The Real Deal Miami

Condo lender Corus Bank could fail

May 01, 2009 04:41PM

Federal regulators could place Corus Bank, a major South Florida condominium lender, into receivership or conservatorship following a $285 million loss in the first quarter, the bank’s parent company, Corus Bankshares, announced. The bank had $1.11 billion in outstanding loans for condo projects in South Florida as of December 31, the majority of which were past due or not being paid. Three months later, Corus Bank said it had $499 million in foreclosed property and $2 billion in nonperforming loans — together making up 32 percent of the bank’s assets.