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<p  align="center"><font size="2" face="Times New Roman">As filed with the Securities and Exchange Commission on May 23, 2006</font></p>
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<font size="2" face="Times New Roman">Registration No. 333-_______</font></p>  </td>
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<font size="5" face="Times New Roman"><b>UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> </b></font>
<font size="3"><b>Washington, D.C.&#160; 20549</b></font></p>

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<font size="5" face="Times New Roman"><b>FORM S-8</b></font><br>
<font size="3" face="Times New Roman"><b>REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933</b></font></p>

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<font size="6" face="Times New Roman"><b>CORUS BANKSHARES,   INC.</b></font></p>  </td>
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<font size="2" face="Times New Roman"><i>(Exact name of registrant as specified in its   charter)</i></font></p>  </td>
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<font size="2" face="Times New Roman"><b>Minnesota</b></font></p>  </td>
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<font size="2" face="Times New Roman"><b>41-0823592</b></font></p>  </td>
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<font size="2" face="Times New Roman"><i>(State or other jurisdiction<br>   of incorporation or organization)</i></font></p>  </td>
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<font size="2" face="Times New Roman"><i>(I.R.S. Employer<br> Identification Number)</i></font></p>  </td>
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<font size="2" face="Times New Roman"><b>3959 N. Lincoln Avenue</b></font></p>  </td>
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<font size="2" face="Times New Roman"><b>Chicago, Illinois 60613</b></font></p>  </td>
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<font size="2" face="Times New Roman"><i>(Address of principal executive offices, Zip Code)</i></font></p>  </td>
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<font size="2" face="Times New Roman"><b>CORUS BANKSHARES, INC. 2006 STOCK   OPTION PLAN</b></font></p>  </td>
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<font size="2" face="Times New Roman"><i>(Full title of the plan)</i></font></p>  </td>
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<font size="2" face="Times New Roman"><b>Tim H. Taylor</b></font></p>  </td>
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<font size="2" face="Times New Roman"><b>Corus Bankshares, Inc.</b></font></p>  </td>
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<font size="2" face="Times New Roman"><b>3959 N. Lincoln Avenue</b></font></p>  </td>
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  <p  align="center"><font size="2" face="Times New Roman"><b>Chicago, Illinois 60613</b></font></p>  </td>
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<font size="2" face="Times New Roman"><i>(Name   and address of agent for service)</i></font></p>  </td>
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<font size="2" face="Times New Roman"><b>(773) 832-3088</b></font></p>  </td>
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<font size="2" face="Times New Roman"><i>(Telephone   number, including area code, of agent for service)</i></font></p>  </td>
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<font size="2" face="Times New Roman"><b>CALCULATION OF REGISTRATION FEE</b></font></p>
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<font size="1" face="Times New Roman"><b>Title of   each class of<br>   securities to be registered<sup>(1)</sup></b></font></p>  </td>
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<font size="1" face="Times New Roman"><b>Amount<br>   to be<br>   registered<sup>(1)</sup></b></font></p>  </td>
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<font size="1" face="Times New Roman"><b>Proposed<br>   maximum<br>   offering<br>   price per<br>   share<sup>(2)</sup></b></font></p>  </td>
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<font size="1" face="Times New Roman"><b>Proposed<br>   maximum<br>   aggregate<br>   offering<br>   price<sup>(2)</sup></b></font></p>  </td>
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<font size="1" face="Times New Roman"><b>Amount of<br>   registration fee<sup>(3)</sup></b></font></p>  </td>
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  <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman">Common Stock, $0.05 par value</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="2" face="Times New Roman">3,000,000</font></p>  </td>
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<font size="2" face="Times New Roman">$29.60</font></p>  </td>
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<font size="2" face="Times New Roman">$88,800,000</font></p>  </td>
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<font size="2" face="Times New Roman">$9,502</font></p>  </td>
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<font size="2" face="Times New Roman"><sup>(1)</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This   registration statement shall, in accordance with Rule 416(c) under the   Securities Act of 1933, as amended (the &#147;Securities Act&#148;), be deemed to cover   such additional shares as may be issued to prevent dilution resulting from   stock splits, stock dividends or similar transactions.</font></p>  </td>
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<font size="2" face="Times New Roman"><sup>(2)</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Estimated
solely for purposes of calculating the amount of the registration fee, pursuant
to paragraphs of (c) and (h) of Rule 457 under the Securities Act and computed
on the basis of the average of the high and low sales prices per share of the
Registrant&#146;s common stock, as reported on The Nasdaq Stock Market on May
19, 2006.&#160;</font></p> </td>
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<font size="2" face="Times New Roman">The Registration Statement shall become effective upon filing in accordance with Rule 462 under the Securities Act.</font></p>

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<font size="2" face="Times New Roman"><b>PART II</b></font></p>
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<font size="2" face="Times New Roman"><b>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</b></font></p>
<p>
<font size="2" face="Times New Roman"><b>Item 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incorporation of Documents by Reference.</b></font></p>
<p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The documents listed below have been filed with the Securities and Exchange Commission (the &#147;Commission&#148;) by Corus Bankshares, Inc. (the &#147;Company&#148; or &#147;Registrant&#148;) and are incorporated herein by reference:</font></p>

<p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company&#146;s Annual Report on Form 10-K for the fiscal year ended December 31, 2005;</font></p>
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<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company&#146;s Quarterly Report on Form 10-Q for the quarter ended March 31, 2006;</font></p>
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<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company&#146;s Current Reports on Form 8-K, filed with the Commission on January 18, 2006, February 15, 2006, March 8, 2006, March 31, 2006, April 17, 2006, April 24, 2006 and May 19, 2006; and</font></p>
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<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The description of the Company&#146;s common stock, $0.05 par value, contained in the Company&#146;s Registration Statement on Form 8-A filed with the Commission on April 13, 1972 pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;), (Registration No. 0-06136) and all amendments or reports filed for the purpose of updating such description.</font></p>
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<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, all documents subsequently filed by the Company with the Commission pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act prior to the filing by the Company of a post-effective amendment that indicates that all securities offered hereby have been sold, or that deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference in this Registration Statement and to be a part hereof from the date of filing such documents.&#160; </font></p>
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<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein or in any other subsequently filed document that also is or is deemed to be incorporated by reference herein modifies or supersedes such statement.&#160; Any such statements so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.</font></p>

<p><font size="2" face="Times New Roman"><b>Item 4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Description of Securities.</b></font></p>
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<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.</font></p>
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<font size="2" face="Times New Roman">1</font></p>

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<font size="2" face="Times New Roman"><b>Item 5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interests of Named Experts and Counsel.</b></font></p>
<p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None.</font></p>
<p>
<font size="2" face="Times New Roman"><b>Item 6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indemnification of Directors and Officers.</b></font></p>
<p>
<font size="2" face="Times New Roman">In accordance with the Minnesota Business Corporation Act (being Chapter 302A of the Minnesota Statutes), Article IV of the Registrant&#146;s Amended and Restated Bylaws provide as follows:</font></p>
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<font size="2" face="Times New Roman">The corporation shall   indemnify any person who was or is a party or is threatened to be made a   party to any threatened, pending or completed action, suit or proceedings,   whether civil, criminal, administrative or investigative by reason of the   fact that such person is or was a director, or officer of the corporation or   is or was serving as a director of a subsidiary corporation against expenses   (including attorneys&#146; fees actually and reasonably incurred), judgments,   fines, and amounts paid in settlement by such person in connection with such   action, suit or proceeding if said party has met the elements specified for   eligibility for indemnification as set forth in the Minnesota Statutes. The   termination of any action, suit or proceeding by judgment or settlement,   conviction, or upon a plea of nolo contendere or its equivalent, shall not,   of itself, create a presumption that the person did not meet each of the   eligibility requirements
as set forth in the Minnesota Statutes.</font></p>  </td>
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<font size="2" face="Times New Roman">In addition, this   corporation shall indemnify any person who was or is a party or is threatened   to be made a party to any threatened, pending or completed action or suit by   or on behalf of the corporation to obtain a judgment in its favor by reason   of the fact that such person is or was a director or officer of the   corporation, or is or was serving as a director of a subsidiary corporation,   against expenses (including attorneys&#146; fees actually and reasonably incurred)   by such person in connection with the defense or settlement of such action or   suit if he or she has met each of the requirements set forth in the Minnesota   Statutes.</font></p>  </td>
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<font size="2" face="Times New Roman">Furthermore, this   corporation shall also indemnify any person who was or is a party or is   threatened to be made a party to any threatened, pending or completed action,   suit or proceeding, whether civil or criminal, administrative or   investigative, by reason of the fact that such person is or was an officer of   a subsidiary corporation against expenses (including attorneys&#146; fees actually   and reasonably incurred), judgments, fines and amounts paid in settlement by   such person in connection with such action, suit or proceeding if said party   has met the elements specified for eligibility for indemnification as set   forth in the Minnesota Statutes, and provided further that said person was   not negligent in the performance of his or her duties while acting as an   officer of a subsidiary corporation.</font></p>  </td>
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<font size="2" face="Times New Roman">This corporation shall   further indemnify any person who was or is a party or is threatened to be   made a party to any threatened, pending or completed action, suit or   proceedings, whether civil, criminal, administrative or investigative by   reason of the fact that such person is or was serving in an official capacity   as a trustee or as a fiduciary of any employee pension or benefit plan for   the corporation or any subsidiary against expenses (including attorneys&#146; fees   actually and reasonably incurred), judgments, fines and amounts paid in   settlement by such person in connection with such action, suit or proceeding   if said party has met the elements specified for eligibility for   indemnification as set forth in the Minnesota Statutes.</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="2" face="Times New Roman">In order to be eligible   for indemnification, any officer or director made a party to any threatened   or pending action, suit or proceeding shall notify the corporation in writing   within thirty (30) days that said party intends to seek indemnification and   thereafter the corporation shall have the right to arrange for the defense of   said party with counsel reasonably satisfactory to said party and the payment   of costs associated therewith, and if the corporation does undertake defense   of any officer, director or other party eligible for indemnification, then   the corporation shall have the right, with the consent of the party to be   indemnified, to settle said action, claim or suit, provided, however, that if   a settlement offer shall (i) include an unconditional release of each   indemnified party from all liability arising out of such action, suit or   proceeding and (ii) not include a statement as to or an admission of fault, culpability   or
failure to act by or on behalf of any indemnified party and said party   refuses to accept the settlement offer, then the corporation shall not be   obligated for any further indemnification or payment of any additional claim,   costs or judgments in excess of the settlement offer amount. No   indemnification shall be available to any officer or director who shall fail   to give the notice required by this paragraph if the corporation was unaware   of the action to which the notice would have related and was materially   prejudiced by failure to give the notice.</font></p>  </td>
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<font size="2" face="Times New Roman">To the extent that a   director, or officer, of the corporation has met the eligibility requirements   set forth in the Minnesota Statutes, and has complied with the other terms   and conditions hereof, then such person shall be indemnified hereunder.   Notwithstanding the foregoing all legal and other fees and expenses shall be   reimbursed to the director or officer seeking such indemnification as they   are incurred, unless the reimbursement of such amounts is prohibited by the   Minnesota Statutes.</font></p>  </td>
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<font size="2" face="Times New Roman">Any indemnification made   pursuant to these by-laws shall be made by the corporation only as authorized   in the specific case upon a determination that indemnification of the   director or officer or trustee or fiduciary is proper in the circumstances   because he or she is eligible for said indemnification pursuant to the   Minnesota Statutes. Such determination shall be made (a) by the Board of   Directors by a majority vote of a quorum consisting of directors who were not   parties to such action, suit or proceeding, or (b) if such quorum is not   obtainable, then by a majority of a committee of the Board consisting solely   of two or more Directors not at the time parties to the action, suit or   proceeding, duly designated to act in the manner by a majority of the full   Board including Directors who are parties or (c) if a determination cannot be   made pursuant to (a) or (b) as aforesaid, then by special legal counsel   selected either by a majority of
the Board of Directors or a committee   selected pursuant to (b) or if the requisite quorum of the full Board cannot   be obtained and the committee cannot be established, then by a majority of   the full Board including Directors who are parties to such action, suit or   proceeding or (d) if a determination cannot be made under (a), (b) or (c)   then by the shareholders excluding the votes of shares held by parties to   such action, suit or proceeding, provided however, that if an adverse   determination regarding indemnification is made pursuant to (a), (b), (c) or   (d) or if no determination is made under (a), (b), (c) or (d) within sixty   (60) days after the termination of an action, suit or proceeding for which   indemnification is sought, then said determination regarding eligibility may   be made by a court of competent jurisdiction.</font></p>  </td>
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<p  align="center"><font size="2" face="Times New Roman">3</font></p>

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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">Expenses incurred in   defending a civil or criminal action, suit or proceeding may be paid by the   corporation in advance of the final disposition of such action, suit or   proceeding, as authorized by the Board of Directors in the specific case,   upon receipt of an undertaking by or on behalf of the director, or officer or   trustee or fiduciary, to repay such amount, unless it shall ultimately be   determined that he or she is entitled to be indemnified by the corporation as   authorized by these by-laws.</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">The corporation shall also   have the power from time to time to purchase and maintain insurance on behalf   of any person in that person&#146;s Official Capacity, against any liability   asserted against and incurred by the person in or arising from that capacity   whether or not the corporation would have been required to indemnify the   person against the liability under the provisions of these by-laws.</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="2" face="Times New Roman">The corporation shall also   have the power from time to time to enter into Indemnification Agreements   with each director or officer of the corporation and with each director of a   subsidiary corporation and with each trustee or individual acting in a   fiduciary capacity for any employee benefit or pension plan sponsored by the   corporation or a subsidiary and with each director or officer of the   corporation or trustee or individual acting as a fiduciary as aforesaid as   same are added as directors or officers or trustees or fiduciary as aforesaid   to the corporation or of a subsidiary corporation, or with respect to an   employee benefit or pension plan sponsored by the corporation or a   subsidiary, provided however, that the failure to execute Indemnification   Agreements between any such director, or trustee, fiduciary and/or officer as   aforesaid and the corporation shall not abrogate the indemnification   authorized by these by-laws.</font></p>
</td>
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  <p><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="2" face="Times New Roman">The corporation shall have   no obligation to indemnify any employee (other than officers or directors of   the corporation or of a subsidiary as defined in these by-laws) or agent who   was or is a party or is threatened to be made a party to any threatened   pending or completed action, suit or proceeding, whether civil, criminal,   administrative or investigative by reason of the fact that such person is or   was an agent or employee of the corporation or of a subsidiary corporation   against expenses (including attorneys&#146; fees actually and reasonably   incurred), judgments, fines, and amounts paid in settlement by such person in   connection with such action, suit or proceeding. Any indemnification of such   employees or agents shall be made only to the extent and on such terms and   conditions as the Board of Directors of this corporation may determine by   separate resolution.</font></p>  </td>
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<p  align="center">
<font size="2" face="Times New Roman">4</font></p>

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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">For purposes of this   Section IV the term &#147;subsidiary corporation&#148; shall mean a corporation of   which 80% of the issued and outstanding shares thereof are owned by this   corporation and the term &#147;official capacity&#148; shall have the same meaning as   set forth in the Minnesota Statutes.</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <td  colspan="2" valign="top">
  <p><font size="2" face="Times New Roman">The Minnesota Business   Corporation Act provides for indemnification of officers, directors and   others as follows:</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">302A.521 INDEMNIFICATION.</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="2" face="Times New Roman">Subdivision 1.   Definitions. (a) For purposes of this section, the terms defined in this subdivision   have the meanings given them.</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">(b) &#147;Corporation&#148; includes   a domestic or foreign corporation that was the predecessor of the corporation   referred to in this section in a merger or other transaction in which the   predecessor&#146;s existence ceased upon consummation of the transaction.</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">(c) &#147;Official capacity&#148;   means (1) with respect to a director, the position of director in a   corporation, (2) with respect to a person other than a director, the elective   or appointive office or position held by an officer, member of a committee of   the board, or the employment relationship undertaken by an employee of the   corporation, and (3) with respect to a director, officer, or employee of the   corporation who, while a director, officer, or employee of the corporation,   is or was serving at the request of the corporation or whose duties in that   position involve or involved service as a director, officer, partner,   trustee, governor, manager, employee, or agent of another organization or   employee benefit plan, the position of that person as a director, officer,   partner, trustee, governor, manager, employee, or agent, as the case may be,   of the other organization or employee benefit plan.</font></p>  </td>
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  <p><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">(d) &#147;Proceeding&#148; means a   threatened, pending, or completed civil, criminal, administrative,   arbitration, or investigative proceeding, including a proceeding by or in the   right of the corporation.</font></p>  </td>
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<p  align="center">
<font size="2" face="Times New Roman">5</font></p>

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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="95%" valign="top">
  <p>
<font size="2" face="Times New Roman">(e) &#147;Special legal   counsel&#148; means counsel who has not represented the corporation or a related   organization, or a director, officer, member of a committee of the board, or   employee, whose indemnification is in issue.</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">Subd. 2. Indemnification   mandatory; standard. (a) Subject to the provisions of subdivision 4, a   corporation shall indemnify a person made or threatened to be made a party to   a proceeding by reason of the former or present official capacity of the   person against judgments, penalties, fines, including, without limitation,   excise taxes assessed against the person with respect to an employee benefit   plan, settlements, and reasonable expenses, including attorneys&#146; fees and   disbursements, incurred by the person in connection with the proceeding, if,   with respect to the acts or omissions of the person complained of in the   proceeding, the person:</font></p>  </td>
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</table>

<br>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="2" face="Times New Roman">(1)</font></p>  </td>
  <td width="90%" valign="top">
  <p>
<font size="2" face="Times New Roman">has not been indemnified   by another organization or employee benefit plan for the same judgments,   penalties, fines, including, without limitation, excise taxes assessed   against the person with respect to an employee benefit plan, settlements, and   reasonable expenses, including attorneys&#146; fees and disbursements, incurred by   the person in connection with the proceeding with respect to the same acts or   omissions;</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">(2)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">acted in good faith;</font></p>  </td>
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  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">(3)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">received no improper   personal benefit and section 302A.255, if applicable, has been satisfied;</font></p>  </td>
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  <td  valign="top">
  <p><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">(4)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">in the case of a criminal   proceeding, had no reasonable cause to believe the conduct was unlawful; and</font></p>  </td>
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  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">(5)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">in the case of acts or   omissions occurring in the official capacity described in subdivision 1,   paragraph (c), clause (1) or (2), reasonably believed that the conduct was in   the best interests of the corporation, or in the case of acts or omissions   occurring in the official capacity described in subdivision 1, paragraph (c),   clause (3), reasonably believed that the conduct was not opposed to the best   interests of the corporation. If the person&#146;s acts or omissions complained of   in the proceeding relate to conduct as a director, officer, trustee,   employee, or agent of an employee benefit plan, the conduct is not considered   to be opposed to the best interests of the corporation if the person   reasonably believed that the conduct was in the best interests of the   participants or beneficiaries of the employee benefit plan.</font></p>  </td>
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  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <td  valign="top">
  <p><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="2" valign="top">
  <p>
<font size="2" face="Times New Roman">(b) The termination of a   proceeding by judgment, order, settlement, conviction, or upon a plea of nolo   contendere or its equivalent does not, of itself, establish that the person   did not meet the criteria set forth in this subdivision.</font></p>  </td>
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<p  align="center">
<font size="2" face="Times New Roman">6</font></p>

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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="2" face="Times New Roman">Subd. 3. Advances. Subject   to the provisions of subdivision 4, if a person is made or threatened to be   made a party to a proceeding, the person is entitled, upon written request to   the corporation, to payment or reimbursement by the corporation of reasonable   expenses, including attorneys&#146; fees and disbursements, incurred by the person   in advance of the final disposition of the proceeding, (a) upon receipt by   the corporation of a written affirmation by the person of a good faith belief   that the criteria for indemnification set forth in subdivision 2 have been   satisfied and a written undertaking by the person to repay all amounts so   paid or reimbursed by the corporation, if it is ultimately determined that   the criteria for indemnification have not been satisfied, and (b) after a   determination that the facts then known to those making the determination   would not preclude indemnification under this section. The written   undertaking
required by clause (a) is an unlimited general obligation of the   person making it, but need not be secured and shall be accepted without   reference to financial ability to make the repayment.</font></p>  </td>
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  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="90%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="2" face="Times New Roman">Subd. 4. Prohibition or   limit on indemnification or advances. The articles or bylaws either may   prohibit indemnification or advances of expenses otherwise required by this   section or may impose conditions on indemnification or advances of expenses   in addition to the conditions contained in subdivisions 2 and 3 including,   without limitation, monetary limits on indemnification or advances of   expenses, if the prohibition or conditions apply equally to all persons or to   all persons within a given class. A prohibition or limit on indemnification   or advances may not apply to or affect the right of a person to   indemnification or advances of expenses with respect to any acts or omissions   of the person occurring prior to the effective date of a provision in the   articles or the date of adoption of a provision in the bylaws establishing   the prohibition or limit on indemnification or advances.</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
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  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="2" valign="top">
  <p>
<font size="2" face="Times New Roman">Subd. 5. Reimbursement to   witnesses. This section does not require, or limit the ability of, a   corporation to reimburse expenses, including attorneys&#146; fees and   disbursements, incurred by a person in connection with an appearance as a   witness in a proceeding at a time when the person has not been made or   threatened to be made a party to a proceeding.</font></p>  </td>
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  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="2" valign="top">
  <p>
<font size="2" face="Times New Roman">Subd. 6. Determination of   eligibility. (a) All determinations whether indemnification of a person is   required because the criteria set forth in subdivision 2 have been satisfied   and whether a person is entitled to payment or reimbursement of expenses in   advance of the final disposition of a proceeding as provided in subdivision 3   shall be made:</font></p>  </td>
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  <td  valign="top">
  <p><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
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  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">(1)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">by the board by a majority   of a quorum, if the directors who are at the time parties to the proceeding   are not counted for determining either a majority or the presence of a   quorum;</font></p>  </td>
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<p  align="center">
<font size="2" face="Times New Roman">7</font></p>

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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">(2)</font></p>  </td>
  <td width="90%" valign="top">
  <p>
<font size="2" face="Times New Roman">if a quorum under clause   (1) cannot be obtained, by a majority of a committee of the board, consisting   solely of two or more directors not at the time parties to the proceeding,   duly designated to act in the matter by a majority of the full board   including directors who are parties;</font></p>  </td>
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  <p><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">(3)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">if a determination is not   made under clause (1) or (2), by special legal counsel, selected either by a   majority of the board or a committee by vote pursuant to clause (1) or (2)   or, if the requisite quorum of the full board cannot be obtained and the   committee cannot be established, by a majority of the full board including   directors who are parties;</font></p>  </td>
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  <p><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>

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  <p><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">(4)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">if a determination is not   made under clauses (1) to (3), by the affirmative vote of the shareholders   required by section 302A.437, but the shares held by parties to the proceeding must not be   counted in determining the presence of a quorum and are not considered to be   present and entitled to vote on the determination; or</font></p>  </td>
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  <p><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>

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  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">(5)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">if an adverse   determination is made under clauses (1) to (4) or under paragraph (b), or if   no determination is made under clauses (1) to (4) or under paragraph (b)   within 60 days after (i) the later to occur of the termination of a   proceeding or a written request for indemnification to the corporation or   (ii) a written request for an advance of expenses, as the case may be, by a   court in this state, which may be the same court in which the proceeding   involving the person&#146;s liability took place, upon application of the person   and any notice the court requires. The person seeking indemnification or   payment or reimbursement of expenses pursuant to this clause has the burden of   establishing that the person is entitled to indemnification or payment or   reimbursement of expenses.</font></p>  </td>
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  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="2" valign="top">
  <p>
<font size="2" face="Times New Roman">(b) With respect to a   person who is not, and was not at the time of the acts or omissions   complained of in the proceedings, a director, officer, or person possessing,   directly or indirectly, the power to direct or cause the direction of the   management or policies of the corporation, the determination whether   indemnification of this person is required because the criteria set forth in   subdivision 2 have been satisfied and whether this person is entitled to   payment or reimbursement of expenses in advance of the final disposition of a   proceeding as provided in subdivision 3 may be made by an annually appointed   committee of the board, having at least one member who is a director. The   committee shall report at least annually to the board concerning its actions.</font></p>  </td>
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  <p><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="2" valign="top">
  <p>
<font size="2" face="Times New Roman">Subd. 7. Insurance. A   corporation may purchase and maintain insurance on behalf of a person in that   person&#146;s official capacity against any liability asserted against and   incurred by the person in or arising from that capacity, whether or not the   corporation would have been required to indemnify the person against the   liability under the provisions of this section.</font></p>  </td>
 </tr>
</table>

<p  align="center">
<font size="2" face="Times New Roman">8</font></p>

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<div style="page-break-before:always"></div>
<PAGE>
<br>

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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="2" valign="top">
  <p>
<font size="2" face="Times New Roman">Subd. 8. Disclosure. A   corporation that indemnifies or advances expenses to a person in accordance   with this section in connection with a proceeding by or on behalf of the   corporation shall report to the shareholders in writing the amount of the   indemnification or advance and to whom and on whose behalf it was paid not   later than the next meeting of shareholders.</font></p>  </td>
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  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="90%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="2" valign="top">
  <p>
<font size="2" face="Times New Roman">Subd. 9. Indemnification   of other persons. Nothing in this section shall be construed to limit the   power of the corporation to indemnify persons other than a director, officer,   employee, or member of a committee of the board of the corporation by   contract or otherwise.</font></p>  </td>
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  <p><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <td  colspan="3"  valign="top">
  <p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The   Company does not maintain liability insurance for its directors and officers   and has not entered into any other indemnification agreements with its   directors or officers.</font></p>  </td>
 </tr>
</table>

<p>
<font size="2" face="Times New Roman"><b>Item 7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exemption from Registration Claimed.</b></font></p>
<p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.</font></p>
<p>
<font size="2" face="Times New Roman"><b>Item 8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibits.</b></font></p>
<p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incorporated by reference to the Exhibit Index attached hereto.</font></p>
<p>
<font size="2" face="Times New Roman"><b>Item 9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Undertakings.</b></font></p>
<p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned Registrant hereby undertakes:</font></p>
<p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:</font></p>
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  <td width="12%" valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="5%" valign="top">
  <p>
<font size="2" face="Times New Roman">(i)</font></p>  </td>
  <td width="83%" valign="top">
  <p>
<font size="2" face="Times New Roman">to include any prospectus required by Section   10(a)(3) of the Securities Act;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
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  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">(ii)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">to reflect in the prospectus any facts or events   arising after the effective date of the registration statement (or the most   recent post-effective amendment thereof) which, individually or in the   aggregate, represent a fundamental change in the information set forth in the   registration statement;</font></p>  </td>
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  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
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  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">(iii)</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">to include any material information with respect to   the plan of distribution not previously disclosed in the registration   statement or any material change to such information in the registration   statement;</font></p>  </td>
 </tr>
</table>

<p>
<font size="2" face="Times New Roman"><i>provided, however</i>, that paragraphs (1)(i) and (1)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in periodic reports filed with or furnished to the Commission by the Company pursuant to Section 13 or 15(d) of the Exchange Act&#160; that are incorporated by reference in the registration statement;</font></p>
<p  align="center">
<font size="2" face="Times New Roman">9</font></p>

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<PAGE>
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<p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof; and</font></p>

<p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.</font></p>
<p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Registrant&#146;s annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan&#146;s annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</font></p>
<p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable.&#160; In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer, or controlling person of the Registrant in the successful defense of any action, suit, or proceeding) is asserted by such director, officer, or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of counsel the matter has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.</font></p>
<p  align="center">
<font size="2" face="Times New Roman">10</font></p>

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<PAGE>
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<p  align="center">
<font size="2" face="Times New Roman"><b>SIGNATURES</b></font></p>

<p><font size="2" face="Times New Roman"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant.&#160; </b>Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Chicago, Illinois, on this 23rd day of May, 2006.</font></p>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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   <p>
  <font size="2" face="Times New Roman">CORUS BANKSHARES, INC.</font></p></td>
  </tr>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="6%"  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="34%"  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
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  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
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  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="2" face="Times New Roman">By:</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="2" face="Times New Roman">/s/ Tim H. Taylor</font></p>  </td>
 </tr>
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  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
 </tr>
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  <td  valign="top">
  <p><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="2" face="Times New Roman">Tim H. Taylor</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="2" face="Times New Roman">Executive Vice President and Chief Financial Officer</font></p>  </td>
 </tr>
</table>

<p  align="center">
<font size="2" face="Times New Roman"><b>POWER OF ATTORNEY</b></font></p>
<p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears immediately below constitutes and appoints Robert J. Glickman and Tim H. Taylor and each or any one of them, as his true and lawful attorneys-in-fact and agents, with full power of substitution, for him and in his name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this Registration Statement, and to file the same with all exhibits thereto, and all other documents in connection therewith and all instruments necessary, appropriate or advisable to enable the Company to comply with the Securities Act of 1933 and other federal and state securities laws, in connection with the Corus Bankshares, Inc. 2006 Stock Option Plan and to file any such documents or instruments with the Securities and Exchange Commission, and to do and perform each and every act and thing
requisite and necessary to be done, as fully and for all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or any of them or their substitutes may lawfully do or cause&#160; to be done by virtue hereof.</font></p>
<p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities indicated.</font></p>

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  <td width="32%" valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman"><b>Signature</b></font></p>  </td>
  <td width="2%" valign="top">
  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td width="44%" valign="top">
  <p  align="center">
<font size="1" face="Times New Roman"><b>Title</b></font></p>  </td>
  <td width="2%" valign="top">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td width="20%" valign="top">
  <p  align="center">
<font size="1" face="Times New Roman"><b>Date</b></font></p>  </td>
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  <td  valign="top">
  <hr size="1" width="100%" noshade color=black>

  </td>
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  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <hr size="1" width="100%" noshade color=black>

  </td>
 </tr>
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  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">/s/ J<small>OSEPH</small> C. G<small>LICKMAN</small></font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">Chairman of the Board of Directors</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">May 23, 2006</font></p>  </td>
 </tr>
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  <td  valign="top">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman">Joseph C. Glickman</font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
 </tr>
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  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">/s/ R<small>OBERT</small> J. G<small>LICKMAN</small></font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">President, Chief Executive Officer, &amp; Director</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">May 23, 2006</font></p>  </td>
 </tr>
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  <td  valign="top">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">Robert J. Glickman</font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">/s/ T<small>IM</small> H. T<small>AYLOR</small></font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">Executive Vice President &amp; Chief Financial   Officer</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">May 23, 2006</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">Tim H. Taylor</font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman">/s/ M<small>ICHAEL</small> E. D<small>ULBERG</small></font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">Senior Vice President &amp; Chief Accounting Officer</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">May 23, 2006</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">Michael E. Dulberg</font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">/s/ R<small>OBERT</small> J. B<small>UFORD</small></font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">Director</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">May 23, 2006</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">Robert J. Buford</font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">/s/ K<small>EVIN</small> R. C<small>ALLAHAN</small></font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">Director</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">May 23, 2006</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman">Kevin R. Callahan</font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">/s/ R<small>ODNEY</small> D. L<small>UBEZNIK</small></font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">Director</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">May 23, 2006</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">Rodney D. Lubeznik</font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">/s/ M<small>ICHAEL</small> J. M<small>C</small>C<small>LURE</small></font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">Director</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">May 23, 2006</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">Michael J. McClure</font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman">/s/ P<small>ETER</small> C. R<small>OBERTS</small></font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">Director</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">May 23, 2006</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">Peter C. Roberts</font></p>  </td>
  <td  valign="top">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
</table>

<p  align="center">
<font size="2" face="Times New Roman">11</font></p>

<hr size="1" width="100%" noshade color=black>
<div style="page-break-before:always"></div>
<PAGE>
<br>

<p  align="center">
<font size="2" face="Times New Roman"><b>EXHIBIT INDEX</b></font></p>
<table align="center"  border="0" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td width="10%" valign="top">
  <p align=center>
<font size="1" face="Times New Roman"><b>Exhibit<br>   Number</b></font></p>  </td>
  <td width="2%" valign="top">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td width="88%" valign="bottom">
  <p>
<font size="1" face="Times New Roman"><b>Document Description</b></font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td  valign="top">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p  align="center"><font size="2" face="Times New Roman">*4.1</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">Amended and Restated   Articles of Incorporation.</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p  align="center">
<font size="2" face="Times New Roman">4.2</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="2" face="Times New Roman">Amended and Restated Bylaws (incorporated herein by reference to Exhibit 3(ii)
to the Registrant&#146;s Annual Report on Form 10-K/A filed on
March&nbsp;19,&nbsp;2004, File No. 0-06136).</font></p> </td>
 </tr>
 <tr>
  <td  valign="top">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="top">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="2" face="Times New Roman">4.3</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="2" face="Times New Roman">Form of common stock   certificate (incorporated herein by reference to Exhibit 4.3 to the   Registrant&#146;s Registration Statement on Form S-8 filed on March 28, 2006, File   No. 333-132774).</font></p>  </td>
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  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p  align="center"><font size="2" face="Times New Roman">*5</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="2" face="Times New Roman">Opinion of Lindquist &amp; Vennum P.L.L.P.,   regarding the legality of the common stock being registered.</font></p>  </td>
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  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="2" face="Times New Roman">*23.1</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="2" face="Times New Roman">Consent of Independent Registered Public Accounting   Firm.</font></p>  </td>
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  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="2" face="Times New Roman">23.2</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="2" face="Times New Roman">Consent of Lindquist &amp; Vennum P.L.L.P. (included   in Exhibit 5).</font></p>  </td>
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  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="2" face="Times New Roman">24</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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  <p>
<font size="2" face="Times New Roman">Power of Attorney (included on the signature pages   to this registration statement).</font></p>  </td>
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  <p><font size="2" face="Times New Roman">*&nbsp;&nbsp;&nbsp;Filed herewith.</font></p>  </td>
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<font size="2" face="Times New Roman">12</font></p>
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[{"type": "S-8", "sequence": "1", "filename": "cb5944.htm", "description": "FORM S-8", "secsgml_size_bytes": 94150}]
{"company-data": {"conformed-name": "CORUS BANKSHARES INC", "cik": "0000051939", "assigned-sic": "6021", "irs-number": "410823592", "state-of-incorporation": "MN", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-134393", "film-number": "06860532"}, "business-address": {"street1": "3959 N LINCOLN AVE", "street2": "LINCOLN NATIONAL BANK BLDG", "city": "CHICAGO", "state": "IL", "zip": "60613", "phone": "3125497100"}, "mail-address": {"street1": "3959 N LINCOLN AVE", "city": "CHICAGO", "state": "IL", "zip": "60613"}, "former-company": [{"former-conformed-name": "RIVER FOREST BANCORP INC", "date-changed": "19920703"}, {"former-conformed-name": "INVESTMENT CORP OF AMERICA INC", "date-changed": "19820422"}]}
As filed with the Securities and Exchange Commission on May 23, 2006
Registration No. 333-_______
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
FORM S-8
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
CORUS BANKSHARES,   INC.
(Exact name of registrant as specified in its   charter)
Minnesota
41-0823592
(State or other jurisdiction
of incorporation or organization)
(I.R.S. Employer
Identification Number)
3959 N. Lincoln Avenue
Chicago, Illinois 60613
(Address of principal executive offices, Zip Code)
CORUS BANKSHARES, INC. 2006 STOCK   OPTION PLAN
(Full title of the plan)
Tim H. Taylor
Corus Bankshares, Inc.
3959 N. Lincoln Avenue
Chicago, Illinois 60613
(Name   and address of agent for service)
(773) 832-3088
(Telephone   number, including area code, of agent for service)
CALCULATION OF REGISTRATION FEE
Title of   each class of
securities to be registered
(1)
Amount
to be
registered
(1)
Proposed
maximum
offering
price per
share
(2)
Proposed
maximum
aggregate
offering
price
(2)
Amount of
registration fee
(3)
Common Stock, $0.05 par value
3,000,000
$29.60
$88,800,000
$9,502
(1)
This   registration statement shall, in accordance with Rule 416(c) under the   Securities Act of 1933, as amended (the "Securities Act"), be deemed to cover   such additional shares as may be issued to prevent dilution resulting from   stock splits, stock dividends or similar transactions.
(2)
Estimated
solely for purposes of calculating the amount of the registration fee, pursuant
to paragraphs of (c) and (h) of Rule 457 under the Securities Act and computed
on the basis of the average of the high and low sales prices per share of the
Registrant's common stock, as reported on The Nasdaq Stock Market on May
19, 2006.
The Registration Statement shall become effective upon filing in accordance with Rule 462 under the Securities Act.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3.             Incorporation of Documents by Reference.
The documents listed below have been filed with the Securities and Exchange Commission (the "Commission") by Corus Bankshares, Inc. (the "Company" or "Registrant") and are incorporated herein by reference:
(1)          The Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2005;
(2)          The Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2006;
(3)          The Company's Current Reports on Form 8-K, filed with the Commission on January 18, 2006, February 15, 2006, March 8, 2006, March 31, 2006, April 17, 2006, April 24, 2006 and May 19, 2006; and
(4)          The description of the Company's common stock, $0.05 par value, contained in the Company's Registration Statement on Form 8-A filed with the Commission on April 13, 1972 pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), (Registration No. 0-06136) and all amendments or reports filed for the purpose of updating such description.
In addition, all documents subsequently filed by the Company with the Commission pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act prior to the filing by the Company of a post-effective amendment that indicates that all securities offered hereby have been sold, or that deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference in this Registration Statement and to be a part hereof from the date of filing such documents.
Any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein or in any other subsequently filed document that also is or is deemed to be incorporated by reference herein modifies or supersedes such statement.  Any such statements so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.
Item 4.             Description of Securities.
Not applicable.
1
Item 5.              Interests of Named Experts and Counsel.
None.
Item 6.             Indemnification of Directors and Officers.
In accordance with the Minnesota Business Corporation Act (being Chapter 302A of the Minnesota Statutes), Article IV of the Registrant's Amended and Restated Bylaws provide as follows:
The corporation shall   indemnify any person who was or is a party or is threatened to be made a   party to any threatened, pending or completed action, suit or proceedings,   whether civil, criminal, administrative or investigative by reason of the   fact that such person is or was a director, or officer of the corporation or   is or was serving as a director of a subsidiary corporation against expenses   (including attorneys' fees actually and reasonably incurred), judgments,   fines, and amounts paid in settlement by such person in connection with such   action, suit or proceeding if said party has met the elements specified for   eligibility for indemnification as set forth in the Minnesota Statutes. The   termination of any action, suit or proceeding by judgment or settlement,   conviction, or upon a plea of nolo contendere or its equivalent, shall not,   of itself, create a presumption that the person did not meet each of the   eligibility requirements
as set forth in the Minnesota Statutes.
In addition, this   corporation shall indemnify any person who was or is a party or is threatened   to be made a party to any threatened, pending or completed action or suit by   or on behalf of the corporation to obtain a judgment in its favor by reason   of the fact that such person is or was a director or officer of the   corporation, or is or was serving as a director of a subsidiary corporation,   against expenses (including attorneys' fees actually and reasonably incurred)   by such person in connection with the defense or settlement of such action or   suit if he or she has met each of the requirements set forth in the Minnesota   Statutes.
Furthermore, this   corporation shall also indemnify any person who was or is a party or is   threatened to be made a party to any threatened, pending or completed action,   suit or proceeding, whether civil or criminal, administrative or   investigative, by reason of the fact that such person is or was an officer of   a subsidiary corporation against expenses (including attorneys' fees actually   and reasonably incurred), judgments, fines and amounts paid in settlement by   such person in connection with such action, suit or proceeding if said party   has met the elements specified for eligibility for indemnification as set   forth in the Minnesota Statutes, and provided further that said person was   not negligent in the performance of his or her duties while acting as an   officer of a subsidiary corporation.
2
This corporation shall   further indemnify any person who was or is a party or is threatened to be   made a party to any threatened, pending or completed action, suit or   proceedings, whether civil, criminal, administrative or investigative by   reason of the fact that such person is or was serving in an official capacity   as a trustee or as a fiduciary of any employee pension or benefit plan for   the corporation or any subsidiary against expenses (including attorneys' fees   actually and reasonably incurred), judgments, fines and amounts paid in   settlement by such person in connection with such action, suit or proceeding   if said party has met the elements specified for eligibility for   indemnification as set forth in the Minnesota Statutes.
In order to be eligible   for indemnification, any officer or director made a party to any threatened   or pending action, suit or proceeding shall notify the corporation in writing   within thirty (30) days that said party intends to seek indemnification and   thereafter the corporation shall have the right to arrange for the defense of   said party with counsel reasonably satisfactory to said party and the payment   of costs associated therewith, and if the corporation does undertake defense   of any officer, director or other party eligible for indemnification, then   the corporation shall have the right, with the consent of the party to be   indemnified, to settle said action, claim or suit, provided, however, that if   a settlement offer shall (i) include an unconditional release of each   indemnified party from all liability arising out of such action, suit or   proceeding and (ii) not include a statement as to or an admission of fault, culpability   or
failure to act by or on behalf of any indemnified party and said party   refuses to accept the settlement offer, then the corporation shall not be   obligated for any further indemnification or payment of any additional claim,   costs or judgments in excess of the settlement offer amount. No   indemnification shall be available to any officer or director who shall fail   to give the notice required by this paragraph if the corporation was unaware   of the action to which the notice would have related and was materially   prejudiced by failure to give the notice.
To the extent that a   director, or officer, of the corporation has met the eligibility requirements   set forth in the Minnesota Statutes, and has complied with the other terms   and conditions hereof, then such person shall be indemnified hereunder.   Notwithstanding the foregoing all legal and other fees and expenses shall be   reimbursed to the director or officer seeking such indemnification as they   are incurred, unless the reimbursement of such amounts is prohibited by the   Minnesota Statutes.
Any indemnification made   pursuant to these by-laws shall be made by the corporation only as authorized   in the specific case upon a determination that indemnification of the   director or officer or trustee or fiduciary is proper in the circumstances   because he or she is eligible for said indemnification pursuant to the   Minnesota Statutes. Such determination shall be made (a) by the Board of   Directors by a majority vote of a quorum consisting of directors who were not   parties to such action, suit or proceeding, or (b) if such quorum is not   obtainable, then by a majority of a committee of the Board consisting solely   of two or more Directors not at the time parties to the action, suit or   proceeding, duly designated to act in the manner by a majority of the full   Board including Directors who are parties or (c) if a determination cannot be   made pursuant to (a) or (b) as aforesaid, then by special legal counsel   selected either by a majority of
the Board of Directors or a committee   selected pursuant to (b) or if the requisite quorum of the full Board cannot   be obtained and the committee cannot be established, then by a majority of   the full Board including Directors who are parties to such action, suit or   proceeding or (d) if a determination cannot be made under (a), (b) or (c)   then by the shareholders excluding the votes of shares held by parties to   such action, suit or proceeding, provided however, that if an adverse   determination regarding indemnification is made pursuant to (a), (b), (c) or   (d) or if no determination is made under (a), (b), (c) or (d) within sixty   (60) days after the termination of an action, suit or proceeding for which   indemnification is sought, then said determination regarding eligibility may   be made by a court of competent jurisdiction.
3
Expenses incurred in   defending a civil or criminal action, suit or proceeding may be paid by the   corporation in advance of the final disposition of such action, suit or   proceeding, as authorized by the Board of Directors in the specific case,   upon receipt of an undertaking by or on behalf of the director, or officer or   trustee or fiduciary, to repay such amount, unless it shall ultimately be   determined that he or she is entitled to be indemnified by the corporation as   authorized by these by-laws.
The corporation shall also   have the power from time to time to purchase and maintain insurance on behalf   of any person in that person's Official Capacity, against any liability   asserted against and incurred by the person in or arising from that capacity   whether or not the corporation would have been required to indemnify the   person against the liability under the provisions of these by-laws.
The corporation shall also   have the power from time to time to enter into Indemnification Agreements   with each director or officer of the corporation and with each director of a   subsidiary corporation and with each trustee or individual acting in a   fiduciary capacity for any employee benefit or pension plan sponsored by the   corporation or a subsidiary and with each director or officer of the   corporation or trustee or individual acting as a fiduciary as aforesaid as   same are added as directors or officers or trustees or fiduciary as aforesaid   to the corporation or of a subsidiary corporation, or with respect to an   employee benefit or pension plan sponsored by the corporation or a   subsidiary, provided however, that the failure to execute Indemnification   Agreements between any such director, or trustee, fiduciary and/or officer as   aforesaid and the corporation shall not abrogate the indemnification   authorized by these by-laws.
The corporation shall have   no obligation to indemnify any employee (other than officers or directors of   the corporation or of a subsidiary as defined in these by-laws) or agent who   was or is a party or is threatened to be made a party to any threatened   pending or completed action, suit or proceeding, whether civil, criminal,   administrative or investigative by reason of the fact that such person is or   was an agent or employee of the corporation or of a subsidiary corporation   against expenses (including attorneys' fees actually and reasonably   incurred), judgments, fines, and amounts paid in settlement by such person in   connection with such action, suit or proceeding. Any indemnification of such   employees or agents shall be made only to the extent and on such terms and   conditions as the Board of Directors of this corporation may determine by   separate resolution.
4
For purposes of this   Section IV the term "subsidiary corporation" shall mean a corporation of   which 80% of the issued and outstanding shares thereof are owned by this   corporation and the term "official capacity" shall have the same meaning as   set forth in the Minnesota Statutes.
The Minnesota Business   Corporation Act provides for indemnification of officers, directors and   others as follows:
302A.521 INDEMNIFICATION.
Subdivision 1.   Definitions. (a) For purposes of this section, the terms defined in this subdivision   have the meanings given them.
(b) "Corporation" includes   a domestic or foreign corporation that was the predecessor of the corporation   referred to in this section in a merger or other transaction in which the   predecessor's existence ceased upon consummation of the transaction.
(c) "Official capacity"   means (1) with respect to a director, the position of director in a   corporation, (2) with respect to a person other than a director, the elective   or appointive office or position held by an officer, member of a committee of   the board, or the employment relationship undertaken by an employee of the   corporation, and (3) with respect to a director, officer, or employee of the   corporation who, while a director, officer, or employee of the corporation,   is or was serving at the request of the corporation or whose duties in that   position involve or involved service as a director, officer, partner,   trustee, governor, manager, employee, or agent of another organization or   employee benefit plan, the position of that person as a director, officer,   partner, trustee, governor, manager, employee, or agent, as the case may be,   of the other organization or employee benefit plan.
(d) "Proceeding" means a   threatened, pending, or completed civil, criminal, administrative,   arbitration, or investigative proceeding, including a proceeding by or in the   right of the corporation.
5
(e) "Special legal   counsel" means counsel who has not represented the corporation or a related   organization, or a director, officer, member of a committee of the board, or   employee, whose indemnification is in issue.
Subd. 2. Indemnification   mandatory; standard. (a) Subject to the provisions of subdivision 4, a   corporation shall indemnify a person made or threatened to be made a party to   a proceeding by reason of the former or present official capacity of the   person against judgments, penalties, fines, including, without limitation,   excise taxes assessed against the person with respect to an employee benefit   plan, settlements, and reasonable expenses, including attorneys' fees and   disbursements, incurred by the person in connection with the proceeding, if,   with respect to the acts or omissions of the person complained of in the   proceeding, the person:
(1)
has not been indemnified   by another organization or employee benefit plan for the same judgments,   penalties, fines, including, without limitation, excise taxes assessed   against the person with respect to an employee benefit plan, settlements, and   reasonable expenses, including attorneys' fees and disbursements, incurred by   the person in connection with the proceeding with respect to the same acts or   omissions;
(2)
acted in good faith;
(3)
received no improper   personal benefit and section 302A.255, if applicable, has been satisfied;
(4)
in the case of a criminal   proceeding, had no reasonable cause to believe the conduct was unlawful; and
(5)
in the case of acts or   omissions occurring in the official capacity described in subdivision 1,   paragraph (c), clause (1) or (2), reasonably believed that the conduct was in   the best interests of the corporation, or in the case of acts or omissions   occurring in the official capacity described in subdivision 1, paragraph (c),   clause (3), reasonably believed that the conduct was not opposed to the best   interests of the corporation. If the person's acts or omissions complained of   in the proceeding relate to conduct as a director, officer, trustee,   employee, or agent of an employee benefit plan, the conduct is not considered   to be opposed to the best interests of the corporation if the person   reasonably believed that the conduct was in the best interests of the   participants or beneficiaries of the employee benefit plan.
(b) The termination of a   proceeding by judgment, order, settlement, conviction, or upon a plea of nolo   contendere or its equivalent does not, of itself, establish that the person   did not meet the criteria set forth in this subdivision.
6
Subd. 3. Advances. Subject   to the provisions of subdivision 4, if a person is made or threatened to be   made a party to a proceeding, the person is entitled, upon written request to   the corporation, to payment or reimbursement by the corporation of reasonable   expenses, including attorneys' fees and disbursements, incurred by the person   in advance of the final disposition of the proceeding, (a) upon receipt by   the corporation of a written affirmation by the person of a good faith belief   that the criteria for indemnification set forth in subdivision 2 have been   satisfied and a written undertaking by the person to repay all amounts so   paid or reimbursed by the corporation, if it is ultimately determined that   the criteria for indemnification have not been satisfied, and (b) after a   determination that the facts then known to those making the determination   would not preclude indemnification under this section. The written   undertaking
required by clause (a) is an unlimited general obligation of the   person making it, but need not be secured and shall be accepted without   reference to financial ability to make the repayment.
Subd. 4. Prohibition or   limit on indemnification or advances. The articles or bylaws either may   prohibit indemnification or advances of expenses otherwise required by this   section or may impose conditions on indemnification or advances of expenses   in addition to the conditions contained in subdivisions 2 and 3 including,   without limitation, monetary limits on indemnification or advances of   expenses, if the prohibition or conditions apply equally to all persons or to   all persons within a given class. A prohibition or limit on indemnification   or advances may not apply to or affect the right of a person to   indemnification or advances of expenses with respect to any acts or omissions   of the person occurring prior to the effective date of a provision in the   articles or the date of adoption of a provision in the bylaws establishing   the prohibition or limit on indemnification or advances.
Subd. 5. Reimbursement to   witnesses. This section does not require, or limit the ability of, a   corporation to reimburse expenses, including attorneys' fees and   disbursements, incurred by a person in connection with an appearance as a   witness in a proceeding at a time when the person has not been made or   threatened to be made a party to a proceeding.
Subd. 6. Determination of   eligibility. (a) All determinations whether indemnification of a person is   required because the criteria set forth in subdivision 2 have been satisfied   and whether a person is entitled to payment or reimbursement of expenses in   advance of the final disposition of a proceeding as provided in subdivision 3   shall be made:
(1)
by the board by a majority   of a quorum, if the directors who are at the time parties to the proceeding   are not counted for determining either a majority or the presence of a   quorum;
7
(2)
if a quorum under clause   (1) cannot be obtained, by a majority of a committee of the board, consisting   solely of two or more directors not at the time parties to the proceeding,   duly designated to act in the matter by a majority of the full board   including directors who are parties;
(3)
if a determination is not   made under clause (1) or (2), by special legal counsel, selected either by a   majority of the board or a committee by vote pursuant to clause (1) or (2)   or, if the requisite quorum of the full board cannot be obtained and the   committee cannot be established, by a majority of the full board including   directors who are parties;
(4)
if a determination is not   made under clauses (1) to (3), by the affirmative vote of the shareholders   required by section 302A.437, but the shares held by parties to the proceeding must not be   counted in determining the presence of a quorum and are not considered to be   present and entitled to vote on the determination; or
(5)
if an adverse   determination is made under clauses (1) to (4) or under paragraph (b), or if   no determination is made under clauses (1) to (4) or under paragraph (b)   within 60 days after (i) the later to occur of the termination of a   proceeding or a written request for indemnification to the corporation or   (ii) a written request for an advance of expenses, as the case may be, by a   court in this state, which may be the same court in which the proceeding   involving the person's liability took place, upon application of the person   and any notice the court requires. The person seeking indemnification or   payment or reimbursement of expenses pursuant to this clause has the burden of   establishing that the person is entitled to indemnification or payment or   reimbursement of expenses.
(b) With respect to a   person who is not, and was not at the time of the acts or omissions   complained of in the proceedings, a director, officer, or person possessing,   directly or indirectly, the power to direct or cause the direction of the   management or policies of the corporation, the determination whether   indemnification of this person is required because the criteria set forth in   subdivision 2 have been satisfied and whether this person is entitled to   payment or reimbursement of expenses in advance of the final disposition of a   proceeding as provided in subdivision 3 may be made by an annually appointed   committee of the board, having at least one member who is a director. The   committee shall report at least annually to the board concerning its actions.
Subd. 7. Insurance. A   corporation may purchase and maintain insurance on behalf of a person in that   person's official capacity against any liability asserted against and   incurred by the person in or arising from that capacity, whether or not the   corporation would have been required to indemnify the person against the   liability under the provisions of this section.
8
Subd. 8. Disclosure. A   corporation that indemnifies or advances expenses to a person in accordance   with this section in connection with a proceeding by or on behalf of the   corporation shall report to the shareholders in writing the amount of the   indemnification or advance and to whom and on whose behalf it was paid not   later than the next meeting of shareholders.
Subd. 9. Indemnification   of other persons. Nothing in this section shall be construed to limit the   power of the corporation to indemnify persons other than a director, officer,   employee, or member of a committee of the board of the corporation by   contract or otherwise.
The   Company does not maintain liability insurance for its directors and officers   and has not entered into any other indemnification agreements with its   directors or officers.
Item 7.             Exemption from Registration Claimed.
Not applicable.
Item 8.             Exhibits.
Incorporated by reference to the Exhibit Index attached hereto.
Item 9.             Undertakings.
The undersigned Registrant hereby undertakes:
(1)          To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:
(i)
to include any prospectus required by Section   10(a)(3) of the Securities Act;
(ii)
to reflect in the prospectus any facts or events   arising after the effective date of the registration statement (or the most   recent post-effective amendment thereof) which, individually or in the   aggregate, represent a fundamental change in the information set forth in the   registration statement;
(iii)
to include any material information with respect to   the plan of distribution not previously disclosed in the registration   statement or any material change to such information in the registration   statement;
provided, however
, that paragraphs (1)(i) and (1)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in periodic reports filed with or furnished to the Commission by the Company pursuant to Section 13 or 15(d) of the Exchange Act  that are incorporated by reference in the registration statement;
9
(2)          That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof; and
(3)          To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.
The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable.  In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer, or controlling person of the Registrant in the successful defense of any action, suit, or proceeding) is asserted by such director, officer, or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of counsel the matter has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.
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SIGNATURES
The Registrant.
Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Chicago, Illinois, on this 23rd day of May, 2006.
CORUS BANKSHARES, INC.
By:
/s/ Tim H. Taylor
Tim H. Taylor
Executive Vice President and Chief Financial Officer
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears immediately below constitutes and appoints Robert J. Glickman and Tim H. Taylor and each or any one of them, as his true and lawful attorneys-in-fact and agents, with full power of substitution, for him and in his name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this Registration Statement, and to file the same with all exhibits thereto, and all other documents in connection therewith and all instruments necessary, appropriate or advisable to enable the Company to comply with the Securities Act of 1933 and other federal and state securities laws, in connection with the Corus Bankshares, Inc. 2006 Stock Option Plan and to file any such documents or instruments with the Securities and Exchange Commission, and to do and perform each and every act and thing
requisite and necessary to be done, as fully and for all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or any of them or their substitutes may lawfully do or cause  to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities indicated.
Signature
Title
Date
/s/ J
OSEPH
C. G
LICKMAN
Chairman of the Board of Directors
May 23, 2006
Joseph C. Glickman
/s/ R
OBERT
J. G
LICKMAN
President, Chief Executive Officer, & Director
May 23, 2006
Robert J. Glickman
/s/ T
IM
H. T
AYLOR
Executive Vice President & Chief Financial   Officer
May 23, 2006
Tim H. Taylor
/s/ M
ICHAEL
E. D
ULBERG
Senior Vice President & Chief Accounting Officer
May 23, 2006
Michael E. Dulberg
/s/ R
OBERT
J. B
UFORD
Director
May 23, 2006
Robert J. Buford
/s/ K
EVIN
R. C
ALLAHAN
Director
May 23, 2006
Kevin R. Callahan
/s/ R
ODNEY
D. L
UBEZNIK
Director
May 23, 2006
Rodney D. Lubeznik
/s/ M
ICHAEL
J. M
C
C
LURE
Director
May 23, 2006
Michael J. McClure
/s/ P
ETER
C. R
OBERTS
Director
May 23, 2006
Peter C. Roberts
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EXHIBIT INDEX
Exhibit
Number
Document Description
*4.1
Amended and Restated   Articles of Incorporation.
4.2
Amended and Restated Bylaws (incorporated herein by reference to Exhibit 3(ii)
to the Registrant's Annual Report on Form 10-K/A filed on
March 19, 2004, File No. 0-06136).
4.3
Form of common stock   certificate (incorporated herein by reference to Exhibit 4.3 to the   Registrant's Registration Statement on Form S-8 filed on March 28, 2006, File   No. 333-132774).
*5
Opinion of Lindquist & Vennum P.L.L.P.,   regarding the legality of the common stock being registered.
*23.1
Consent of Independent Registered Public Accounting   Firm.
23.2
Consent of Lindquist & Vennum P.L.L.P. (included   in Exhibit 5).
24
Power of Attorney (included on the signature pages   to this registration statement).
*   Filed herewith.
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