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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: November 15, 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 November 13, 2000 Corus Bank, N.A., a wholly-owned subsidiary of Corus
Bankshares, Inc., entered into a definitive agreement to sell its student loan
portfolio to the Illinois Designated Account Purchase Program ("IDAPP") and
Chela Financial USA, Inc. ("CHELA"). IDAPP and CHELA (the "Purchasers") will
each purchase approximately 50% of the loans.
The sale will occur in two phases. The first phase will involve Corus selling
approximately $400 million of student loans to the Purchasers in December of
2000. The second phase will entail Corus selling most of the then remaining
student loans, currently estimated to be about $50 million, in the second
quarter of 2001. Corus anticipates that it will report a pre-tax gain of
approximately $19 to $20 million in the fourth quarter of 2000 and an additional
pre-tax gain of between $2 and $3 million in the second quarter of 2001. The
gains will result from the premium received on the loans, net of selling costs,
and various charge-off's of related deferred income and expense items.
In addition, Corus and the Purchasers have agreed, in principal, to: 1) transfer
to the Purchasers the student loan servicing platform, 2) permit the Purchasers
to hire most of Corus' student loan employees, and 3) enter into a lease
agreement whereby IDAPP would rent Corus' student loan servicing facility. This
transfer of the servicing business would likely be completed concurrently with
the sale in the second quarter of 2001. A definitive agreement on this transfer
of the servicing business has not yet been finalized, but Corus expects such an
agreement to be reached.
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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)
November 15, 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)
