Corus, gone

September 11, 2009

Headlining this week’s bank failures is Corus out of Chicago. Condo loans in Florida and other bubbly states did ‘em in. There’s an odd item in the press release. It lists the bank’s deposits as “approximately” $7 billion. I can’t remember seeing that modifier in a bank failure press release. When you read enough of them, the littlest things jump out at you…

#90

  • Failed bank: Corus Bank, Chicago IL
  • Acquiring bank: MB Financial Bank, Chicago IL
  • Vitals: As of June 30th, assets of $7 billion, deposits of “approx.” $7 billion
  • DIF damage: $1.7 billion

From WSJ’s article on Corus’ failure: “More than half of the bank’s $3.9 billion in condo construction loans were in nonaccrual or foreclosure in April.”

#91

  • Failed bank: Brickwell Community Bank, Woodbury MN
  • Acquiring bank: CorTrust bank, Mitchell SD
  • Vitals: As of July 24th, assets of $72 million, deposits of $63 million
  • DIF damage: $22 million

Mitchell, SD … famous for the Corn Palace!

#92

  • Failed bank: Venture Bank, Lacy WA
  • Acquiring bank: First Citizens Bank & Trust, Raleigh NC
  • Vitals: as of July 28th, assets of $970m, deposits of $903m
  • DIF damage: $298m
Comments

Interesting article in the Cleveland Plain Dealer today on AmTrust. This bank was ordered to increase capital but it hasn’t. Its capital base is deteriorating, 10 percent of its loans are not being repaid, it is losing money at an accelerating rate. About the only positive thing, it is is a positive thing, is that AmTrust is still out there originating loans, $8.5 billion worth in the 2nd quarter alone. Now the stimulus folks may like that but I’m not sure I do.

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