It has got one of those new-fangled bank names, but old-timers will recall that Corus Bankshares has its more staid roots as the old River Forest State Bank and Trust Co.
Those sturdy days of taking rich River Foresters money, making a few mortgages and taking Wednesday afternoons off, might look more appealing at the moment to the family that still owns the largest piece of the bank.
The Glickmans are riding the housing downturn hard with share prices down by 42 percent over the past year, according to a Thursday report by the Sun-Times.
In the heady days, the ones that ended with a thump about 45 days ago, not a week would go by without our fax machine cranking out another press release touting Corus’ latest multi-million, often tens of millions, backing of a very large condo project . Those projects were typically far away from the bank’s humble origins on Lake Street in River Forest. Most often the loans went to California or Florida.
As the Sun-Times reported, Corus went deep and heavy into the residential condo market, making it the lynchpin of its strategic lending. Glickman reportedly told investors in July that the short term hit would be substantial but that the bank would we poised for an eventual condo comeback.