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.
Marquette brought suit against First National, claiming the interest rate charged Minnesotan customers using First National credit card services (VISA), 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.
This ruling prompted some US states (South Dakota, Delaware, Utah, Virginia, New Hampshire) to repeal their maximum interest rate laws.