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New York – March 11, 2009 – Coughlin Stoia Geller Rudman & Robbins LLP (“Coughlin Stoia”) (http://www.csgrr.com/cases/corus/) today announced that a class action has been commenced in the United States District Court for the Northern District of Illinois on behalf of purchasers of Corus Bankshares, Inc. (“Corus” or the “Company”) (NASDAQ:CORS) common stock during the period between January 25, 2008 and January 30, 2009 (the “Class Period”).

If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Samuel H. Rudman or David A. Rosenfeld of Coughlin Stoia at 800/449-4900 or 619/231-1058, or via e-mail at djr@csgrr.com. If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at http://www.csgrr.com/cases/corus/. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

The complaint charges Corus and its Chief Executive Officer with violations of the Securities Exchange Act of 1934. Corus operates as the holding company for Corus Bank, N.A., which offers various banking products and services. The Company primarily engages in generating deposits and originating loans. Corus’ loan portfolio is primarily comprised of commercial real estate loans, including condominium construction and conversion loans; residential real estate loans; and other commercial loans.

The complaint alleges that the representations contained in Corus’ press releases, SEC filings, conference calls, and presentations during the Class Period were materially false and misleading when made because they failed to disclose: (i) that Corus was failing to recognize losses on its condominium loans in accordance with generally accepted accounting principles (“GAAP”); (ii) that Corus and/or its affiliates was purchasing condominiums in developments Corus had financed in an attempt to: (a) inflate the appraised values of condominiums to delay having to recognize losses on financing for such condominiums; (b) inflate developers’ sales figures to increase the likelihood of successful future sales; and (c) create the illusion of successful sales histories in order to inflate appraisal values for the condominiums to ensure inflated future prices for the condominiums; and (iii) that Corus was involved in detailed and in-depth negotiations with the Federal Reserve Bank of Chicago and the Office of the Comptroller of Currency regarding its deteriorating pool of condominium loans.

According to the complaint, on January 30, 2009, Corus released partial financial results for fiscal 2008 and stated that “Corus is suffering from the extraordinary effects of what may ultimately be the worst economic downturn since the Great Depression.” Upon this announcement, shares fell nearly 47% to close at $.59 per share on February 2, 2009, on heavy trading volume in excess of two million shares.

Plaintiff seeks to recover damages on behalf of all purchasers of Corus common stock during the Class Period (the “Class”). The plaintiff is represented by Coughlin Stoia, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.

Coughlin Stoia, a 190-lawyer firm with offices in San Diego, San Francisco, Los Angeles, New York, Boca Raton, Washington, D.C., Philadelphia and Atlanta, is active in major litigations pending in federal and state courts throughout the United States and has taken a leading role in many important actions on behalf of defrauded investors, consumers, and companies, as well as victims of human rights violations. The Coughlin Stoia Web site (http://www.csgrr.com) has more information about the firm. Contact: Coughlin Stoia Geller Rudman & Robbins LLP Samuel H. Rudman, 800-449-4900 David A. Rosenfeld djr@csgrr.com