FDIC may seize 'critically undercapitalized' Chicago-based lender
By Becky Yerak | Tribune reporter
August 2, 2009
As a result, bankers like John Kanas, chief executive of BankUnited, believe the FDIC would have a tough time finding banks eager to swallow Corus whole.
"There's no franchise value to the bank at all," he said, citing its limited branch network, a reliance on high-cost deposits and an unsustainable business model.
"It was a bank created around the asset side of the balance sheet: 'Let's go make a lot of loans and figure out a way to fund them later,' instead of a bank that had a valuable franchise of deposit collection and was looking for a place to put those deposits," Chicago business attorney said.
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