[Federal Register Volume 76, Number 94 (Monday, May 16, 2011)]
[Notices]
[Pages 28225-28226]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-11890]


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FEDERAL DEPOSIT INSURANCE CORPORATION


Determination of Insufficient Assets To Satisfy Claims Against 
Financial Institution in Receivership

AGENCY: Federal Deposit Insurance Corporation (FDIC).

ACTION: Notice.

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SUMMARY: The FDIC has determined that insufficient assets exist in the 
receivership of Corus Bank, N.A., Chicago, Illinois, to make any 
distribution to general unsecured claims, and therefore such claims 
will recover nothing and have no value.

DATES: The FDIC made its determination on May 10, 2011.

FOR FURTHER INFORMATION CONTACT: If you have questions regarding this 
notice, you may contact an FDIC Claims Agent at (972) 761-8677. Written 
correspondence may also be mailed to FDIC as Receiver of Corus Bank, 
N.A., Attention: Claims Agent, 1601 Bryan Street, Dallas, Texas 75201.

SUPPLEMENTARY INFORMATION: On September 11, 2009, Corus Bank, N.A., 
Chicago, Illinois, (FIN 10117) was closed by the Office of the 
Comptroller of the Currency (``OCC''), and the Federal Deposit 
Insurance Corporation (``FDIC'') was appointed as its receiver

[[Page 28226]]

(``Receiver''). In complying with its statutory duty to resolve the 
institution in the method that is least costly to the deposit insurance 
fund (see 12 U.S.C. 1823(c)(4)), the FDIC facilitated a transaction in 
which MB Financial Bank, N.A., Chicago, Illinois, assumed all of the 
deposits and a portion of the assets of the failed institution.
    Section 11(d)(11)(A) of the Federal Deposit Insurance Act, 12 
U.S.C. 1821(d)(11)(A), sets forth the order of priority for 
distribution of amounts realized from the liquidation or other 
resolution of an insured depository institution to pay claims. Under 
the statutory order of priority, administrative expenses and deposit 
liabilities must be paid in full before any distribution may be made to 
general unsecured creditors or any lower priority claims.
    As of December 31, 2010, the value of assets available for 
distribution by the Receiver, together with anticipated recoveries, was 
$1,485,477,307. As of the same date, administrative expenses and 
depositor liabilities equaled $2,599,960,134, exceeding available 
assets and potential recoveries by at least $1,114,482,827. 
Accordingly, the FDIC has determined that insufficient assets exist to 
make any distribution on general unsecured creditor claims (and any 
lower priority claims) and therefore all such claims, asserted or 
unasserted, will recover nothing and have no value.

    Dated: May 11, 2011.
Robert E. Feldman,
Executive Secretary.
[FR Doc. 2011-11890 Filed 5-13-11; 8:45 am]
BILLING CODE 6714-01-P