Corus Bank, Two Others Closed Sept. 11

2009 Tally Now Stands at 103 Failed Institutions Corus Bank, a $7 billion Chicago-based institution, was one of three banks closed by federal regulators on Sept. 11.

Venture Bank of Lacy, WA. and Brickwell Community Bank of Woodbury, MN. also were closed and acquired by other institutions.

This year's running tally of failed institutions now stands at 103 banks and credit unions that have been closed, acquired or placed into conservatorship.

Corus Bank Acquired by MB Financial Bank
Corus Bank, National Association, Chicago, Illinois, was closed by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The FDIC entered into a purchase and assumption agreement with MB Financial Bank, National Association, Chicago, Illinois, to assume all of the deposits of Corus Bank, N.A.

The eleven branches of Corus Bank will reopen on their next normally scheduled business day as branches of MB Financial Bank. Depositors of Corus Bank will automatically become depositors of MB Financial Bank.

As of June 30, 2009, Corus Bank had total assets of $7 billion and total deposits of approximately $7 billion. MB Financial Bank will pay the FDIC a premium of 0.2 percent to assume all of the deposits of Corus Bank.

he FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $1.7 billion.

Venture Bank Acquired by First-Citizens Bank & Trust
Venture Bank, Lacy, Washington, was closed by the Washington Department of Financial Institutions, which appointed the FDIC as receiver. The FDIC entered into a purchase and assumption agreement with First-Citizens Bank & Trust Company, Raleigh, North Carolina, to assume all of the deposits of Venture Bank.

The 18 branches of Venture Bank will reopen during normal business hours as branches of First-Citizens Bank & Trust Company.

As of July 28, 2009, Venture Bank had total assets of $970 million and total deposits of approximately $903 million. In addition to assuming all of the deposits of the failed bank, First-Citizens Bank & Trust Company agreed to purchase approximately $874 million of the assets. The FDIC will retain the remaining assets for later disposition.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $298 million.

Brickwell Community Bank Acquired by CorTrust Bank
Brickwell Community Bank, Woodbury, Minnesota, was closed today by the Minnesota Department of Commerce, which appointed the FDIC as receiver. The FDIC entered into a purchase and assumption agreement with CorTrust Bank, N.A., Mitchell, South Dakota, to assume all of the deposits of Brickwell Community Bank.

The sole branch of Brickwell Community Bank was to reopen on Saturday as a branch of CorTrust Bank. Depositors of Brickwell Community Bank will automatically become depositors of CorTrust Bank.

As of July, 24, 2009, Brickwell Community Bank had total assets of $72 million and total deposits of approximately $63 million. CorTrust Bank will pay the FDIC a premium of 0.10 percent to assume all of the deposits of Brickwell Community Bank. In addition to assuming all of the deposits of the failed bank, CorTrust Bank agreed to purchase essentially all of the assets.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $22 million.





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