Corus Bank, N.A., headquartered in Chicago, Illinois, was closed by the OCC and the FDIC was named as receiver. As receiver, the FDIC entered into a purchase and assumption agreement with MB Financial Bank, N.A., also headquartered in Chicago, Illinois, to assume all the deposits of Corus Bank for a 0.2% premium.

As of June 30, 2009, Corus Bank had total assets of $7 billion and total deposits of approximately $7 billion. MB Financial Bank also agreed to purchase approximately $3 billion of the failed bank’s assets, with the FDIC retaining the remaining assets for later disposition. The FDIC stated that it plans to sell nearly all of the remaining assets of Corus Bank in the next 30 days in a private placement transaction.

The FDIC estimates that the cost to the Deposit Insurance Fund will be $1.7 billion. Corus Bank is the 90th bank to fail in the nation this year and the 16th in Illinois.