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Friday, September 11, 2009

Corus Bank, Brickwell Community Bank Become Latest Failures

By Lauren Covello

FOXBusiness

The U.S. added two more banks to its growing list of bank failures Friday, bringing the tally for the year to 91.

Regulators shut down Chicago-based Corus Bank (CORS) – the second largest bank to fail this year – and turned most of its assets over to MB Financial (MBFI).

The bank, which did much of its business in commercial real-estate loans, had $7 billion in assets and $7 billion in deposits as of June 30, according to a statement issued by the FDIC. The cost to the FDIC’s Deposit Insurance Fund is estimated to be $1.7 billion.

Regulators also closed Woodbury, Minn.-based Brickwell Community Bank on Friday. CorTrust Bank of Mitchell, S.D. will assume virtually all of its assets.

Brickwell Community Bank had $72 million in assets and about $63 million in deposits as of July 24. The cost to the FDIC’s Deposit Insurance Fund is estimated to be $22 million.

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