Corus Bankshares
| Company type | Public |
|---|---|
| Industry | Banking |
| Founded | 1958 |
| Defunct | 2009 |
| Fate | Bank shut down by Office of the Comptroller of the Currency; deposits and assets acquired by MB Financial Bank |
| Headquarters | Chicago , United States |
| Products | Consumer and business banking solutions, including deposit accounts, commercial real estate loans, residential real estate loans, safe deposit boxes, clearing and depository services, credit facilities |
Corus Bankshares, Inc. functioned as the parent corporation of Corus Bank, N.A., a U.S.-based institution providing a range of consumer and business banking solutions.
Corus Bank
The bank offered various deposit options, including checking accounts, savings accounts, money market accounts, and time deposit products. Its lending portfolio was predominantly focused on commercial real estate financing—especially loans for condominium construction and conversions—alongside commercial and residential real estate loans. The bank’s lending activities were primarily centered in major metropolitan regions such as Florida, California, Las Vegas, New York City, and Washington, D.C. Additionally, Corus provided services such as safe deposit boxes, clearing, depository functions, and credit facilities to check cashing enterprises located in Chicago and Milwaukee. By December 31, 2006, Corus maintained 11 retail branches within the Chicago metropolitan area. Established in 1958 and headquartered in Chicago, Illinois, Corus Bank was distinguished by its relatively limited branch presence compared to other publicly traded banks.
By early 2008, Corus recorded a Texas ratio of 70%.
Financial crisis
On August 1, 2009, Corus disclosed it was "highly undercapitalized" and actively pursuing federal aid after its Tier 1 capital fell to a negative $157 million—a financial state that generally results in immediate intervention by the Federal Deposit Insurance Corporation (FDIC).
In mid-August 2009, Corus was listed among more than 150 U.S. financial institutions with nonperforming loans exceeding 5% of their loan portfolios—a critical benchmark threatening their capital stability and continued operation.
On September 11, 2009, the Office of the Comptroller of the Currency shut down Corus Bank, N.A., placing the FDIC in charge as Receiver. MB Financial Bank of Chicago took over all deposits and approximately $3 billion in assets, thereby converting Corus depositors into MB Financial customers. The FDIC projected the loss to the Deposit Insurance Fund at $1.7 billion.
One month later, Starwood Capital Group purchased a 40% ownership stake in a $4.5 billion portfolio consisting of construction loans and real estate owned properties previously held by Corus; the FDIC retained the remaining 60% ownership interest.
External links
- Holding companies established in 1958
- Banks based in Chicago
- 1958 establishments in Illinois
- Holding companies of the United States
- American companies established in 1958
- Defunct banks of the United States
- Holding companies disestablished in 2009
- American companies disestablished in 2009
- Banks disestablished in 2009
- Banks established in 1958
- Defunct companies based in Chicago