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William Farrow, 55, remembers trying to scrape together enough money to attend graduate school.
A product of Chicago’s Englewood neighborhood, Farrow had graduated from Augustana College in Rock Island in 1977, but got nowhere in obtaining a student loan from a couple of banks. But when he visited a branch of Northern Trust Corp., the Chicago-based bank lent him $1,500. The son of two teachers was on his way to a master’s in management from Northwestern University in 1979. Get the full story »
Crain’s Chicago Business | More former First Chicago employees are taking management positions ato run ShoreBank’s successor, the Urban Partnership Bank. Peggy Myles and Kristine Rull are among the latest to rejoin Chairman David Vitale at Urban Partnership.
Urban Partnership Bank, the newly formed group that last week bought failed Chicago-based ShoreBank, has named five-people to its board of directors.
It includes three former First Chicago executives who had joined ShoreBank in recent months during its last-ditch and ultimately unsuccessful effort to raise capital so state and federal regulators wouldn’t seize it.
Those are David Vitale, who, as previously reported, will serve as chairman; William Farrow, who, as reported, will be president and chief executive officer; and Eileen Kennedy, another former First Chicago executive who had joined ShoreBank in recent months. Get the full story »
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 »
The group seeking to buy ShoreBank, the ailing South Side lender expected to be seized by federal regulators Friday, plans to name former First Chicago executive Bill Farrow as the chief executive and president of the institution if it succeeds at bidding for certain assets and deposits of the failing bank.
It means that three former First Chicago executives will be running the show if their bid succeeds. Get the full story »
