This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Corus Bankshares Receives Going-concern Notice

CHICAGO (AP) ¿ Corus Bankshares Inc. said Tuesday its audited financial statements for the fiscal year included in the company's annual report contained a going-concern qualification from its accountants.

The announcement is required by Nasdaq rules, which require separate disclosure of receipt of an audit opinion containing a going-concern qualification.

A going-concern qualification refers to the auditor's assessment of a company's ability to continue to operate for the foreseeable future.

In February, the bank said losses on condominium construction loans was forcing it to seek out new sources of capital in a housing market that has performed worse than the company expected.

Agreements with the Federal Reserve Bank of Chicago and a related consent order with the Office of the Comptroller of the Currency set minimum capital levels for Corus and its banking unit. The agreements subject Corus to limits on the maximum interest rate it could pay on deposits and restrictions on paying dividends or making capital distributions. They also include several requirements related to load administration as well as procedures for managing the bank's growing portfolio of foreclosed real estate assets.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
AAPL $124.75 0.00%
FB $80.78 0.00%
GOOG $524.05 0.00%
TSLA $206.79 0.00%
YHOO $44.45 0.00%


DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs