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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported) February 12, 1997
CORUS BANKSHARES, INC.
(Exact name of registrant as specified in its charter)
Commission File Number 0-6136
Minnesota 41-0823592
(State of incorporation of organization) (I.R.S. Employer Identification No.)
3959 N. Lincoln Ave., Chicago, Illinois 60613
(Address of principal executive offices) (Zip Code)
(773) 549-7100
(Registrant's telephone number)
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CORUS BANKSHARES, INC.
Item 4. Changes in Registrant's Certifying Accountant
On February 12, 1997, the Audit Committee and Board of Directors of CORUS
Bankshares, Inc. (Bankshares) recommended that the shareholders ratify Arthur
Andersen LLP at the annual meeting as independent accountants of Bankshares for
fiscal 1997. This recommendation causes the dismissal of KPMG Peat Marwick LLP
(KPMG) as the independent accountants of Bankshares upon the completion of the
audit of Bankshares' financial statements as of and for the year ended December
31, 1996 and the issuance of their report thereon.
For the two years ended December 31, 1995, KPMG's reports on the financial
statements did not contain an adverse or a disclaimer of opinion nor were they
qualified or modified as to uncertainty, audit scope or accounting principles.
For the two years ended December 31, 1996 and from December 31, 1996 through
the effective date of the dismissal, there have been no disagreements between
KPMG and Bankshares on any matter of accounting principles or practices,
financial statement disclosure, or auditing scope or procedure or any
reportable events.
Bankshares has requested that KPMG furnish a letter addressed to the United
States Securities and Exchange Commission stating whether KPMG agrees with the
preceding statements. A copy of KMPG's letter dated February 18, 1997 is filed
as Exhibit 16 hereto.
Item 5. Other Events.
On February 12, 1997, the Board of Directors canceled the current 1 million
common share repurchase program and approved a new 750,000 common share
repurchase program. A total of 422,500 shares were repurchased during 1995 and
1996 under the 1 million share repurchase program. Management has no current
plans to repurchase additional shares, but this position is contingent on
market conditions.
Item 7. Financial Statements and Exhibits
c. Exhibits
16. Letter from the independent accountants pursuant to Item 4.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
CORUS BANKSHARES, INC.
(Registrant)
February 18, 1997 By: /s/ Michael J. McClure
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Michael J. McClure
First Vice President and
Chief Accounting Officer
(Principal Accounting Officer and
duly authorized Officer of Registrant)
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EXHIBIT 16
February 18, 1997
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Ladies and Gentlemen:
We have read CORUS Bankshares, Inc.'s statements included under item 4 of its
Form 8-K dated February 18, 1997 and we agree with such statements contained in
paragraphs 2 and 3 therein. We have no basis to agree or disagree with other
statements of the registrant contained therein.
Very truly yours,
/s/ KPMG Peat Marwick LLP
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Chicago, Illinois
