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: Calculated RiskCorus Posts Loss, Warns of Possible Receivership
By Anonymous
From the Corus 8-K SEC Filing this morning (ht Kevin):
Both the [Federal Reserve Bank of Chicago and the Office of the Comptroller of the Currency] 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.From the South Florida Business Journal: Fla. condo lender Corus Bank warns of receivership
Corus Bank said it had $2 billion in nonperforming loans and $499 million in foreclosed property as of March 31. That covered 32 percent of the bank?s $7.7 billion in assets.On Feb 18th Corus announced a consent order with regulators.
It might not have been a great business model to focus on Florida condos.
Full post as published by Calculated Risk on May 01, 2009 (boomark / email).
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