDIC estimates that the cost to the Deposit Insurance Fund will be $63.9 million. Compared to other alternatives, Republic Bank & Trust Company's acquisition was the least costly resolution for the FDIC's DIF. First Commercial Bank is the 41st FDIC-insured institution to fail in the nation this year, and the fourth in Minnesota. The last FDIC-insured institution closed in the state was Inter Savings Bank, fsb D/B/A InterBank, fsb, Maple Grove, on April 27, 2012.