Sunday, August 22, 2010

ShoreBank fails; will be reincarnated as Urban Partnership Bank

 

ShoreBank, the South Side lender that carved out a national reputation by successfully lending in low-income urban neighborhoods for three decades, was seized by regulators Friday after an extraordinary rescue effort featuring the nation’s largest financial firms fell short.

Federal Deposit Insurance Corp. For the FDIC, the estimated hit to its insurance fund from the failure will be $367.7 million.

Click on the following for more of the details:  ShoreBank fails; will be reincarnated as Urban Partnership Bank | Finance | Crain's Chicago Business

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