Inside these posts: Chicago FDIC

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ShoreBank shut down by FDIC

An exterior view of ShoreBank at 3401 S. King Drive on the South Side, May 18, 2010. (Chris Walker/Chicago Tribune)

ShoreBank, which billed itself as the nation’s first and leading community development and environmental lender, failed Friday and was acquired by a consortium of big banks, insurers, philanthropic groups and civic-minded individuals.

ShoreBank is the 15th Illinois lender to fail this year, and the 114th to be seized by regulators nationally.

Its failure is expected to cost the Federal Deposit Insurance Corp. $367.7 million. The FDIC is funded by the banking industry. Get the full story »

Giannoulias seeks distance from Broadway Bank

Clout Street
| Democratic Senate nominee Alexi Giannoulias today sought to
change the subject from the controversy over his family’s struggling
Broadway Bank and accused Republican opponent Mark Kirk of overplaying
the issue.

In a luncheon speech to about 300 people at the City
Club of Chicago,
Giannoulias once again acknowledged his involvement in approving loans
that turned into bad investments for the bank, which could soon be taken
over by federal regulators.

Giannoulias, the first-term state
treasurer, instead sought to turn the heat up on Kirk, a North Shore

Get the full story: Clout Street.