Business

Corus enters bankruptcy court protection

Posted June 14, 2010 11:00 pm

Corus Bankshares Inc., the holding company whose bank was taken over by regulators in September, sought bankruptcy protection from creditors.

The company today listed assets of $314.1 million and debt of $532.9 million in Chapter 11 documents in U.S. Bankruptcy Court in Chicago.

The Corus bank had 80 branches and $7 billion in deposits that were transferred to MB Financial Inc. in a transaction estimated at the time of the September takeover to cost the Federal Deposit Insurance Corp. $1.7 billion.

Michael Minnaugh, Corus chief financial officer, gave notice of his resignation on June 11, the company said today in a filing with the U.S. Securities and Exchange Commission. The resignation is effective June 30.

The case is In re Corus Bankshares Inc., 10-26881, U.S. Bankruptcy Court, Northern District of Illinois (Chicago)

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