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billddrummer
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Banking financial analyst for nearly 25 years, play jazz/funk drums as a hobby (hence the pseudonym). Caught by the foreclosure swoon in Northern NV and looking to recapture my financial footing through short-term, low cost trading. My investment interests include residential and commercial... More
My book:
Missing Pieces-It's Always a Full Moon in Reno
  • Corus Bank (Finally) Fails 0 comments
    Sep 12, 2009 11:44 PM | about stocks: CORS
    On 9/11/09, CORS was closed by the FDIC, and deposits were taken over by MB Bank & Trust.

    CORS sank because of too many bad condo conversion and development loans outside of its service area--NV, AZ, CA, FL--even though the bank was headquartered in MN.

    It also offered some of the highest interest rates on deposits of any bank in the country.

    For the last 3 quarters, its interest expense exceeded its interest income.

    Nearly 75% of its portfolio was nonperforming, according to the most recent financial statements (March 2009--2nd quarter financials were late).

    The FDIC estimates the cost of the closure at $1.2 billion.

    I'm surprised it lasted this long.
    Stocks: CORS
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