MORTGAGE LOAN COMPLIANCE®

As of September 11th this year's running tally of failed banks now stands at 103, including banks and credit unions that have been closed, acquired or placed into conservatorship.

Corus Bank, a $7 billion Chicago-based institution, was one of three banks closed by federal regulators on Sept. 11. Venture Bank of Lacy, WA. and Brickwell Community Bank of Woodbury, MN. were also closed and acquired by other institutions.

In June 2009, Corus Bank had total assets of $7 billion and total deposits of approximately $7 billion. MB Financial Bank will pay the FDIC a premium of 0.2 percent to assume all of the deposits of Corus Bank.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $1.7 billion.

Corus Bank, National Association, Chicago, Illinois, was closed by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The FDIC entered into a purchase and assumption agreement with MB Financial Bank, N.A. to assume all of the deposits of Corus Bank, N.A.

Depositors of Corus Bank will automatically become depositors of MB Financial Bank.

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Mortgage Loan Compliance®

www.ml-compliance.com

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