FDIC Friday ~ September 7, 2012
Posted: Fri Sep 07, 2012 6:34 pmRepublic Bank & Trust Company, Louisville, Kentucky, Assumes All of the Deposits of First Commercial Bank, Bloomington, Minnesota
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.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) 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.
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.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) 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.