356:), though legal in Nebraska, exceeded the interest rate allowed under Minnesota state law. Marquette was also issuing cards but did not exceed the interest rate permitted by the law in the cardholder's state. The court ruled in 1978 that a federally chartered bank like First National could offer credit card services nationwide and the maximum interest rate to cardholders was that allowed by the state the bank was located in and not the customer's state. This ruling prompted some US states (South Dakota, Delaware, Utah, Virginia, New Hampshire) to repeal their maximum interest rate laws. Banks offering credit card services quickly established offices and cardholder services in those States to take advantage of the "no cap" interest rates allowed by the state.
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Under terms of the deal, Pohlad would get 9.4 million shares of FBS stock valued at $ 24.50 per share in return for all of the shares in Bank Shares Inc., the privately held holding company that owns
Marquette Bank Minneapolis and Marquette Bank Rochester. Marquette Bank Minneapolis includes 22 offices; Marquette Bank Rochester operates five. The sale does not include 10 other Marquette banks in Minnesota with 17 offices. Pohlad, 76, would retain an estimated $ 2.1 billion in banking assets in nine states. He could not be reached for comment last night. The deal, which must be approved by regulators and Bank Shares shareholders, is expected to close next fall.
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First Bank System reached preliminary agreement
Thursday to buy Carl Pohlad's Marquette Bank Minneapolis and Marquette Bank Rochester in a $ 230 million stock deal. The proposed merger, the biggest in Twin Cities banking history, would make Pohlad the second-largest owner of First Bank common stock.
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First Bank System said
Thursday it has completed its previously announced acquisition of Bank Shares Inc. and its 22 Marquette Bank locations in the Twin Cities area with $ 2.1 billion in assets. Terms were not disclosed. The $ 22.5 billion-asset First Bank System has said it will close three First
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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
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regulating the banking industry. Marquette brought suit against First
National, claiming the interest rate charged Minnesotan customers using First National credit card services (
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Bank and seven
Marquette Minneapolis offices by mid-1993, leaving it with 58 Twin Cities offices. First Bank terminated some Marquette Minneapolis employees in December.
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375:"FBS to buy Pohlad banks - Proposed First Bank-Marquette deal would be largest in Twin Cities history"
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Marquette
National Bank of Minneapolis v. First of Omaha Service Corp.
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Defunct
Minneapolis bank that was party to a US Supreme Court decision
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430:- MARQUETTE NAT. BANK v. FIRST OF OMAHA CORP., 439 U.S. 299 (1978)
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St. Anthony, Neal & Kennedy, Tony (January 17, 1992).
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109:Learn how and when to remove this message
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755:Defunct companies based in Minneapolis
319:Federal Deposit Insurance Corporation
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628:U.S. Bank Building (Davenport, Iowa)
350:an important US Supreme Court ruling
312:The bank was eventually acquired by
47:adding citations to reliable sources
130:Marquette National Bank (1920–1982)
340:Marquette was involved in lengthy
324:Bank Shares announced the sale to
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434:Secret History of the Credit Card
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410:. January 1, 1993. p. 9C.
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34:needs additional citations for
567:First National Bank of Dubuque
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613:U.S. Bank Tower (Los Angeles)
648:U.S. Bank Center (Milwaukee)
608:U.S. Bank Tower (Sacramento)
346:First National Bank of Omaha
158:; 104 years ago
58:"Marquette Bank Minneapolis"
401:"Bank Acquisition Complete"
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643:U.S. Bank Center (Seattle)
603:U.S. Bank Center (Phoenix)
572:Marquette Bank Minneapolis
269:Marquette Bank Minneapolis
171:as Marquette National Bank
122:Marquette Bank Minneapolis
760:Banks established in 1920
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577:Mercantile Bancorporation
504:Notable former executives
344:rate litigation with the
750:Banks based in Minnesota
618:U.S. Bank Tower (Denver)
381:Minneapolis Star-Tribune
623:U.S. Bank Plaza (Boise)
428:US Supreme Court ruling
303:Marquette National Bank
273:Marquette National Bank
436:- PBS Frontline Report
407:St. Paul Pioneer Press
307:Minneapolis, Minnesota
277:Minneapolis, Minnesota
240:Minneapolis–Saint Paul
219:Minneapolis, Minnesota
181:; 31 years ago
179:December 31, 1992
169:Minneapolis, Minnesota
587:Star Banc Corporation
530:Historical components
301:Originally named the
271:, formerly named the
342:credit card interest
336:Interest rate battle
291:the banking industry
43:improve this article
633:U.S. Bancorp Center
557:Firstar Corporation
226:Number of locations
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521:John F. Grundhofer
348:which resulted in
279:. It was party to
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562:First Bank System
542:Cal National Bank
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54:Find sources:
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32:This article
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745:U.S. Bancorp
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215:Headquarters
197:Acquired by
135:Company type
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41:Please help
36:verification
33:
314:Carl Pohlad
251:Carl Pohlad
236:Area served
739:Categories
547:EurekaBank
360:References
246:Key people
186:1992-12-31
138:Subsidiary
69:newspapers
596:Buildings
582:MoneyPass
485:U.S. Bank
478:Divisions
205:Successor
705:Business
143:Industry
127:Formerly
717:Banking
691:Portals
677:Commons
495:Syncada
330:US Bank
297:History
184: (
176:Defunct
161: (
153:Founded
147:Banking
83:scholar
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490:Elavon
258:Parent
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328:(now
90:JSTOR
76:books
354:VISA
194:Fate
163:1920
156:1920
62:news
167:in
45:by
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