FDIC closes Bloomington's First Commercial Bank

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

Author:
BMTN Staff
Updated:
Mar 8, 2018
Original:
Sep 7, 2012

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

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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.

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.

St. Cloud-based Stearns Bank purchased all of the assets of the three-branch Jasper Banking Co. of Jasper, Ga., after regulators shut the bank down Friday, according to the Federal Deposit Insurance Corp. Since 2008, Stearns has purchased eight failed banks in government-assisted sales.

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.

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Only two banks in Minnesota have failed so far this year, but officials are still keeping a close eye on a record number of them. More than a third of FDIC-insured banks in Minnesota are on the watch list.

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