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.
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.