The Shorebank Corp.. a Chicago bank holding company. and its cousin. the Southern Development Bancorporation of Arkadelphia. Ark.. were cited often in the campaign by President-elect Clinton as models for community development initiatives. He has called for creation of such banks in 100 communities around the country. George Surgeon. president and chief executive officer of Southern. was interviewed by The Mortgage Marketplace about the nature of community development banking and what the federal government should do W encourage it.
MMP: What distinguishes a community development bank from other financial institutions?