This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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 - Get Report). Please see'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 - Get Report). 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.
1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
FCNCA $251.37 0.00%
FITB $17.54 0.00%
JPM $61.57 0.00%
MBFI $33.94 0.00%
RF $9.04 0.00%


Chart of I:DJI
DOW 17,651.26 -99.65 -0.56%
S&P 500 2,051.12 -12.25 -0.59%
NASDAQ 4,725.6390 -37.5850 -0.79%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs