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Friday, July 17, 2009

Bloomberg: Regulators Poised to Seize Corus

by Calculated Risk on 7/17/2009 01:00:00 AM

Just a little preview for BFF ...

From Bloomberg: Corus Bankshares May Be Seized as FDIC Weighs Potential Bidders

U.S. regulators are poised to seize Corus Bankshares Inc., the Chicago lender crippled by loans for condominium construction, and are preparing to auction the entire company or its assets, people briefed on the matter said.
Corus’s fate has shifted into the hands of the FDIC because the lender and its financial adviser, Bank of America Corp., haven’t found a buyer willing to complete a deal in the absence of government assistance.
Note: Corus had $7.7 billion in assets at the end of Q1.

Guaranty Financial (another candidate for BFF) had $15.4 billion in assets at the end of Q3 2008. They have been filing NT forms since Q3 (Notification of inability to timely file).