Posted: Sep 7, 2012 4:20 PM
Updated: Sep 7, 2012 4:20 PM
WASHINGTON (AP) Regulators say they closed a small bank in Minnesota, bringing to 41 the number of U.S. bank failures this year.
The Federal Deposit Insurance Corp. on Friday seized First Commercial Bank, based in Bloomington, Minn.
The bank had about $215.9 million in assets and $206.8 million in deposits as of June 30.
Republic Bank & Trust Co., based in Louisville, Ky., agreed to assume First Commercial's deposits and purchase essentially all of the failed bank's assets.
The failure of First Commercial, which had one branch, is expected to cost the deposit insurance fund $63.9 million.
First Commercial is the fourth FDIC-insured institution in Minnesota to fail this year.