ShoreBank Corp. of Chicago announced Tuesday that TIAA-CREF put $22 million in certificates of deposit at the bank, the largest single CD deposit ever made at ShoreBank.
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TIAA-CREF said in a press release that it decided to invest in the CDs because the $1.8 billion-asset ShoreBank offers accounts where funds are marked for community development.
Scott Budde, the managing director and head of TIAA-CREF's social and community investment department, said many of the New York company's clients are looking for investments that are "socially responsible."
TIAA-CREF provides retirement savings accounts and services to people in academic, medical, and cultural jobs.
