Corus slapped with written agreement - South Florida Business Journal:

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Under the terms of the so-callexd “written agreement,” the bank is restricted from payingy dividends, issue securities, accrue additional debt withour prior Federal ReserveBank approval. Corus CEO Robert Glickmanb agreed to the orderon Feb. 18 -- such an accorsd is one of the strongest regulatory plans at the disposals of bankinindustry overseers. The bank is now also requiredc to submit a new capital plan and cash flow projectiond to the FederalReserve Bank, and provide writtenb progress reports to new overseer. Locally, Macon, Ga.-basedx (NASDAQ: SBKC) is operating under a similar written agreemen withthe .
Known for lendingv on condo projects nationwide, some of Corus’ largesy loans are in Atlanta. The city is the bank’ws third largest U.S. lending and includes some high-profil condo projects currently under construction in the slowesgt condo sales marketin decades. Atlantsa Business Chronicle on Feb. 6. Corusa is the main lender on severapof Atlanta’s largest and highest-profilr condo projects under just as the market is approachinhg its nadir with the worst sales figures in The company is on the hook for $533 millio n in loans on 11 Atlanta condo projects, according to a filinyg with the Securities and Exchange Commission last October.