Aug. 20, 2010 at 6:10 p.m.
Filed under:
Bank failures,
Banking,
Real estate
By Becky Yerak
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 »
Aug. 20, 2010 at 2:27 p.m.
Filed under:
Bank failures,
Banking,
Economy,
Government
By Becky Yerak
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 »
April 16, 2010 at 2:56 p.m.
Filed under:
Banking,
Chicago executives
By Becky Yerak | Eileen Kennedy, who spent more than 20 years at Bank One Corp. and predecessor First Chicago NBD Corp., will join Chicago-based ShoreBank Corp. as a full-time employee — if Shorebank is able to raise much-need capital from investors.
Kennedy, the former treasurer of Bank One, would join David Vitale, who has also agreed to join ShoreBank Corp. as chairman if its capital raise is successful. Vitale had served as vice chair and president of First Chicago and First Chicago/NBD, and as vice chair and director of Bank One.
Get the full story »
