Three Banks Including Corus Fail
WASHINGTON ( TheStreet) -- Regulators closed banks in Illinois, Minnesota and Washington State Friday, bringing the U.S. total of failed banks and thrifts during 2009 to 92.
The Office of the Comptroller of the Currency shut down Corus Bank NA of Chicago, a subsidiary of Corus Bankshares (CORS). The Federal Deposit Insurance Corp. was appointed receiver and sold the failed bank's deposits and branches to MB Financial Bank, a subsidiary of MB Financial (MBFI). Please see TheStreet.com's earlier coverage for details on the long decline and failure of Corus Bank.
Meanwhile, the Minnesota Department of Commerce took over Brickwell Community Bank of Woodbury, Minn. and appointed the FDIC receiver. The FDIC then sold Brickwell's deposits and most of its assets to CorTrust Bank NA of Mitchell, S.D. Brickwell Community Bank had $72 million in total assets. It's sole office was set to reopen Saturday as a CorTrust Branch. The FDIC agreed to share in any losses on the $65 million in assets acquired by CorTrust and projected the cost to its insurance fund would be $22 million.
State regulators closed Venture Bank of Lacey, Wash. The FDIC was appointed receiver and sold the failed institution's deposits and branches to First-Citizens Bank & Trust of, Raleigh, N.C., a subsidiary of First Citizens Bancshares (FCNCA). Venture Bank had $970 million in total assets. First Citizens acquired $874 million in assets from the failed bank, with the FDIC agreeing to share in losses on $715 million. Venture Bank's 18 branches were scheduled to reopen Saturday as branches of First Citizens. The FDIC estimated the cost to its insurance fund would be $298 million.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV