SAN FRANCISCO (MarketWatch) -- Regulators closed three more banks Friday, 11th September bringing the 2009 total to 92.
Closings announced by the Federal Deposit Insurance Corp.:
Chicago-based Corus Bank, (CORS 0.26, -0.07, -21.26%) which had $7 billion in assets and $7 billion in deposits as of June 30, the FDIC said. The bank's deposits have been assumed by MB Financial Bank, the FDIC added. MB Financial (MBFI 17.03, +0.52, +3.15%) will pay the FDIC a premium of 0.2% to assume all of the failed bank's deposits, and has agreed to purchase roughly $3 billion of its assets, "comprised mainly of cash and marketable securities," the regulator said. Reports of Corus Bank's failure had surfaced earlier Friday. The Corus failure will cost the federal deposit-insurance fund $1.7 billion.
Venture Bank, Lacey, Wash., which as of July 28 had total assets of $970 million and total deposits of $903 million according to the FDIC. The FDIC said First-Citizens Bank & Trust Co., Raleigh, N.C., will assume all of the deposits of Venture Bank; will buy $874 million of the assets and entered into a share-loss transaction for $715 million of the assets. The FDIC said it will retain the remaining assets for later disposition. It estimated the cost to the deposit insurance fund at $298 million. Venture Bank, based in an Olympia suburb, is the third in Washington to fail this year and the first since Westsound Bank in Bremerton on May 8.
Brickwell Community Bank, Woodbury, Minn., which had $72 million in assets and $63 million in deposits as of July 24, according to the FDIC. Its deposits have been assumed by Mitchell, S.D.-based CorTrust Bank. Brickwell, based in a Minneapolis-St. Paul suburb, is the third bank to fail in Minnesota this year and will cost the deposit-insurance fund $22 million.
The closures have cost the federal deposit-insurance fund more than $1.7 billion as the credit crisis continues claiming victims.
Closings announced by the Federal Deposit Insurance Corp.:
Chicago-based Corus Bank, (CORS 0.26, -0.07, -21.26%) which had $7 billion in assets and $7 billion in deposits as of June 30, the FDIC said. The bank's deposits have been assumed by MB Financial Bank, the FDIC added. MB Financial (MBFI 17.03, +0.52, +3.15%) will pay the FDIC a premium of 0.2% to assume all of the failed bank's deposits, and has agreed to purchase roughly $3 billion of its assets, "comprised mainly of cash and marketable securities," the regulator said. Reports of Corus Bank's failure had surfaced earlier Friday. The Corus failure will cost the federal deposit-insurance fund $1.7 billion.
Venture Bank, Lacey, Wash., which as of July 28 had total assets of $970 million and total deposits of $903 million according to the FDIC. The FDIC said First-Citizens Bank & Trust Co., Raleigh, N.C., will assume all of the deposits of Venture Bank; will buy $874 million of the assets and entered into a share-loss transaction for $715 million of the assets. The FDIC said it will retain the remaining assets for later disposition. It estimated the cost to the deposit insurance fund at $298 million. Venture Bank, based in an Olympia suburb, is the third in Washington to fail this year and the first since Westsound Bank in Bremerton on May 8.
Brickwell Community Bank, Woodbury, Minn., which had $72 million in assets and $63 million in deposits as of July 24, according to the FDIC. Its deposits have been assumed by Mitchell, S.D.-based CorTrust Bank. Brickwell, based in a Minneapolis-St. Paul suburb, is the third bank to fail in Minnesota this year and will cost the deposit-insurance fund $22 million.
The closures have cost the federal deposit-insurance fund more than $1.7 billion as the credit crisis continues claiming victims.
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