First Commercial Bank, of Bloomington, Minn., was shuttered by state regulators on Friday, bringing the total number of bank failures in 2012 to 41. The FDIC stepped in as receiver and found a buyer in Republic Bank & Trust Company, of Louisville, Ky.
The bank had just one branch, $215.9 million in assets and $206.8 million in deposits, according to an FDIC press release. The bank branch reopened on Monday as Republic Bank & Trust. First Commercial Bank checks will still be processed as usual.
According to the FDIC, Republic Bank & Trust Company has agreed to assume the failing bank’s deposits. Total cost to the Deposit Insurance Fund will be $63.9 million.
In 2011, we had reached 41 bank failures by May, and in 2010, we had reached this milestone by March. Things are, thankfully, slowing down.