WASHINGTON – Bank regulators shut three more banks Friday, including $7 billion Corus Bank, the Chicago-based lender to condominium development developments in the so-called Sand states.
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The FDIC, which sold the good assets of Corus to MB Financial Bank in Chicago, expects the failure to cost its insurance fund as much as $1.7 billion to resolve. Corus had $3.9 billion in condominium construction loans.
The two other banks shuttered Friday–making a total of 92 failures so far in 2008–were Venture Bank, a $970 million Lacey, Wash., institution, and Brickwell Community Bank, a $72 million bank in Woodbury, Minn. The FDIC figures those two failures will cost it $298 million and $22 million, respectively.
