MINNEAPOLIS -- First Bank, the lead subsidiary of First Bank System Inc., said it has completed the previously announced acquisition of Republic Acceptance Corp. from Churchill Financial Services Co.

Republic, a Minneapolis-based commercial finance company, has $35 million of assets. It makes working-capital loans of $100,000 to $1 million, secured by accounts receivable and other assets, to companies with annual revenues of $1 million to $20 million.

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