ShoreBank Corp.

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ShoreBank Corp.
Shorecorp logo.jpg
Founded 1973
Headquarters Chicago
Employees 578 employees throughout the U.S. and internationally
Products Lender
Website www.shorebankcorp.com

ShoreBank is a Chicago-based lender. It had $2.4 billion in total assets as of Dec. 31, 2007. Shareholders in ShoreBank include financial institutions, foundations, insurance companies, major corporations and individuals.[1] It was founded by James Fletcher and Milton Davis. It was seized by regulators in August of 2010 after a rescue effort by major financial firms fell short.[2]

History

After ShoreBank was seized in August of 2010 by regulators, the new management of the bank, led by former First Chicago Corp. senior executive David Vitale, acquired $1.54 billion in deposits and most of ShoreBank’s $2.14 billion in assets from the Federal Deposit Insurance Corp. (FDIC) and will reopen ShoreBank’s 15 branches in the Chicago area, Cleveland and Detroit Saturday morning as Urban Partnership Bank. The FDIC agreed to share losses on $1.41 billion of those assets. The management-led buyout team agreed to pay a 0.5 percent premium for the deposits and received an asset discount of $146 million.

ShoreBank was owned by approximately 70 shareholders who share a community development and conservation mission. Shareholders include individuals, foundations, religious organizations, financial institutions, insurance companies and major corporations.[3]

Products and Services

Key People

References

  1. Fast Facts. ShoreBank.
  2. ShoreBank Fails; Will Be Reincarnated As Urban Partnership Bank. Chicago Business.
  3. Frequently Asked Questions. ShoreBank.