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There's a joke making the rounds in Chicago that if BP and Toyota were serious about repairing their damaged reputations, they, too, would have helped bail out ShoreBank.
July 1 - Illinois
As House members debated the financial regulatory package, Republicans Judy Biggert and Darrell Issa surprisingly won adoption of an amendment Wednesday that would require the Federal Deposit Insurance Corp.'s inspector general to investigate whether political pressure played a role in securing private-sector assistance for troubled institutions.
June 23 -
ShoreBank is important because it is there in good times and bad for ordinary working people who want to expand a small business or just cash a check without being ripped off.
May 25 -
In "ShoreBank Earned Big-Bank Infusion" [May 26], [Community Development Bankers Association Chief Executive] Jeannine Jacokes asserts that ShoreBank "proved that community development lending was not just safe and sound but also good business." This is exactly what it has not proved.
May 26 -
A day after financial companies banded together to rescue ShoreBank in Chicago with a $140 million investment, two Republican lawmakers are asking President Obama about his involvement.
May 19 -
The lifeline that ShoreBank in Chicago has been thrown by some of the nation's largest financial companies could turn out to have benefits for other community development banks.
May 18 -
ShoreBank in Chicago succeeded Monday night in pulling together the necessary private investment commitments to secure a lifeline from the Treasury Department.
May 18 -
Despite its cachet in Chicago and deep-pocketed supporters, ShoreBank is running out of time to find the capital it so desperately needs.
May 11
ShoreBank Corp., a Chicago bank known for its lending in low-income communities, has failed to win approval for $75 million in government funds and may be forced out of business, Bloomberg News
The bank has been waiting for the Treasury Department to respond to its request for the infusion of funds that could help keep it in business. That funding now is considered unlikely, the people said.
General Electric Co., JPMorgan Chase & Co. and Goldman Sachs Group Inc. are among the companies that raised $145 million in May to help ShoreBank, contingent on receiving federal funds. Those funds, which were placed in escrow, are scheduled to be returned to investors Friday, a person who helped arrange the investments said.
Treasury spokesman Mark Paustenbach said the agency doesn't comment on specific institutions or on applications for funds. The Federal Deposit Insurance Corp. declined comment.
A ShoreBank spokesman declined comment and David Vitale, its interim executive chairman, didn't return an email seeking comment.
