CHICAGO Margaret A. Cheap, former president and chief executive officer of Chicagos South Shore Bank, now ShoreBank, died Feb. 27 in San Francisco after a 10-month battle with brain cancer.
Ms. Cheap, 49, had been on medical leave since last April and formally resigned in August.
She became president of what was then South Shore Bank in 1998, having been president of Shorebank Advisory Services, its consulting arm.
Ann Arvia, executive vice president and chief operating officer of ShoreBank, said Ms. Cheap had the ability to rally people behind her ideas. Shed always say no margin, no mission. Because we arent a nonprofit institution, we need to make a profit to help the community.
Ms. Arvia added that Ms. Cheap wanted to broaden ShoreBanks community involvement beyond extending credit into providing a range of financial services for distressed communities.
Ms. Arvia is acting as president until ShoreBank names a successor.