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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.
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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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