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MB Financial Bank Acquires Deposits Of Corus Bank

Looks forward to serving Corus Bank’s local retail and business customers

MB Financial Bank has acquired the deposits of Chicago-based Corus Bank. The transaction is facilitated by the Federal Deposit Insurance Corporation (FDIC). However, MB Financial did not acquire Corus’ commercial real estate loans or loans and other real estate owned related to Corus’ construction lending business. These loans have been retained by the FDIC.

It has been reported that the attractively situated north side of Chicago branches of Corus bridge the gap between MB’s strong downtown presence and the northern suburbs. In addition, the well established River Forest, Wheeling, Calumet City and Niles locations complement MB’s strong suburban branch network. The approximately $2 billion in local deposits are expected to provide a great source of funding for MB’s commercial banking business. Reportedly, the 11 branches of Corus will reopen as MB Financial Bank branches on their next normally scheduled business day. Corus customers should continue to bank as usual.

Mitchell Feiger, president and CEO of MB Financial, said: “This is our third FDIC transaction this year and we are pleased to provide a safe and secure home at MB for Corus customers. Our top priority is to assure customers that their deposits are safe and remain readily available to them. MB has been part of Chicago-area banking for nearly 100 years and has a healthy balance sheet and a strong capital and liquidity position.”

“Once we consolidate Corus and MB computer operating systems, all customers will have access to over 80 locations; our Telephone Banking Center, which is open seven days a week; our Internet Banking systems and our ATM network. MB looks forward to serving the banking needs of Corus’ local retail and business customers,” Mr. Feiger added.

MB Financial Bank is a locally-operated financial institution that has been delivering personalized services to businesses and individuals in the Chicago metropolitan area.