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Sept. 7, 2012, 6:18 p.m. EDT

Minnesota bank is year's 41st U.S. bank failure

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By Wallace Witkowski


SAN FRANCISCO (MarketWatch) -- First Commercial Bank of Bloomington, Minn., became the 41st U.S. bank failure of the year, the Federal Deposit Insurance Corp. announced late Friday. Republic Bancorp Inc. /zigman2/quotes/200886150/composite RBCAA +1.05% said its unit Republic Bank & Trust Co. of Louisville, Ky., will assume about $207 million in deposits and acquire assets with a book value of approximately $194 million at a discount of $79 million. The cost to the FDIC's deposit-insurance fund is $63.9 million. First Commercial is also Minnesota's fourth bank failure of the year.

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