Accountants for Amcore Financial Inc. of Rockford, Ill., said its future is in doubt.

"Significant operating losses in 2008 and 2009, significant levels of criticized assets and low levels of capital raise substantial doubt about the company's ability to continue as a going concern," Deloitte & Touche LLP said in a note attached to Amcore's annual report, which was filed Monday with the Securities and Exchange Commission.

The $3.7 billion-asset company lost $321.5 million between 2008 and 2009, as it was hit by losses on residential development and construction loans. On Dec. 31 its nonperforming assets were $381 million, or 10.08% of total assets. Its Amcore Bank was undercapitalized at yearend, with a total risk-based capital ratio of 4.53%. The Office of the Comptroller of the Currency demanded that ratio be raised to at least 12% by Sept. 30, 2009.

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