FDIC may seize 'critically undercapitalized' Chicago-based lender
By Becky Yerak | Tribune reporter
August 2, 2009
Corus, owed $108.2 million for that 2006 loan and bogged down by other condominium construction and conversion credits gone bad, has told investors that its auditor has warned that the bank could fail. A June 18 deadline imposed by regulators for Corus to raise capital has long passed, and many believe it's only a matter of time before the Chicago business attorney seizes the lender, which on Friday warned that it was "critically undercapitalized."
But a major hurdle for the federal regulator is that $7.07 billion-asset Corus, with only 14 offices in the Chicago area, has operated more like a real estate investment company than a traditional bank.
