Bloomington bank shut by regulators starts new life Monday

The Bloomington bank that's been known as First Commercial will open its doors as part of Republic Bank & Trust on Monday. Regulators shut down the bank after closing on Friday. The FDIC arranged a sale of its assets to Republic, which is based in Louisville, Kentucky. It's Minnesota fourth bank failure this year.

Author:
BMTN Staff
Updated:
Mar 8, 2018
Original:
Sep 9, 2012

Bloomington-based First Commercial Bank is no more. But it will open its doors Monday under the name of Republic Bank & Trust, a Louisville bank that agreed to buy First Commercial's assets from the FDIC.

The FDIC seized First Commercial's assets after the bank was shut down by the state Commerce Department late Friday. The Star Tribune reports First Commercial had a rocky 13-year history, which includes a criminal investigation of its former chairman, ex-Vikings star Stu Voigt.

The site Problem Bank List says failed commercial real estate loans, together with Voigt's problems, brought down First Commercial.

The FDIC has put together information for depositors and other customers of First Commercial.

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The Federal Deposit Insurance Corp. seized Bloomington-based First Commercial Bank, making it the fourth federally insured institution in Minnesota to fail this year. So far in 2012, 41 banks have failed nationwide. A Kentucky-based bank and trust company will assume First Commercial's deposits and purchase essentially all of the failed bank's assets

Maple Grove-based InterBank was among four banks in three states closed by federal regulators Friday. Great Southern Bank based in Missouri will taken over InterBanks's four branches in the Twin Cities metro starting Monday. The FDIC has now closed 21 failed U.S. banks this year.

Twin Cities banks are cashing in on the surge of multifamily construction, jostling to do business again with real estate developers, the Star Tribune reports. It's a sharp twist from the post-crash years when toxic concentrations of commercial real estate loans brought down so many small community banks and larger banks all but pulled out of construction and development lending.

The FDIC shutdown Patriot Bank in Forest Lake Friday. First Resource Bank in Savage agreed to take over the assets and deposits from the failed Minnesota bank. There have been seven U.S. bank failures in 2012. Patriot Bank is the first to fail in Minnesota this year.

A group of Twin Cities Somalis are frustrated with banks no longer willing to transfer money to Somalia. In response, Somali-American customers are removing their money and closing bank accounts. They want banks to restore the wire service to Africa. Banks fear the money transfers could violate anti-terror regulations.

Stearns Bank agreed to take over Covenant Bank & Trust after regulators shut it down Friday. The nationwide tally of bank failures is now 15 for the year, including two in Minnesota.

The Federal Reserve Bank of Minneapolis says the health of Minnesota's banks is gradually improving as the industry recovers from the recession. A Fed official says profits are still not great but they're moving in the right direction. A new report on the year's second quarter also shows the number of bad loans is shrinking.

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