Marquette Bank Minneapolis
From Wikipedia, the free encyclopedia
| Formerly | Marquette National Bank (1920–1982) |
|---|---|
| Company type | Subsidiary |
| Industry | Banking |
| Founded | 1920 in Minneapolis, Minnesota as Marquette National Bank |
| Defunct | December 31, 1992 |
| Fate | Acquired by First Bank System |
| Successor | First Bank System |
| Headquarters | Minneapolis, Minnesota |
Number of locations | 22 |
Area served | Minneapolis–Saint Paul |
Key people | Carl Pohlad |
| Parent | Bank Shares, Inc. |
Marquette Bank Minneapolis, formerly named the Marquette National Bank, was a bank in Minneapolis, Minnesota. It was party to Marquette National Bank of Minneapolis v. First of Omaha Service Corp., an important decision by the Supreme Court of the United States which regulated the banking industry.
Originally named the Marquette National Bank, it was chartered in 1920 and was named for Marquette Avenue, the financial center of Minneapolis, Minnesota.
The bank was eventually acquired by Carl Pohlad and had $350 million in assets in 1982 when it acquired the failing Farmers and Mechanics Savings Bank of Minneapolis (F&M) and had nearly $1 billion of assets prior to sale which was arranged by the Federal Deposit Insurance Corporation. After the acquisition, the name was changed to Marquette Bank Minneapolis and it had the fourth most assets in the state. The bank was owned by the Bank Shares, Inc. holding company which was controlled by the Pohlad family and which owned several other banks in the Minneapolis area using the Marquette name.
Bank Shares announced the sale to First Bank System (now US Bank) in January 1992[1] with the deal finally closing in December 1992 for $200 million in stock.[2]
