Closed Friday, September 11, 2009 · Chicago, Cook County, Illinois
Corus Bank, N.A.
By total assets Corus Bank, N.A. is the 28th-largest of the 3,375 bank failures since 1934 for which the FDIC records a size, counted in dollars of the day. No failed bank in Illinois was larger, of 185 on record there since 1934. The FDIC records no estimated loss to the Deposit Insurance Fund from this failure.
On the books, 2001 to 2009
Total assets peaked at $9.8 billion in the fourth quarter of 2006 and were 29% lower at the final report. In the three years to the fourth quarter of 2006, its assets grew 184%. Equity capital went from 13% of assets in the third quarter of 2001 to below zero at the last report. By then 71% of its loans were 90 days or more past due or no longer accruing interest. The deepest annual loss, $779 million, was booked in 2009 in only part of the year.* 2009: January to June only, the last report before closing.
Size against the other 2009 failures
Total assets of each 2009 failure, log scale; Corus Bank in red.
By assets it ranked seventh of the 140 failures in 2009. Across the failures of 2009, the median estimated loss came to 27% of assets. In the size ranking of that year, just above it was California National Bank of Los Angeles, California ($7.8 billion, loss 2.3% of assets); just below, First Federal Bank of California, F.S.B. of Santa Monica, California ($6.1 billion, no estimated loss). Every 2009 failure in the explorer.
Two other banks closed that day; the largest was Venture Bank of Lacey, Washington, at $968 million.
Failures in Illinois
In 2009 regulators closed 21 banks in Illinois; this was the 16th. The previous failure there was Platinum Community Bank of Rolling Meadows, on September 4, 2009. The next was First DuPage Bank of Westmont, on October 23, 2009. Cook County has 77 failed banks on FDIC record since 1934. Closest in time: Mutual Bank (2009), InBank (2009), Platinum Community Bank (2009), Park National Bank (2009), Community Bank of Lemont (2009).