CHICAGO-Locally-based Corus Bank N.A. was closed by regulators on Friday. The failure of Corus, as well as Woodbury, MN-based Brickwell Community Bank, brings the total number of bank failures to 93 for the year. The Corus failure is the largest bank failure of the year.

Executives with the Federal Deposit Insurance Corp. said that as of the end of June, the bank–which was a major lender for condo developments–had $7 billion in assets and $7 billion in deposits.

MB Financial Bank has entered into a purchase and assumption agreement in order to take over Corus’ deposits according to FDIC officials. Reports state that MB will pay a 0.2% premium for the deposits and will also buy roughly $3 billion of assets. MB owned about $8 billion in assets before the Corus deal.

The remaining assets will be sold off by the FDIC over the next 30 days. Corus operated 11 branches throughout Illinois.

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