Cisco WAN :: 2621XM Router Will Not Boot From IOS Image

I've got a 2621XM that has not been used for a while.Completely stripped of any modules and configuration files, the router will continually cycle the startup process without actually booting from the IOS.
 
The cycle displays the following :
 
System Bootstrap, Version 12.2(8r) [cmong 8r], RELEASE SOFTWARE (fc1)
Copyright (c) 2003 by cisco Systems, Inc.
 
program load complete, entry point: 0x80008000, size: 0x10034ec
 
What I've tried:
 
1) Downloading another IOS image (c2600-is-mz.123-20.bin) via Xmodem and running "confreg 0x2102" from the rommon. All that did is change the last message to "program load complete, entry point: 0x80008000, size: 0x10fa95c"
 
 2) Running the command "boot flash:c2600-is-mz.123-20.bin". If I enable the diagnostics via rommon, the cycle expands to:
  
System Bootstrap, Version 12.2(8r) [cmong 8r], RELEASE SOFTWARE (fc1)
Copyright (c) 2003 by cisco Systems, Inc.
 program load complete, entry point: 0x80008000, size: 0x10fa95c
 Testing lower main memory - data equals address
Testing lower main memory - checkerboard

[code]....
 
If it wasn't for the lack of error messages, I would assume it was a hardware issue.If the image was corrupted, I would expect a message indicating that the image couldn't be read.