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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number 0-6136
Date of Report: October 10, 2000
CORUS BANKSHARES, INC.
(Exact name of registrant as specified in its charter)
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) 832-3088
(Registrant's telephone number)
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CORUS BANKSHARES, INC.
ITEM 2:
On October 6, 2000 Corus Bankshares, Inc. sold its investment advisory unit,
commonly referred to as Corus Asset Management, and trust operations to Cole
Taylor Bank. Total proceeds include $1 million cash at closing plus a percentage
of the revenues of the businesses over the next five years. Maximum proceeds
total $3.25 million. In accordance with Statement of Financial Accounting
Standards No. 5, Corus recorded a third quarter loss on the sale in the amount
of $1.8 million. The loss results from the $1 million proceeds net of goodwill
in the amount of $2.5 million and other miscellaneous assets and liabilities
totaling $300,000.
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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)
October 10, 2000 By: /s/ Michael E. Dulberg
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Michael E. Dulberg
First Vice President and Chief Accounting Officer
(Principal Accounting Officer and duly authorized
Officer of Registrant)
