Corus Bankshares Inc: Key Developments
Corus Bankshares, Inc. Delists From NASDAQ To OTC Pink Sheets-Stock Exchange
September 24, 2009 |
| The Stock Exchange reported that Corus Bankshares, Inc. has been delisted from NASDAQ to OTC Pink Sheets. |
Corus Bankshares, Inc. Announces FDIC Receivership of Its Bank Subsidiary, Corus Bank, N.A.; Halt in Trading and Delisting of Common Stock on Nasdaq
September 16, 2009 |
| Corus Bankshares, Inc. announced that on September 11, 2009, Corus Bank, N.A. (the Bank), the wholly owned subsidiary of the Company, was closed by the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation was appointed as receiver of the Bank. On September 15, 2009, the Company received a letter (the Letter) from Nasdaq confirming that Nasdaq had halted trading in the Company's common stock on September 14, 2009. The Letter indicated that Nasdaq was concerned about the Company's ability to sustain compliance with all of the requirements for continued listing on Nasdaq, as well as the residual equity interest of the Company's common stockholders. As a result, pursuant to the broad discretionary authority granted by Listing Rule 5100, the Nasdaq staff has made a determination to delist the Company's common stock from The Nasdaq Stock Market. The Company does not intend to appeal the delisting decision. As a result, trading will continue to be halted in the Company's common stock until trading is suspended on September 24, 2009. A Form 25-NSE will then be filed with the Securities and Exchange Commission, which will remove the Company's common stock from listing and registration on The Nasdaq Stock Market. The Letter advised the Company that the Company's common stock would not be immediately eligible to trade on the OTC Bulletin Board or in the Pink Sheets. |
Several Private Equity Firms Mull Corus Bankshares, Inc. Bid-DJ
July 27, 2009 |
| Dow Jones reported that according to The Financial Times several private equity firms are considering making bids for Corus Bankshares, Inc. Those considering a bid include Fortress Investment Group, Starwood Capital, Related Companies and Colony Capital. However, there may not finally be an auction for the troubled lender, since any private equity deal would require heavy government assistance. The Federal Deposit Insurance Corp. may yet decide the least costly option is to shut down Corus. |
Starwood In Bidding For Corus Bankshares, Inc. Assets-WSJ
July 14, 2009 |
| The Wall Street Journal reported that Barry Sternlicht's Starwood Capital Group, a private-equity firm specializing in real-estate investments, is bidding on assets of Corus Bankshares, Inc. |
Corus Bankshares, Inc. Appoints Michael Minnaugh As CFO-Form 8-K
June 22, 2009 |
| Corus Bankshares, Inc. reported in its Form 8-K that on June 16, 2009, the Board of Directors has appointed Michael Minnaugh to serve as the Chief Financial Officer (CFO) of the Company, effective as of June 15, 2009. Mr. Minnaugh will also serve as the Chief Financial Officer of Corus Bank, N.A.. |
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