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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): February 18, 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">

 <TR>
  <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>

</TABLE>
<TABLE style="font-size: 10pt; text-align: center" cellspacing="0"
cellpadding="0" width="100%" border="0">

 <TR>
  <TD width="49%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <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>
<TABLE style="font-size: 10pt; text-align: center" cellspacing="0"
cellpadding="0" width="30%" border="0">

 <TR>
  <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>


<DIV style="margin-top: 10pt; font-size: 1pt; width: 100%; border-bottom: black 1pt solid">&nbsp;</DIV>
<DIV style="font-size: 1pt; width: 100%; border-bottom: black 2pt solid">&nbsp;</DIV>
</DIV>

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

<P style="display: none; font-size: 10pt" align="center">1
</DIV>

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<DIV style="margin-left: 0.25in; width: 7.2in; font-family: 'Times New Roman',Times,serif">


<P style="font-size: 10pt" align="justify"><B>ITEM 1.01: Entry into a Material Definitive Agreement</B>


<P style="font-size: 10pt" align="justify"><B>Written Agreement</B>

<P style="font-size: 10pt" align="justify">On February&nbsp;18, 2009, Corus
Bankshares, Inc. (&#8220;Corus&#8221; or the &#8220;Company&#8221;) entered
into a Written Agreement (the &#8220;Agreement&#8221;) with the Federal Reserve
Bank of Chicago (the &#8220;FRB&#8221;). The Agreement restricts the payment of
dividends by the Company, as well as the taking of dividends or any other
payment representing a reduction in capital from the Company&#8217;s wholly
owned subsidiary, Corus Bank N.A. (the &#8221;Bank&#8221;), without the prior
approval of the FRB. The Agreement further requires that the Company shall not
incur, increase, or guarantee any debt, repurchase or redeem any shares of its
stock, or pay any interest or principal on subordinated debt or trust preferred
securities, in each case without the prior approval of the FRB. The Agreement
also requires the Company to develop a capital plan for the Company within
90&nbsp;days, which plan shall address, among other things, the Company&#8217;s
current and future capital requirements, including compliance with the minimum
capital ratios, the adequacy of the capital, the source and timing of
additional funds, and procedures to notify the FRB no more than 30&nbsp;days
after the end of any quarter in which Corus&#8217;s consolidated capital ratios
or the Bank&#8217;s capital ratios (total risk-based, Tier 1 risk-based, or
leverage) fall below the required minimums. The Company is also required to
submit a cash flow projection for 2009 to the FRB within 60&nbsp;days. The
Company would also be required to provide notice to the FRB regarding the
appointment of any new director or senior executive officer. Finally, the board
of directors of the Company is required to submit written progress reports
within 30&nbsp;days after the end of each fiscal quarter.

<P style="font-size: 10pt" align="justify">Any material failure to comply with
the provisions of the Agreement could result in enforcement actions by the FRB.
While the Company intends to take such actions as may be necessary to comply
with the requirements of the Agreement, there can be no assurance that the
Company or the Bank will be able to comply fully with the provisions of the
Agreement, or that efforts to comply with the Agreement will not have adverse
effects on the operations and financial condition of the Company or the Bank.

<P style="font-size: 10pt" align="justify">The foregoing description of the
Agreement is qualified in its entirety by reference thereto, a copy of which is
attached to this Current Report on Form 8-K as Exhibit&nbsp;10.1 and
incorporated herein by reference.

<P style="font-size: 10pt" align="justify"><B>Consent Order</B>

<P style="font-size: 10pt" align="justify">On February&nbsp;18, 2009, pursuant
to a Stipulation and Consent to the Issuance of a Consent Order, the Bank
consented and agreed to the issuance of a Consent Order (the
&#8220;Order&#8221;) by the Office of the Comptroller of Currency (the
&#8220;OCC&#8221;), the Bank&#8217;s primary banking regulator.

<P style="font-size: 10pt" align="justify">The Order requires the Bank, among
other things,

<P>
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%"
border="0">

 <TR
style="font-size: 10pt; background: none transparent scroll repeat 0% 0%; color: #000000"
valign="top">
  <TD style="background: none transparent scroll repeat 0% 0%"
width="2%">&nbsp;</TD>
  <TD nowrap align="left" width="3%">&#8226;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD>
<DIV style="text-align: justify">to establish a compliance committee to monitor
and coordinate compliance with the Order within 10&nbsp;days;</DIV>
</TD>
 </TR>

</TABLE>


<P>
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%"
border="0">

 <TR
style="font-size: 10pt; background: none transparent scroll repeat 0% 0%; color: #000000"
valign="top">
  <TD style="background: none transparent scroll repeat 0% 0%"
width="2%">&nbsp;</TD>
  <TD nowrap align="left" width="3%">&#8226;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD>
<DIV style="text-align: justify">to achieve and maintain Tier 1 capital at
least equal to 12% of risk-weighted assets and at least equal to 9% of adjusted
total assets within 120&nbsp;days;</DIV>
</TD>
 </TR>

</TABLE>


<P>
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%"
border="0">

 <TR
style="font-size: 10pt; background: none transparent scroll repeat 0% 0%; color: #000000"
valign="top">
  <TD style="background: none transparent scroll repeat 0% 0%"
width="2%">&nbsp;</TD>
  <TD nowrap align="left" width="3%">&#8226;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD>
<DIV style="text-align: justify">to develop, within 60&nbsp;days, a three-year
capital plan for the Bank, which shall, among other things, include specific
plans for maintaining adequate capital, a discussion of the sources and timing
of additional capital, as well as contingency plans for alternative sources of
capital;</DIV>
</TD>
 </TR>

</TABLE>


<P>
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%"
border="0">

 <TR
style="font-size: 10pt; background: none transparent scroll repeat 0% 0%; color: #000000"
valign="top">
  <TD style="background: none transparent scroll repeat 0% 0%"
width="2%">&nbsp;</TD>
  <TD nowrap align="left" width="3%">&#8226;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD>
<DIV style="text-align: justify">to develop, prior to involvement in any new
products or services, or the resumption of commercial real estate lending, a
strategic plan covering at least a three-year period, which shall, among other
things, include a specific description of the goals and objectives to be
achieved, the targeted markets, the specific Bank personnel who are responsible
and accountable for the plan, and the appointment of a Chief Credit
Officer;</DIV>
</TD>
 </TR>

</TABLE>


<P>
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%"
border="0">

 <TR
style="font-size: 10pt; background: none transparent scroll repeat 0% 0%; color: #000000"
valign="top">
  <TD style="background: none transparent scroll repeat 0% 0%"
width="2%">&nbsp;</TD>
  <TD nowrap align="left" width="3%">&#8226;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD>
<DIV style="text-align: justify">to develop, within 30&nbsp;days, a liquidity
risk management program, which assesses, on an ongoing basis, the Bank&#8217;s
current and projected funding needs, and ensures that sufficient funds exist to
meet those needs;</DIV>
</TD>
 </TR>

</TABLE>


<P>
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%"
border="0">

 <TR
style="font-size: 10pt; background: none transparent scroll repeat 0% 0%; color: #000000"
valign="top">
  <TD style="background: none transparent scroll repeat 0% 0%"
width="2%">&nbsp;</TD>
  <TD nowrap align="left" width="3%">&#8226;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD>
<DIV style="text-align: justify">to develop, within 90&nbsp;days, a loan
policy, a commercial real estate concentration management program, a loan
review program to ensure the timely and independent identification of problem
loans and a program for the maintenance of an adequate Allowance for Loan and
Lease Losses;</DIV>
</TD>
 </TR>

</TABLE>


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

<P style="display: none; font-size: 10pt" align="center">2
</DIV>

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<DIV
style="margin-left: 0.25in; width: 7.2in; font-family: 'Times New Roman',Times,serif">

<P>
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%"
border="0">

</TABLE>


<P>
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%"
border="0">

 <TR
style="font-size: 10pt; background: none transparent scroll repeat 0% 0%; color: #000000"
valign="top">
  <TD style="background: none transparent scroll repeat 0% 0%"
width="2%">&nbsp;</TD>
  <TD nowrap align="left" width="3%">&#8226;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD>
<DIV style="text-align: justify">to take immediate and continuing action to
protect the Bank&#8217;s interest in certain assets identified by the OCC or
any other bank examiner by developing a criticized assets report covering the
entire credit relationship with respect to such assets;</DIV>
</TD>
 </TR>

</TABLE>


<P>
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%"
border="0">

 <TR
style="font-size: 10pt; background: none transparent scroll repeat 0% 0%; color: #000000"
valign="top">
  <TD style="background: none transparent scroll repeat 0% 0%"
width="2%">&nbsp;</TD>
  <TD nowrap align="left" width="3%">&#8226;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD>
<DIV style="text-align: justify">to develop, within 90&nbsp;days, an
independent appraisal review and analysis process to ensure that appraisals
conform to appraisal standards and regulations, and to order, within
30&nbsp;days following any event that triggers an appraisal analysis, a current
independent appraisal or updated appraisal on loans secured by certain
properties; and</DIV>
</TD>
 </TR>

</TABLE>


<P>
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%"
border="0">

 <TR
style="font-size: 10pt; background: none transparent scroll repeat 0% 0%; color: #000000"
valign="top">
  <TD style="background: none transparent scroll repeat 0% 0%"
width="2%">&nbsp;</TD>
  <TD nowrap align="left" width="3%">&#8226;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD>
<DIV style="text-align: justify">to develop, within 30&nbsp;days, a revised
Other Real Estate Owned (&#8220;OREO&#8221;) program to ensure that the OREO
properties are managed in accordance with certain applicable banking
regulations.</DIV>
</TD>
 </TR>

</TABLE>


<P style="font-size: 10pt" align="justify">Any material failure to comply with
the provisions of the Order could result in enforcement actions by the OCC.
While the Company intends to take such actions as may be necessary to enable
the Bank to comply with the requirements of the Order, there can be no
assurance that the Bank will be able to comply fully with the provisions of the
Order, or that efforts to comply with the Order, particularly the limitations
on interest rates offered by the Bank, will not have adverse effects on the
operations and financial condition of the Company and the Bank.

<P style="font-size: 10pt" align="justify">The foregoing description of the
Order is qualified in its entirety by reference thereto, a copy of which is
attached to this Current Report on Form 8-K as Exhibit&nbsp;10.2 and
incorporated herein by reference. Also, the Stipulation and Consent to the
Issuance of a Consent Order is attached to this Current Report on Form 8-K as
Exhibit&nbsp;10.3 and is incorporated herein by reference.

<P style="font-size: 10pt" align="justify">Finally, on February&nbsp;18, 2009,
the Company issued a press release announcing the issuance of the Agreement and
the Order. A copy of the press release is attached hereto as Exhibit&nbsp;99
and incorporated herein by reference.

<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


<P>
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%" border="0">


 <TR valign="top">
  <TD width="8%">&nbsp;</TD>
  <TD width="5%">&nbsp;</TD>
  <TD width="87%">&nbsp;</TD>
  </TR>

<TR>
  <TD align="left" style="border-bottom: 1px solid #000000">Exhibit&nbsp;No.</TD>
  <TD>&nbsp;</TD>
  <TD align="left" style="border-bottom: 1px solid #000000">Description</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

 <TR valign="top">
  <TD align="left">10.1</TD>
  <TD>&nbsp;</TD>
  <TD align="left">Form of Written Agreement by and between Corus
Bankshares, Inc. and the Federal Reserve Bank of Chicago, dated
February&nbsp;18, 2009</TD>
 </TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
  <TD align="left">10.2</TD>
  <TD>&nbsp;</TD>
  <TD align="left">Form of Consent Order dated February&nbsp;18,
2009 issued by the Comptroller of the Currency in the matter of Corus Bank,
N.A.</TD>
 </TR>

<TR><TD>&nbsp;</TD></TR>

 <TR valign="top">
  <TD align="left">10.3</TD>
  <TD>&nbsp;</TD>
  <TD align="left">Form of Stipulation and Consent to the
Issuance of a Consent Order dated February&nbsp;18, 2009 between the
Comptroller of Currency and Corus Bank, N.A.</TD>
 </TR>

<TR><TD>&nbsp;</TD></TR>

 <TR valign="top">
  <TD align="left">99</TD>
  <TD>&nbsp;</TD>
  <TD align="left">Press release of
Corus Bankshares, Inc. dated February&nbsp;18, 2009.</TD>
 </TR>
</TABLE>

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

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

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style="margin-left: 0.25in; width: 7.2in; font-family: 'Times New Roman',Times,serif">

<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.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%"
border="0">
<!-- Begin Table Head -->

 <TR valign="bottom">
  <TD width="48%">&nbsp;</TD>
  <TD width="4%">&nbsp;</TD>
  <TD width="48%">&nbsp;</TD>
 </TR>
<!-- End Table Head -->
<!-- Begin Table Body -->

<TR>
  <TD>&nbsp;</TD>
  <TD align="left" colspan="2">CORUS BANKSHARES, INC.<BR>(Registrant)</TD>
</TR>


<TR><TD>&nbsp;</TD></TR>

 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">February&nbsp;23, 2009 </DIV>
</TD>
  <TD align="left">By: &nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid" valign="top" align="left">/s/ Michael E. Dulberg</TD>
 </TR>


 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">&nbsp;</DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Michael E. Dulberg<BR>Executive Vice President and Chief Financial
Officer<BR>(Principal Financial and duly authorized Officer of
Registrant)</TD>
</TR>

</TABLE>


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

<P style="display: none; font-size: 10pt" align="center">4
</DIV>


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<DIV style="margin-left: 0.25in; width: 7.2in; font-family: 'Times New Roman',Times,serif">

<P style="font-size: 10pt" align="center"><B>EXHIBIT INDEX</B>



<P>
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%" border="0">


 <TR valign="top">
  <TD width="8%">&nbsp;</TD>
  <TD width="5%">&nbsp;</TD>
  <TD width="87%">&nbsp;</TD>
  </TR>

<TR>
  <TD align="left" style="border-bottom: 1px solid #000000">Exhibit&nbsp;No.</TD>
  <TD>&nbsp;</TD>
  <TD align="left" style="border-bottom: 1px solid #000000">Description</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

 <TR valign="top">
  <TD align="left">10.1</TD>
  <TD>&nbsp;</TD>
  <TD align="left">Form of Written Agreement by and between Corus
Bankshares, Inc. and the Federal Reserve Bank of Chicago, dated
February&nbsp;18, 2009</TD>
 </TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
  <TD align="left">10.2</TD>
  <TD>&nbsp;</TD>
  <TD align="left">Form of Consent Order dated February&nbsp;18,
2009 issued by the Comptroller of the Currency in the matter of Corus Bank,
N.A.</TD>
 </TR>

<TR><TD>&nbsp;</TD></TR>

 <TR valign="top">
  <TD align="left">10.3</TD>
  <TD>&nbsp;</TD>
  <TD align="left">Form of Stipulation and Consent to the
Issuance of a Consent Order dated February&nbsp;18, 2009 between the
Comptroller of Currency and Corus Bank, N.A.</TD>
 </TR>

<TR><TD>&nbsp;</TD></TR>

 <TR valign="top">
  <TD align="left">99</TD>
  <TD>&nbsp;</TD>
  <TD align="left">Press release of
Corus Bankshares, Inc. dated February&nbsp;18, 2009.</TD>
 </TR>
</TABLE>

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

<P style="display: none; font-size: 10pt" align="center">5
</DIV>
</BODY>
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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": "09628777"}, "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"}]}
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): February 18, 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 1.01: Entry into a Material Definitive Agreement
Written Agreement
On February 18, 2009, Corus
Bankshares, Inc. ("Corus" or the "Company") entered
into a Written Agreement (the "Agreement") with the Federal Reserve
Bank of Chicago (the "FRB"). The Agreement restricts the payment of
dividends by the Company, as well as the taking of dividends or any other
payment representing a reduction in capital from the Company's wholly
owned subsidiary, Corus Bank N.A. (the "Bank"), without the prior
approval of the FRB. The Agreement further requires that the Company shall not
incur, increase, or guarantee any debt, repurchase or redeem any shares of its
stock, or pay any interest or principal on subordinated debt or trust preferred
securities, in each case without the prior approval of the FRB. The Agreement
also requires the Company to develop a capital plan for the Company within
90 days, which plan shall address, among other things, the Company's
current and future capital requirements, including compliance with the minimum
capital ratios, the adequacy of the capital, the source and timing of
additional funds, and procedures to notify the FRB no more than 30 days
after the end of any quarter in which Corus's consolidated capital ratios
or the Bank's capital ratios (total risk-based, Tier 1 risk-based, or
leverage) fall below the required minimums. The Company is also required to
submit a cash flow projection for 2009 to the FRB within 60 days. The
Company would also be required to provide notice to the FRB regarding the
appointment of any new director or senior executive officer. Finally, the board
of directors of the Company is required to submit written progress reports
within 30 days after the end of each fiscal quarter.
Any material failure to comply with
the provisions of the Agreement could result in enforcement actions by the FRB.
While the Company intends to take such actions as may be necessary to comply
with the requirements of the Agreement, there can be no assurance that the
Company or the Bank will be able to comply fully with the provisions of the
Agreement, or that efforts to comply with the Agreement will not have adverse
effects on the operations and financial condition of the Company or the Bank.
The foregoing description of the
Agreement is qualified in its entirety by reference thereto, a copy of which is
attached to this Current Report on Form 8-K as Exhibit 10.1 and
incorporated herein by reference.
Consent Order
On February 18, 2009, pursuant
to a Stipulation and Consent to the Issuance of a Consent Order, the Bank
consented and agreed to the issuance of a Consent Order (the
"Order") by the Office of the Comptroller of Currency (the
"OCC"), the Bank's primary banking regulator.
The Order requires the Bank, among
other things,
•
to establish a compliance committee to monitor
and coordinate compliance with the Order within 10 days;
•
to achieve and maintain Tier 1 capital at
least equal to 12% of risk-weighted assets and at least equal to 9% of adjusted
total assets within 120 days;
•
to develop, within 60 days, a three-year
capital plan for the Bank, which shall, among other things, include specific
plans for maintaining adequate capital, a discussion of the sources and timing
of additional capital, as well as contingency plans for alternative sources of
capital;
•
to develop, prior to involvement in any new
products or services, or the resumption of commercial real estate lending, a
strategic plan covering at least a three-year period, which shall, among other
things, include a specific description of the goals and objectives to be
achieved, the targeted markets, the specific Bank personnel who are responsible
and accountable for the plan, and the appointment of a Chief Credit
Officer;
•
to develop, within 30 days, a liquidity
risk management program, which assesses, on an ongoing basis, the Bank's
current and projected funding needs, and ensures that sufficient funds exist to
meet those needs;
•
to develop, within 90 days, a loan
policy, a commercial real estate concentration management program, a loan
review program to ensure the timely and independent identification of problem
loans and a program for the maintenance of an adequate Allowance for Loan and
Lease Losses;
•
to take immediate and continuing action to
protect the Bank's interest in certain assets identified by the OCC or
any other bank examiner by developing a criticized assets report covering the
entire credit relationship with respect to such assets;
•
to develop, within 90 days, an
independent appraisal review and analysis process to ensure that appraisals
conform to appraisal standards and regulations, and to order, within
30 days following any event that triggers an appraisal analysis, a current
independent appraisal or updated appraisal on loans secured by certain
properties; and
•
to develop, within 30 days, a revised
Other Real Estate Owned ("OREO") program to ensure that the OREO
properties are managed in accordance with certain applicable banking
regulations.
Any material failure to comply with
the provisions of the Order could result in enforcement actions by the OCC.
While the Company intends to take such actions as may be necessary to enable
the Bank to comply with the requirements of the Order, there can be no
assurance that the Bank will be able to comply fully with the provisions of the
Order, or that efforts to comply with the Order, particularly the limitations
on interest rates offered by the Bank, will not have adverse effects on the
operations and financial condition of the Company and the Bank.
The foregoing description of the
Order is qualified in its entirety by reference thereto, a copy of which is
attached to this Current Report on Form 8-K as Exhibit 10.2 and
incorporated herein by reference. Also, the Stipulation and Consent to the
Issuance of a Consent Order is attached to this Current Report on Form 8-K as
Exhibit 10.3 and is incorporated herein by reference.
Finally, on February 18, 2009,
the Company issued a press release announcing the issuance of the Agreement and
the Order. A copy of the press release is attached hereto as Exhibit 99
and incorporated herein by reference.
ITEM 9.01: Financial Statements
and Exhibits
(d) Exhibits
Exhibit No.
Description
10.1
Form of Written Agreement by and between Corus
Bankshares, Inc. and the Federal Reserve Bank of Chicago, dated
February 18, 2009
10.2
Form of Consent Order dated February 18,
2009 issued by the Comptroller of the Currency in the matter of Corus Bank,
N.A.
10.3
Form of Stipulation and Consent to the
Issuance of a Consent Order dated February 18, 2009 between the
Comptroller of Currency and Corus Bank, N.A.
99
Press release of
Corus Bankshares, Inc. dated February 18, 2009.
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)
February 23, 2009
By:
/s/ Michael E. Dulberg
Michael E. Dulberg
Executive Vice President and Chief Financial
Officer
(Principal Financial and duly authorized Officer of
Registrant)
EXHIBIT INDEX
Exhibit No.
Description
10.1
Form of Written Agreement by and between Corus
Bankshares, Inc. and the Federal Reserve Bank of Chicago, dated
February 18, 2009
10.2
Form of Consent Order dated February 18,
2009 issued by the Comptroller of the Currency in the matter of Corus Bank,
N.A.
10.3
Form of Stipulation and Consent to the
Issuance of a Consent Order dated February 18, 2009 between the
Comptroller of Currency and Corus Bank, N.A.
99
Press release of
Corus Bankshares, Inc. dated February 18, 2009.