Seeking Alpha

billddrummer's  Instablog

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. Work experience includes a stint in the residential mortgage... More
  • Corus Bank (Finally) Fails
    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.
    Tags: CORS
    Sep 12 11:44 pm | Link | Comment!
Full index of posts »
Latest Followers

StockTalks

  • Long BBY in their ESPP because I think the company has made the necessary adjustments to succeed in the 'new normal' retail environment.
    Jun 16, 2009
More »
Posts by Ticker
CORS
Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.