The Real Deal Miami

Corus skirts more serious trouble

March 18, 2009 12:16PM

Chicago-based Corus Bankshares, a big bettor on the South Florida condo boom, told the Securities and Exchange Commission that it may not be able to continue as a going concern. It delayed its annual report, and still had $1.38 billion in condo loans outstanding in the region as of September 30. Bank regulators imposed restrictions that could make it harder for Corus to grant those developers loan extensions. Corus estimated a preliminary loss of $465 million for the full year, and said 37.6 percent of its loans have nonperforming status.