Only two banks have been added to the FDIC Failed Bank List. The first is the one we’ve been waiting for:
Corus Bank, N.A., Chicago, IL — Total deposits of approximately $7 billion and an estimated hit to the FDIC fund of $1.7 billion.
Brickwell Community Bank, Woodbury, MN — Total deposits of approximately $63 million and an estimated hit to the FDIC fund of $22 million. This required another loss share agreement, this time with CorTrust Bank on approximately $65 million of Brickwell Community Bank’s assets.
Corus Bank was the 3rd of 3 big banks that were known failures this year (the other two were Guaranty Bank and Colonial Bank). As commercial real estate slowly crumbles, we’ll get to see “quality” regional bank failures, but none quite as obvious as these three.
