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Regulators seize construction lender Corus Bank

CHARLOTTE, N.C. (AP) -- Federal regulators on Friday said they seized Corus Bancshares Inc., a major Chicago-based lender to condominium, office and hotel projects, adding it to the long list of banks that have succumbed this year to the recession and waves of loan defaults.

The Federal Deposit Insurance Corp. took over Corus Bank, which had $7 billion in total assets, and its deposits. The deposits will be assumed by MB Financial Inc., which is also based in Chicago.

Corus Bank's 11 branches will open on their next normally scheduled business day as branches of MB Financial Bank. Regular deposit accounts are insured up to $250,000.

The closure of Corus Bank, one of the largest banks to fail this year, will cost the FDIC $1.7 billion.

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Friday evenings seem to be a popular time for this....

-I favor extending to Israel the same honest friendship that Jefferson and the Founding Fathers urged us to offer to all nations. ...This means I also favor discontinuing foreign aid to governments that are actual or potential enemies of Israel,--Ron Paul

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