In large saucepan or Dutch oven, melt butter over medium-high heat. Add onions and peppers; salt and pepper to taste. Sauté until softened (about 3-5 minutes).
Whisk in flour and cook 1 minute, whisking constantly. Whisk in broth; bring to a boil. Whisk in cream cheese; whisking until melted and smooth. Slowly whisk in Cheddar cheese, allowing to completely melt between additions.
Stir in drained corn, half & half and thyme; salt and pepper to taste. Gently simmer until heated through (do not boil).
Tip: Garnish with additional shredded cheese, sliced green onions and bacon crumbles, if desired.
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