Mitchell Feiger, president and CEO of MB Financial, Inc. (NASDAQ: MBFI)
announced that MBFI’s subsidiary, Chicago-based MB Financial Bank, N.A.,
acquired the deposits of Chicago-based Corus Bank at the close of
business today in a transaction facilitated by the Federal Deposit
Insurance Corporation (FDIC). MB Financial Bank 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.
"This is our third FDIC transaction this year and we are pleased to
provide a safe and secure home at MB for Corus customers," says Feiger.
"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.”
According to Feiger, 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.
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.
"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,” adds Feiger. "MB looks forward to serving the
banking needs of Corus’ local retail and business customers.”
As of Aug. 31, 2009 Corus had total deposits of approximately $6.6
billion. MB will assume all the deposits of Corus, except approximately
$84.0 million of brokered deposits associated with Cede & Co as nominee
for Depository Trust Company (DTC). The FDIC will pay the brokers
directly for these accounts. In addition, MB agreed to purchase Corus’
investment grade securities and approximately $47 million of local
consumer and small business loans.
Customers who have questions about today's transaction can call the FDIC
toll-free at 1.800.823.5017. The phone number will be operational this
evening until 9 p.m., CDT; on Saturday from 9 a.m. to 6 p.m., CDT; on
Sunday from noon to 6:00 p.m., CDT; and thereafter from 8:00 a.m. to
8:00 p.m., CDT. Interested parties can also visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/corus.html.
MB Financial, Inc. will host a conference call at 8:00 a.m. CDT on Sept.
14, 2009. The number to call in the United States is 1.866.783.2142
(Passcode: 46200733). If this time is inconvenient, a digital recording
will be available two hours after the conference from Sept. 14 to Sept.
21, 2009 by dialing into 1.888.286.8010 in the United States (Passcode:
25010729). This call is being webcast and can be accessed via the
company’s web site at www.mbfinancial.com
under Investor Relations.
MB Financial Bank is a locally-operated financial institution that has
been delivering competitive personalized service for nearly 100 years to
businesses and individuals who live and work in the Chicago metropolitan
area. MB Financial Bank has over 80 locations throughout the Chicagoland
area.
MB Financial Bank is the Illinois local operating unit of MB Financial,
Inc., a financial services holding company which is traded on the NASDAQ
as "MBFI." MB Financial, based in Chicago, has more than $10 billion in
assets. Information about MB Financial can be found at www.mbfinancial.com.
Safe Harbor Statement: Statements in this press release that are not
historical facts are "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. By their nature,
such statements are subject to numerous factors that could cause actual
results to differ materially from those anticipated in such statements,
as discussed in MB Financial Inc.’s filings with the Securities and
Exchange Commission.
