ShoreBank Corp. in Chicago announced Wednesday that veteran Chicago banker David Vitale is set to become its executive chairman should it raise the capital it needs.
Vitale was vice chairman and president of First Chicago Corp. in the 1990s and later was vice chairman and director of Bank One Corp., after that company's acquisition of First Chicago.
Vitale would succeed founder Ronald Grzywinski, who announced his plans to retire from the $2.5 billion struggling community development company in December.
Vitale, along with Eugene A. Ludwig, a former comptroller of the currency, have been heading up ShoreBank's capital raising efforts.
The company had discussed a possible infusion from the Illinois Finance Authority. A spokeswoman from that agency said that although it stands willing to help the lender known for its outreach in Chicago's south side, the agency is no longer sure the company needs it.