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137:, as well as in Las Vegas, New York City, and Washington, D.C. It also provides safe deposit boxes, as well as clearing, depository, and credit services to check cashing industry locations in the Chicago area and in Milwaukee, Wisconsin. As of December 31, 2006, the bank operated 11 retail banking branches in the Chicago metropolitan area. Corus Bankshares was founded in 1958 and is based in Chicago, Illinois. Corus Bank is also known for having a relatively few number of branches for a publicly traded stock.
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In mid-August 2009 the bank was named as one of the biggest of more than 150 U.S. lenders which own nonperforming loans that equal 5 percent or more of their holdings. 5 percent is a threshold that former regulators have stated can wipe out a bank's equity and threaten its survival.
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accounts. Its loan portfolio primarily comprised commercial real estate loans, including condominium construction and condominium conversion loans; commercial loans; and residential real estate loans. The bank focused its lending activities in various metropolitan areas in
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344:"Press Releases: MB Financial Bank, National Association, Chicago, Illinois, Assumes All of the Deposits of Corus Bank, National Association, Chicago, Illinois"
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assumed all deposits and approximately $ 3 billion of assets making all depositors of Corus Bank customers of MB Financial. The FDIC estimates the cost to the
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As of August 1, 2009, Corus reported that it was "highly undercapitalized" and in need of government assistance. At the end of the previous quarter, its
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had fallen to negative $ 157 million. Normally, banks with negative Tier 1 capital are immediately closed by the
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assets formerly held by the bank. The FDIC held the remaining 60% equity share of the $ 4.5 billion portfolio.
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later purchased at 40% equity share in a portfolio of construction loans and
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The bank's deposit products included checking, savings, money market, and
258:"Bank failures to surge as credit crunch slows economy - Weekend Edition"
319:"Failed Bank Information: Information for Corus Bank, N.A., Chicago, IL"
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On
September 11, 2009, Corus Bank, N.A., Chicago, IL was closed by the
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299:"Toxic Loans Topping 5% May Push 150 Banks to Point of No Return"
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Corus Bank sign at development site located at 23 Caton Place in
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As of the end of the first quarter of 2008, Corus had a
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220:"Company Profile for CORUS Bankshares Inc (CORS)"
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370:"Starwood Capital takes over failed Corus"
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442:American companies disestablished in 2009
181:Office of the Comptroller of the Currency
16:Bank holding company in the United States
437:Holding companies disestablished in 2009
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191:will be $ 1.7 billion. A month later,
427:American companies established in 1958
422:Holding companies of the United States
280:"Financial Problems Deepen at 2 Banks"
112:) operated as the holding company for
407:Holding companies established in 1958
240:"Corus Bankshares (CORS) Stock Price"
170:Federal Deposit Insurance Corporation
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368:Magin, Janis L. (October 6, 2009).
432:Defunct banks of the United States
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417:1958 establishments in Illinois
387:MB Financial Bank Official Site
84:Footnotes / references
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297:Levy, Ari (August 14, 2009).
278:Timiraos, Nick (2009-08-01).
447:Banks disestablished in 2009
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412:Companies based in Chicago
372:. Pacific.bizjournals.com.
452:Banks established in 1958
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193:Starwood Capital Group
189:Deposit Insurance Fund
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20:Corus Bankshares Inc.
307:. New York City, NY.
158:Kensington, Brooklyn
87:Datasource: ZenoBank
284:Wall Street Journal
64:Number of employees
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392:FDIC Official Site
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58:Robert J. Glickman
197:real estate owned
185:Chicago, Illinois
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126:time deposit
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35:Headquarters
25:Company type
142:Texas ratio
401:Categories
354:2012-11-27
329:2012-11-27
264:2012-11-27
225:2008-10-23
203:References
135:California
120:Corus Bank
114:Corus Bank
54:Key people
172:(FDIC).
144:of 70%.
96:, Inc. (
131:Florida
108::
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73:Website
106:Nasdaq
98:Nasdaq
29:Public
102:CORSQ
348:FDIC
323:FDIC
133:and
110:CORS
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