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<P style="font-size: 14pt" align="center"><B>UNITED STATES<BR>
SECURITIES AND
EXCHANGE COMMISSION<BR>
<FONT style="font-size: 12pt">Washington, D.C. 20549
</FONT></B>

<P style="font-size: 18pt" align="center"><B>FORM 8-K</B>

<P style="font-size: 12pt" align="center"><B>CURRENT REPORT<BR>
Pursuant to
Section 13 or 15(d) of the Securities Exchange Act of 1934</B>

<P style="font-size: 10pt" align="center"><B>Date of Report (Date of earliest
event reported): April 30, 2009</B>


<P style="font-size: 24pt" align="center"><B>CORUS BANKSHARES,
INC.<BR>
</B><FONT style="font-size: 10pt">(Exact name of registrant as
specified in its charter) </FONT>
<TABLE style="font-size: 10pt; text-align: center" cellspacing="0"
cellpadding="0" width="100%" border="0">

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  <TD width="32%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="33%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="32%">&nbsp;</TD>
 </TR>
 <TR valign="bottom">
  <TD style="border-bottom: #000000 1px solid"><B>Minnesota</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>0-06136</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>41-0823592</B></TD>
 </TR>
 <TR valign="top">
  <TD>(State or other Jurisdiction of Incorporation)</TD>
  <TD>&nbsp;</TD>
  <TD>(Commission File Number)</TD>
  <TD>&nbsp;</TD>
  <TD>(IRS Employer Identification No.)</TD>
 </TR>

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  <TD width="49%">&nbsp;</TD>
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  <TD width="49%">&nbsp;</TD>
 </TR>
 <TR valign="bottom">
  <TD style="border-bottom: #000000 1px solid"><B>3959 N. Lincoln Ave.,
Chicago, Illinois<BR>
</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>60613</B></TD>
 </TR>
 <TR valign="top">
  <TD>(Address of Principal Executive Offices)</TD>
  <TD>&nbsp;</TD>
  <TD>(Zip Code)</TD>
 </TR>

</TABLE>


<P style="font-size: 10pt" align="center">Registrant&#8217;s telephone number,
including area code: <B>(773) 832-3088</B>
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cellpadding="0" width="30%" border="0">

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  <TD width="100%">&nbsp;</TD>
 </TR>
 <TR>
  <TD style="border-bottom: #000000 1px solid" nowrap><B>Not
Applicable<BR>
</B></TD>
 </TR>
 <TR>
  <TD nowrap>(Former name or former address if changed since last report.)</TD>
 </TR>

</TABLE>


<P style="font-size: 10pt" align="left">Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions:

<P style="font-size: 10pt" align="left"><FONT face="Wingdings">o</FONT> Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)<BR>
<BR>
<FONT face="Wingdings">o</FONT> Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR>
<BR>
<FONT
face="Wingdings">o</FONT> Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<BR>
<BR>
<FONT
face="Wingdings">o</FONT> Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<BR>


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<P style="font-size: 10pt" align="center">&nbsp;

<P style="display: none; font-size: 10pt" align="center">1
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<P style="font-size: 10pt" align="justify"><B>ITEM 2.02: Results of Operations
and Financial Condition</B>

<P style="font-size: 10pt" align="justify">Corus Bankshares, Inc.
(&#8220;Corus&#8221; or the &#8220;Company&#8221;) reported a preliminary net
loss for the 2009 first quarter of $285.0 million, or $5.31 per diluted share,
compared with net income of $4.5&nbsp;million, or $0.08 per diluted share, in the
first quarter of 2008. Corus expects to file its Quarterly Report on Form 10-Q
with the Securities and Exchange Commission on or before May&nbsp;11, 2009.

<P style="font-size: 10pt" align="justify">Problem loans continue to grow as a
result of the continuing nationwide downturn in the residential real estate
market. Due to continued concerns about loan quality, Corus recorded a
preliminary provision for credit losses of $193.3 million for the first three
months of 2009, compared with $36.8&nbsp;million during the same period of
2008. Further contributing to the Company&#8217;s net loss was the increase in
the Company&#8217;s nonperforming assets to $2.5&nbsp;billion (including
$0.5&nbsp;billion of other real estate owned), which led to a steep decline
in the Company&#8217;s interest income. The Company&#8217;s interest income was
not enough to offset its interest expense during the first quarter of 2009.

<P style="font-size: 10pt" align="justify">The Company has also experienced
increases in noninterest expense. Noninterest expense increased primarily due
to costs associated with the Company&#8217;s foreclosed real estate, including
preliminary impairment charges of nearly $45&nbsp;million. Additionally, the
Company has experienced significant increases in its expenses associated with
regulatory compliance and audits, FDIC insurance, as well as legal and
consulting fees. These expenses will continue as a direct result of the
Company&#8217;s ongoing troubled condition.

<P style="font-size: 10pt" align="justify">As announced publicly on
February&nbsp;18, 2009, Corus must comply with the Written Agreement and
Consent Order issued by the Federal Reserve Bank of Chicago (the
&#8220;FRB&#8221;) and the Office of the Comptroller of the Currency (the
&#8220;OCC&#8221;), respectively. As of March, 31, 2009, Corus&#8217;
subsidiary, Corus Bank N.A. (the &#8220;Bank&#8221;) had preliminary Tier 1 capital of $341
million with a ratio of 4.2%, preliminary Tier 1 risk-based capital of $341&nbsp;million
with a ratio of 5.9%, and preliminary total risk-based capital of $418&nbsp;million with a
ratio of 7.3%. As of March&nbsp;31, 2009, the Bank was
&#8220;undercapitalized&#8221; under the regulatory framework for prompt
corrective action.

<P style="font-size: 10pt" align="justify">Both the FRB and OCC will
continue to monitor the results of our operations, including liquidity and
capital and based on their assessment of our ability to continue to operate in
a safe and sound manner, may take further actions including placing the Bank
into conservatorship or receivership. Additional actions taken by our
regulators may negatively impact our ability to continue as a going concern.

<P style="font-size: 10pt" align="justify">The Company&#8217;s Board of
Directors has formed a Strategic Planning Committee. The Strategic Planning
Committee has hired an investment banking firm to seek all strategic
alternatives to enhance the stability of the Company including a capital
investment, sale, strategic merger or some form of restructuring. There can be
no assurance that the Company will succeed in this endeavor. In addition, a transaction, which
would likely involve equity financing, would result in substantial dilution to
our current stockholders and could adversely affect the price of our common
stock.

<P style="font-size: 10pt" align="justify">The preliminary consolidated balance sheets
and statements of income are attached as Exhibit 99.

<P style="font-size: 10pt" align="center">&nbsp;

<P style="display: none; font-size: 10pt" align="center">2
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<P style="font-size: 10pt" align="justify"><B>ITEM 9.01: Financial Statements
and Exhibits</B>

<P style="font-size: 10pt" align="justify">(d)&nbsp;Exhibits *
<DIV align="center">
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 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">Exhibit&nbsp;No. </DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Description</TD>
 </TR>
 <TR style="font-size: 1px">
  <TD style="border-top: #000000 1px solid" valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">&nbsp;</DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD style="border-top: #000000 1px solid" valign="top"
align="left">&nbsp;</TD>
 </TR>
 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">99</DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Preliminary Consolidated Balance Sheets and
Statements of Income*</TD>
 </TR>
<!-- End Table Body -->

</TABLE>
</DIV>

<P style="font-size: 10pt; margin-left: 12%" align="justify">*Exhibits
furnished pursuant to Item&nbsp;2.02, are not deemed filed in accordance with
Item 9.01.

<P style="font-size: 10pt" align="center">&nbsp;

<P style="display: none; font-size: 10pt" align="center">3
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<P style="font-size: 10pt" align="center"><B>SIGNATURE</B>

<P style="font-size: 10pt" align="justify">Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly authorized.

<P style="font-size: 10pt; margin-left: 46%" align="justify">CORUS BANKSHARES,
INC. <BR>
(Registrant)

<P style="font-size: 10pt" align="justify">April&nbsp;30, 2009

<P style="margin-top: -11pt; font-size: 10pt; margin-left: 46%"
align="justify">By: <U><B>/</B>s/ Paula Manley </U><BR>
Paula Manley <BR>
First
Vice President and Chief Accounting Officer <BR>
(Duly authorized Officer of
Registrant)

<P style="font-size: 10pt" align="center">&nbsp;

<P style="display: none; font-size: 10pt" align="center">4
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<P style="font-size: 10pt" align="center"><B>EXHIBIT INDEX</B>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%"
border="0">
<!-- Begin Table Head -->

 <TR valign="bottom">
  <TD width="8%">&nbsp;</TD>
  <TD width="5%">&nbsp;</TD>
  <TD width="87%">&nbsp;</TD>
 </TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">Exhibit&nbsp;No. </DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Description</TD>
 </TR>
 <TR style="font-size: 1px">
  <TD style="border-top: #000000 1px solid" valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">&nbsp;</DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD style="border-top: #000000 1px solid" valign="top"
align="left">&nbsp;</TD>
 </TR>
 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">99</DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Preliminary Consolidated Balance Sheets and
Statements of Income*</TD>
 </TR>
<!-- End Table Body -->

</TABLE>
</DIV>

<P style="font-size: 10pt; margin-left: 12%" align="justify">*Exhibits
furnished pursuant to Item&nbsp;2.02, are not deemed filed in accordance with
Item 9.01.

<P style="font-size: 10pt" align="center">&nbsp;

<P style="display: none; font-size: 10pt" align="center">5
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</HTML>
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{"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": "8-K", "act": "34", "file-number": "000-06136", "film-number": "09786473"}, "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"}]}
Form 8-K
UNITED STATES
SECURITIES AND
EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to
Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest
event reported): April 30, 2009
CORUS BANKSHARES,
INC.
(Exact name of registrant as
specified in its charter)
Minnesota
0-06136
41-0823592
(State or other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)
3959 N. Lincoln Ave.,
Chicago, Illinois
60613
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number,
including area code:
(773) 832-3088
Not
Applicable
(Former name or former address if changed since last report.)
Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions:
o
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o
Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
ITEM 2.02: Results of Operations
and Financial Condition
Corus Bankshares, Inc.
("Corus" or the "Company") reported a preliminary net
loss for the 2009 first quarter of $285.0 million, or $5.31 per diluted share,
compared with net income of $4.5 million, or $0.08 per diluted share, in the
first quarter of 2008. Corus expects to file its Quarterly Report on Form 10-Q
with the Securities and Exchange Commission on or before May 11, 2009.
Problem loans continue to grow as a
result of the continuing nationwide downturn in the residential real estate
market. Due to continued concerns about loan quality, Corus recorded a
preliminary provision for credit losses of $193.3 million for the first three
months of 2009, compared with $36.8 million during the same period of
2008. Further contributing to the Company's net loss was the increase in
the Company's nonperforming assets to $2.5 billion (including
$0.5 billion of other real estate owned), which led to a steep decline
in the Company's interest income. The Company's interest income was
not enough to offset its interest expense during the first quarter of 2009.
The Company has also experienced
increases in noninterest expense. Noninterest expense increased primarily due
to costs associated with the Company's foreclosed real estate, including
preliminary impairment charges of nearly $45 million. Additionally, the
Company has experienced significant increases in its expenses associated with
regulatory compliance and audits, FDIC insurance, as well as legal and
consulting fees. These expenses will continue as a direct result of the
Company's ongoing troubled condition.
As announced publicly on
February 18, 2009, Corus must comply with the Written Agreement and
Consent Order issued by the Federal Reserve Bank of Chicago (the
"FRB") and the Office of the Comptroller of the Currency (the
"OCC"), respectively. As of March, 31, 2009, Corus'
subsidiary, Corus Bank N.A. (the "Bank") had preliminary Tier 1 capital of $341
million with a ratio of 4.2%, preliminary Tier 1 risk-based capital of $341 million
with a ratio of 5.9%, and preliminary total risk-based capital of $418 million with a
ratio of 7.3%. As of March 31, 2009, the Bank was
"undercapitalized" under the regulatory framework for prompt
corrective action.
Both the FRB and OCC will
continue to monitor the results of our operations, including liquidity and
capital and based on their assessment of our ability to continue to operate in
a safe and sound manner, may take further actions including placing the Bank
into conservatorship or receivership. Additional actions taken by our
regulators may negatively impact our ability to continue as a going concern.
The Company's Board of
Directors has formed a Strategic Planning Committee. The Strategic Planning
Committee has hired an investment banking firm to seek all strategic
alternatives to enhance the stability of the Company including a capital
investment, sale, strategic merger or some form of restructuring. There can be
no assurance that the Company will succeed in this endeavor. In addition, a transaction, which
would likely involve equity financing, would result in substantial dilution to
our current stockholders and could adversely affect the price of our common
stock.
The preliminary consolidated balance sheets
and statements of income are attached as Exhibit 99.
ITEM 9.01: Financial Statements
and Exhibits
(d) Exhibits *
Exhibit No.
Description
99
Preliminary Consolidated Balance Sheets and
Statements of Income*
*Exhibits
furnished pursuant to Item 2.02, are not deemed filed in accordance with
Item 9.01.
SIGNATURE
Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly authorized.
CORUS BANKSHARES,
INC.
(Registrant)
April 30, 2009
By:
/
s/ Paula Manley
Paula Manley
First
Vice President and Chief Accounting Officer
(Duly authorized Officer of
Registrant)
EXHIBIT INDEX
Exhibit No.
Description
99
Preliminary Consolidated Balance Sheets and
Statements of Income*
*Exhibits
furnished pursuant to Item 2.02, are not deemed filed in accordance with
Item 9.01.