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Corus Bankshares Receives Going-concern Notice

In January, Corus reported a net loss of $261 million in the fourth quarter.

The bank also received a preliminary response from the Treasury Department that it rejected Corus' application for cash under the $700 billion Troubled Asset Relief Program intended to help banks weather the current financial crisis.

Shares of Corus closed down 2.5 cents, or 9.3 percent, at 24.5 cents.

In addition, the company said it received on April 1 a letter from Nasdaq indicating that it had failed to comply with the continued listing requirements when it failed to timely file its annual report by March 31.

The report was filed April 7. As a result of the filing, the company received a letter from Nasdaq saying that it is now in compliance

Corus Bankshares is a Chicago-based bank holding company. Corus Banks is a nationwide construction lender, specializing in condominium, office, hotel, and apartment projects.

Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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