Downtown condos: Sales dismal, but development winds down Nov 10, 2009
Chicago-based MB Financial Inc., for instance, has offered 95% financing at below-market rates for buyers at Silver Tower, SoNo and CA23, three downtown projects that the bank helped finance. Related story. (Crain's Chicago Business)
MB Financial Declares Penny-Per-Share Dividend Nov 1, 2009
Bank holding company MB Financial Inc. declared a dividend of a penny per share late Friday, unchanged from the quarter before. The dividend is payable Nov. 30 to shareholders on record as of Nov. 16. (ABC News -- Wire)
Spire's $118M construction loan is sold Oct 9, 2009
The FDIC quickly entered an agreement with MB Financial Bank NA of Chicago to take over all Corus deposits. MB is also buying $3 billion worth of Corus assets, mainly cash and marketable securities. (Denver Business Journal, CO)
Group wins auction for Corus loans, assets Oct 8, 2009
MB Financial had previously agreed to buy about $7 billion of Corus' deposits and $3 billion of its other assets comprised mainly of cash and marketable securities. The rest of the assets were auctioned off separately and attracted eight bidders, the FDIC said. (Crain's Chicago Business)
Skadden, Paul Weiss Lead Unusual FDIC Deal for Bad Corus Loans Oct 8, 2009
The FDIC previously sold Corus's $7 billion in deposits and about $3 billion in healthy assets to MB Financial in a separate deal, Reuters says. It is unusual for the FDIC to break up a defunct bank in this way, Reuters reports. (Law.com)
FDIC Sells Stake in Corus Bank Assets Oct 7, 2009
Chicago-based MB Financial Inc. took on Corus Bank's deposits, re-opened its branches under the MB Financial Bank name, and agreed to buy about $3 billion of its assets. The Starwood transaction, expected to close in mid-October, completes the sale of the majority of the remaining assets of Corus Bank. (ABC News -- Wire)
Starwood Capital takes over failed Corus Oct 7, 2009
Corus s 11 branches reopened this week as branches of MB Financial Bank, which agreed to assume Corus Bank s deposits and purchase about $3 billion of the assets, mostly cash and marketable securities. Corus Bank was the lender for 76 condominium construction projects in seven states, including Hawaii, and Washington, D.C., totalling $3. (Pacific Business News, HI)
Starwood, TPG Make Winning Corus Bid in Jostle for Cheap Real Estate Loans Oct 7, 2009
As part of the transaction, MB Financial Bank, which has more than 80 branches in the Chicago area, agreed to acquire Coruss $7 billion deposits and take over its 11 branches. The bank, incorporated in 1958, held $3. (Bloomberg -- US)
Starwood wins Corus assets Oct 7, 2009
MB Financial acquired Corus deposits and branches. Corus failed under a loan portfolio built almost exclusively around condo projects in once-hot housing markets in California, Florida, Georgia and elsewhere. (South Florida Business Journal, FL)
Corus loans likely to be bought by Starwood group: report Oct 3, 2009
On Sept. 11, the FDIC seized the bank, a unit of Corus Bankshares, and sold its deposits to MB Financial Inc., leaving the bulk of its assets to be sold later in a private placement. The private equity firms and an FDIC spokesman declined to comment. (Crain's Chicago Business)
Corus Bank loan buyer could resell loans Oct 1, 2009
The seized the Chicago-based lender on Sept. 11 and gave its banking operations to MB Financial. But it is mulling bids for the bank s troubled loan portfolio, which includes major properties in South Florida. (South Florida Business Journal, FL)
MB Financial completes $201M stock offering Sep 19, 2009
He said regulators didnt force MB Financial to raise the equity due to the Corus Bank deal. Last week, MB Financial assumed Corus 11 branches and $6 ... Due to the capital raise, MB Financial said it has notified the Treasury Department that the number of common shares underlying the warrant it issued under terms of the government's TARP Capital Purchase Plan will be reduced by 50 percent to 506,024 shares. (Crain's Chicago Business)
Feds take over lender for Waikiki condo project Sep 19, 2009
Corus s 11 branches reopened this week as branches of MB Financial Bank, which agreed to assume Corus Bank s deposits and purchase about $3 billion of the assets, mostly cash and marketable securities. The remaining assets, including construction loans, will be sold in the next 30 days through a private placement transaction, the FDIC said. (Pacific Business News, HI)
OCC closes Spire lender Corus Bank Sep 16, 2009
The FDIC already has entered an agreement with MB Financial Bank NA of Chicago to take over all Corus deposits. MB is also buying $3 billion worth of Corus assets, mainly cash and marketable securities. (Denver Business Journal, CO)
Developer bails on Wicker Park project Sep 15, 2009
The loan on the Milwaukee Avenue property, held by Chicago-based MB Financial Bank, in May had its maturity date extended until the sales closing, which took place Aug. 17, records show. What do you think. (Crain's Chicago Business)
MB Financial girds itself with $175M equity offer Sep 15, 2009
6 billion in deposits, Chicagos MB Financial announced that its raising $175 million in equity as the lender replenishes its war chest ... He said regulators didnt force MB Financial to raise the equity due to the Corus deal ... Mr. Feiger also said MB Financial didnt intend to use the proceeds from the equity infusion to redeem the preferred shares it sold to the Treasury Department as part of the federal Troubled Asset Relief Program. (Crain's Chicago Business)
Report: Citigroup plans to pare US stake Sep 15, 2009
The deposits will be assumed by MB Financial Inc., also based in Chicago. Corus Bank's 11 branches will open on their next normally scheduled business day as branches of MB Financial Bank. (Fresno Bee -- Business)
* Bussiness Quick Take Sep 13, 2009
US regulators seized Corus Bank on Friday in the fourth-largest bank failure this year and sold its deposits to MB Financial Bank. Long controlled by the Glickman family, Chicago-based Corus Bank crumbled under the pressure of bad loans on commercial real estate and condominium developments in Arizona, southern California, southern Florida and Nevada. (Taipei Times, Taiwan -- World Business)
Regulators Close 3 More Banks Sep 13, 2009
Its 11 branches will open on their next normally scheduled business day as branches of MB Financial Bank. The closure of Corus Bank, one of the largest banks to fail this year, will cost the FDIC $1. (KWTX.com, TX)
State seeks execution for 2 in Ore. bank bombing Sep 13, 2009
The deposits will be assumed by MB Financial Inc., also based in Chicago. Corus Bank's 11 branches will open on their next normally scheduled business day as branches of MB Financial Bank ... The deposits will be assumed by MB Financial Inc., also based in Chicago. (Fresno Bee -- Nation)
Delta Air may help JAL for stake, Tokyo access Sep 13, 2009
The deposits will be assumed by MB Financial Inc., which is also based in Chicago. The closure of Corus Bank, one of the largest banks to fail this year, will cost the FDIC $1. (Honolulu Advertiser)
Condo loans up for grabs as Corus fails Sep 13, 2009
MB Financial Bank of Chicago is assuming Corus Bank s 11 branches and $3 billion in cash and marketable securities. That would leave about $4 billion more in assets, which the FDIC plans to sell within 30 days in a private placement. (South Florida Business Journal, FL)
Regulators Seize Construction Lender Corus Bank Sep 12, 2009
The deposits will be assumed by MB Financial Inc., also based in Chicago. Corus Bank's 11 branches will open on their next normally scheduled business day as branches of MB Financial Bank ... Besides assuming the deposits of Corus Bank, MB Financial agreed to buy about $3 billion of its assets. (ABC News -- Business)
Corus Bank, Brickwell Community Bank Become Latest Failures Sep 12, 2009
Regulators shut down Chicago-based Corus Bank (CORS) the second largest bank to fail this year and turned most of its assets over to MB Financial (MBFI). The bank, which did much of its business in commercial real-estate loans, had $7 billion in assets and $7 billion in deposits as of June 30, according to a statement issued by the FDIC. The cost to the FDICs Deposit Insurance Fund is estimated to be $1. (Fox News)
MB Financial to take over Corus Bank branches Sep 12, 2009
Chicago-based MB Financial, with more than $8 billion in assets and over 70 branches in the city and suburbs, will immediately add Corus 11 branches to its network. The Corus branches will open Saturday under the MB Financial name ... MB Financial will also purchase $3 billion of Corus $7 billion in assets, most of which are securities. (Crain's Chicago Business)
Condo lender Corus Bank fails Sep 12, 2009
MB Financial will also acquire approximately $3 billion of the failed bank s $7 billion in assets, regulators said in a statement. The cost to the Deposit Insurance Fund, which has already taken a beating this year, is estimated at $1. (Atlanta Business Chronicle, GA)
Business briefs Sep 12, 2009
US regulators closed Chicago-based lender Corus Bank and sold its deposits to MB Financial Bank, marking the 90th US bank to fail this year ... US regulators closed Chicago-based lender Corus Bank and sold its deposits to MB Financial Bank, marking the 90th US bank to fail this year. (New York Post -- Business)
U.S. Regulators Close Corus Bank, to Sell Assets Later Sep 12, 2009
WASHINGTON/NEW YORK (Reuters) - U.S. regulators seized Corus Bank on Friday in the fourth-largest bank failure this year and sold its deposits to MB Financial Bank ... Left behind in the wake of Corus Bank were 11 retail branches in the Chicago area, which are expected to reopen on their next business day as branches of MB Financial bank ... Depositors of Corus Bank will automatically become depositors of MB Financial. (ABC News -- Business)
MB Financial shares up on analysts' ratings Sep 10, 2009
MB Financial shares rise on analysts' ratings ... Analysts Anthony Davis and Mark Livesay raised their rating on MB Financial to "Buy" from "Hold," and set a price target of $19, implying they expect the stock to rise 30 percent in the next year from its Tuesday close at $14 ... "With a talented management team that has a history of successfully structuring and executing acquisitions, we think MB Financial will be one of the long term winners of Chicago's consolidation," the analysts said. (Crain's Chicago Business)
Five Banks - Four in Midwest, One in AZ - Fail Sep 7, 2009
The deposits of InBank of Illinois will be taken over by MB Financial Bank of Chicago, except for certain brokered deposits, and essentially all of InBanks assets will be purchased by MB, the FDIC said ... MB Financial has agreed to accept the direct deposit of government payments made to Platinum customers, such as Social Security and veterans payments ... Customers must use MB Financial's branch located at 2251 Plum Grove, Palatine, Ill. (Fox News)
List of US banks closed jumps to 89 Sep 5, 2009
Nearly all of InBank's deposits will be assumed by MB Financial Bank in Chicago. Some brokered deposits won't be assumed by MB Financial Bank ... InBank's three branches were to reopen Saturday as MB Financial Bank branches. (India Times)
Planned Oak Park project faces foreclosure Sep 3, 2009
Another lender, MB Financial Bank, sued a separate Mr. Troyanovsky-led venture March 10, seeking to collect more than $2. 8 million on a residential project near Lake and Marion streets. (Crain's Chicago Business)
Developer faces 2 more foreclosure suits Aug 13, 2009
(Crains) MB Financial Bank has sued to collect more than $21 million on two suburban retail developments owned by Steven Panko, who already faces foreclosure suits on development sites ... Separately, MB Financial is seeking to collect almost $4. (Crain's Chicago Business)
MB Financial sells card processing unit Aug 12, 2009
MB Financial said it expects to recognize a pretax gain of about $10 ... MB Financial also entered into a revenue sharing agreement with Elavon to offer merchant card processing services on a going forward basis ... MB Financial, Inc. (MB Financial) is a financial holding company with 72 banking offices located; Thomas HarveyChairman of the Board Mitchell FeigerPresident, Chief Executive Officer, Director From The Lists Your resource for everything related to business in Chicago. (Crain's Chicago Business)
BofA Talking Restructuring With Fontainebleau Apr 29, 2009
Also named in the lawsuit are Barclays Bank PLC, Royal Bank of Scotland PLC, Sumitomo Mitsui Banking Corporation New York, Bank of Scotland, HSH Nordbank AG, Camulos Master Fund LP and MB Financial Bank, N.A.. Fontainebleau has already borrowed more than $2 billion. (ABC News -- Wire)
When Stories Collide Mar 18, 2009
The way this bank closing took place, no depositor lost money whether they were insured or not, because another company called MB Financial bought all the deposits. It is a great statistic that no one has lost a dime off any insured deposit since the FDIC was founded. (CBS News -- 60 minutes)
Your Bank Has Failed: What Happens Next? Mar 7, 2009
Then they alert the media and the bank opens the next day, in this case under the name of the new owner, MB Financial, which bought the bank in a secret auction ... MB Financial is now in control and it's almost as if nothing happened ... The cost to the FDIC insurance fund of taking over Heritage and making a deal with MB Financial to buy it could end up costing $41 million and none of that money comes from taxpayers. (CBS News -- 60 minutes)
Regulators Close Banks in Illinois, Nevada Mar 1, 2009
MB Financial Bank of Chicago agreed to assume all of Heritage's deposits, including those from brokers. All four of Heritage's branches will reopen on Saturday as branches of MB Financial ... Additionally, MB Financial agreed to buy $230. (ABC News -- Wire)
Heritage Bank second to fail in Chicago Feb 28, 2009
Chicago-based commercial bank MB Financial Inc. was the winning bidder for Heritages deposits and branches in Glenwood, Dolton, Homewood and west suburban Westmont. MB Financial agreed to purchase $230 ... When the former Heritage branches open on Saturday, customers accounts will have been transferred to MB Financial, the FDIC announced. (Crain's Chicago Business)
U.S. Regulators Seize Banks in Illinois, Nevada Amid Deepening Recession Feb 28, 2009
MB Financial agreed to acquire $230. 5 million of Heritage Communitys assets at a discount of $14. (Bloomberg -- US)
