Market Currents

• Friday, October 2, 2009

• 15:47 PM Starwood Capital's group is the likely winner in the auction of failed Corus Bank's (CORS) $5B of condo loans and other assets, what remained after MB Financial (MBFI) assumed $6.6B in deposits. The loans are still distressed and the FDIC will take a 60% stake in the partnership of the auction winner. Comment!

• Friday, September 11, 2009

• 19:46 PM MB Financial (MBFI) assumes deposits of Corus Bank (CORS), seized by regulators in the year's 90th bank failure. The eleven Corus branches will reopen as MB Financial branches on their next business day. MB Financial assumes all $7B in deposits and will purchase $3B in assets; the FDIC will sell remaining $4B in assets in the next 30 days. Estimated cost to the DIF: $1.7B. Comment!
• 18:04 PM Chicago's MB Financial (MBFI) will take over the assets and some deposits of Corus Bank (CORS), Crain's reports. Most assets will be sold to PE and real estate outfits in coming weeks. MB Financial has more than $8B in assets and 70 branches; Corus, whose failure has been in the cards for some time, has $7B in deposits, mostly high-rate Internet CDs. After hours: MBFI -3.1%, CORS +7.6%. Comment!