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Corus Bankshares Chief Financial Officer Tim Taylor resigns: Personal reasons cited; 2 officers to assume role
(Chicago Tribune Via Acquire Media NewsEdge) Oct. 7--Chief Financial Officer Tim Taylor has resigned from Corus Bankshares Inc. after 12 years in the position, and his duties at the Chicago bank holding company will be divided between two senior officers, the company said Monday.
The bank didn't provide a reason for the CFO's exit beyond a statement by Chief Executive Robert Glickman that Taylor "has his own personal reasons to leave Corus."
"I am disappointed by Tim's decision, as I have come to rely on his advice and his friendship," he said.
Asked whether the CFO's departure less than a month before quarterly results are scheduled to be released could raise red flags among investors, Glickman told the Tribune that "people could assume something has gone on that's bad, but I believe we'd be negligent in our disclosures if we knew something and didn't disclose it."
Glickman said deposits are "fine," with the bank seeing little in the way of outflows.
"On the loan side it's a challenge, but every day we have some victories," he said. "We're paying a lot of attention to our loan portfolio and working this through."
Its fortunes are heavily tied to condominium developers.
As of June 30, the $9.01 billion-asset bank had $830.4 million in non-accrual loans, or those not generating any interest income for the bank because payment in full of principal or interest is not expected.
Corus isn't out looking for new capital or a partner, Glickman said, noting that as of June 30, the bank far exceeded levels considered "well-capitalized."
"I did not dream of the severity of this real estate cycle," he said. "But we expected a cycle so we went into it with tremendous liquidity and tremendous capital."
The bank's 66 percent loan-to-deposit rate is among the lowest in the nation, a reflection of the bank's liquidity, he said. Most peers are at more than 90 percent, he said.
"The bad news is the banking world is shaking at its foundation," he said. "And 80 percent of our loans are in the housing market and that's suffering tremendously."
Taylor's responsibilities at Corus were broader than those of most CFOs and, as a result, his responsibilities have been divvied up.
Chief Accounting Officer Michael Dulberg has been named CFO and executive vice president.
Corus also named Rick Koretz, senior vice president of finance, to the newly created post of chief operating officer and executive vice president.
Taylor couldn't be reached for comment.
The announcement was made after the markets closed.
byerak@tribune.com
jpmiller@tribune.com
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