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.

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