Republic Bancorp (RBCAA) in Louisville, Ky., is planning to shut down its only Minneapolis branch just 14 months after entering the market.
The $3.3 billion-asset company disclosed in a regulatory filing earlier this month that it plans to shut down the location, which it picked up in September 2012 after buying the failed First Commercial Bank in Bloomington, Minn. At the time, Republic snagged $207 million in deposits and roughly $216 million in assets in a deal brokered by the Federal Deposit Insurance Corp.
Soon after the purchase, Steve Trager, Republic's president and chief executive, expressed an interest in far-flung markets. "We continue to look for FDIC-based opportunities across the country, and this is a good one in a good market," Trager said at the time.
At mid-2013, the branch had just $38 million in deposits, according to recent FDIC data.
Republic said in its recent regulatory filing that it will stop conducting business with customers in January, but will likely use the location as a support office until the lease expires in April. The company said it could also negotiate an early buy out from the landlord.
Republic also said in its filing that it will shut down its only branch in Palm Harbor, Fla., in January. The branch's lease expires in February.