Condo Construction Lending Leads to Corus Loss

As a result of condo construction lending, which led to significant increases in loan loss provisions, Corus Bankshares, Inc., Chicago, took a net loss for the 2008 third quarter of $128 million down from a net income of $35.5 million in the third quarter of 2007. The year-to-date 2008 results were a net loss of $139.7 million compared to net income of $104.3 million in 2007. "We are operating in an economic environment that is more challenging and volatile than any we have ever seen," said Robert J. Glickman, president and chief executive officer. "Our stock price has also suffered tremendously as a result. Unfortunately, we anticipate these difficulties will persist for some time." As of September 30, 2008, Corus Bank's capital totaled approximately $971 million.