Regulators close banks in Illinois and Minnesota; 91 bank failures so far this year

MB Financial to take over Corus Bank branches

CHARLOTTE, N.C. — Federal regulators on Friday said they seized Corus Bancshares Inc., a Chicago lender to condominium, office and hotel projects, adding it to the long list of banks that have succumbed this year to the recession and waves of loan defaults.

The Federal Deposit Insurance Corp. took over Corus Bank, which had $7 billion in total assets, as well as in deposits. Its deposits will be assumed by MB Financial Inc., which is 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 FDIC, an independent agency that seeks to maintain stability and public confidence in the financial system, also shut down Brickwell Community Bank in Woodbury, Minn., with $72 million in assets and about $63 million in deposits.

The number of banks that have failed this year stands at 91.

Brickwell’s deposits will be assumed by CorTrust Bank, based in Mitchell, S.D. Its branches will reopen Saturday as offices of CorTrust Bank.