Who is expected to take over some branches and deposits of Chicago-based Corus Bank?”
MB Financial to take over Corus Bank branches By: Steve Daniels Sept. 11, 2009 (Crain’s) — MB Financial Inc. will assume the branches and deposits of Corus Bank, the long-troubled Chicago-based condominium development lender that was seized Friday by federal regulators. Chicago-based MB Financial, with more than $8 billion in assets and over 70 branches in the city and suburbs, will immediately add Corus’ 11 branches to its network. The Corus branches will open Saturday under the MB Financial name. MB Financial will also purchase $3 billion of Corus’ $7 billion in assets, most of which are securities. The Federal Deposit Insurance Corp. will sell most of Corus’ remaining assets in the next 30 days. MB is buying all of Corus’ $6.6 billion of deposits. The deal for Corus is a coup for MB Financial CEO Mitchell Feiger, who has been the most aggressive Chicago banker in bidding for the branches, deposits and assets of failed lenders. While the quality of Corus’ overall deposit base isn’t s
MB Financial Inc. will take over the branches and some deposits of Chicago-based Corus Bank, Crain’s ChicagoBusiness reported on its Web site late Friday. MB Financial is expected to assume less than $1 billion of Corus’ $7 billion in deposits, according to Crain’s. The Federal Deposit Insurance Corp., which has recorded 89 bank failures this year alone, has yet to report the failure.
