That special dividend netted then-CEO Robert J. Glickman and his family, who owned a controlling interest in Corus at the time, about $25 million, according to published reports. Following nearly two years of steady decline as the bank's loans -- nearly all condominium construction and conversion loans in key boom-and-bust states such as Florida and California -- soured and losses mounted, Corus announced on July 31 that both the holding company and the bank were insolvent, with negative equity as of June 30. Corus Bank was included in TheStreet.com's list of banks and thrifts that were undercapitalized as of June 30 -- one of five institutions on the list with negative capital positions. Of a similar list of 89 banks and thrifts that were undercapitalized at the end of the first quarter, 40 have already failed.
Ongoing Bank Failure Coverage
All failures for 2008 and 2009 through last week are detailed in TheStreet.com's interactive bank failure map:
Georgia leads all states with 23 bank or thrift failures during 2008 and 2009, followed by Illinois with 17, California with 14, Florida with eight and Nevada with five failures. JPMorgan Chase ( JPM), which acquired Washington Mutual, the largest-ever bank or thrift to fail in the U.S., is among the large bank holding companies that have acquired failed institutions during 2008 and 2009. Others include SunTrust Banks ( STI), Regions Financial ( RF), Fifth Third Bancorp ( FITB), U.S. Bancorp ( USB), Zions Bancorp ( ZION), PNC Financial ( PNC) and BB&T ( BBT).
Free Financial Strength Ratings
TheStreet.com Ratings issues independent and very conservative financial strength ratings on each of the nation's 8,500 banks and savings and loans. They are available at no charge on the Banks & Thrifts Screener. TheStreet.com Ratings also provides award-winning stock ratings, which are available on the Stock Ratings Screener. -- Reported by Philip van Doorn in Jupiter Fla.