MINNEAPOLIS -- First Bank System Inc. announced that its lead bank, First Bank, has signed a purchase agreement to acquire Republic Acceptance Corp., a Minneapolis-based commercial finance company with approximately $35 million in assets. The purchase price was not disclosed.
Republic, a subsidiary of Minneapolis' Churchill Cos., specializes in providing working-capital loans of $100,000 to $1 million for companies with annual revenues of $1 million to $20 million. The company, which will retain its name, has offices in Minneapolis, Milwaukee, St. Louis, and Kansas City, Mo.
The acquisition is expected to be completed in June. It requires Office of the Comptroller of the Currency notification.