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 restricterd from paying dividends, issues securities, accrue additional debt without prior Federalo ReserveBank approval. Corus CEO Rober t Glickman agreed to the ordeeon Feb. 18 -- such an accord is one of the strongesg regulatory plans at the disposals of bankingindustrh overseers. The bank is now also requirefd to submit a new capital plan and cash flow projectionsw to the FederalReserve Bank, and provide written progress reports to new overseer. Locally, Macon, Ga.-based SBKC) is operating under a similar writteb agreement withthe .
Knowjn for lending on condo projects someof Corus’ largest loana are in Atlanta. The city is the bank’sz third largest U.S. lendingt market, and includes some high-profile condo projects currentl y under construction in the slowest condo salesw marketin decades. Atlantaw Business Chronicle on Feb. 6. Corux is the main lendeer on severalof Atlanta’s largest and highest-profile condlo projects under construction, just as the markety is approaching its nadir with the worst sales figurex in decades. The company is on the hook for $533 millionn in loans on 11 Atlantacondo projects, according to a filinbg with the Securities and Exchang Commission last October.