By Becky Yerak
ShoreBank’s capital deficiency worsened in the second quarter, according to newly submitted financial results to regulators, and the Chicago-based lender now needs to raise at least $190 million just to meet targets set out in March by state and U.S. banking regulators.
The South Side bank has arranged a capital infusion of about $150 million from Wall Street investment firms, big banks, insurance companies and philanthropic groups. It’s hoping that private investment will then make it eligible for about $75 million in bailout funds from the U.S. Treasury Department. Get the full story »
June 22, 2010 at 3:36 p.m.
Filed under:
Bank failures,
Banking,
Policy,
Politics
By Zoe Galland
From Fox Business News | Senior executives at major Wall Street banks say they doubt that community lender ShoreBank, despite its ties to the Obama White House, will be able to survive a government takeover and eventual liquidation that a bailout was designed to prevent. Just a few weeks ago, the officials thought they had contributed enough money to bail out the bank.
May 4, 2010 at 4:32 p.m.
Filed under:
Bank failures,
Banking,
Government
By Becky Yerak | The Federal Deposit Insurance Corp. began seeking potential bidders late last week for ShoreBank, in case the ailing South Side lender is unable to raise capital on its own, according to sources familiar with the FDIC process.
The FDIC also is seeking a healthy bidder for the assets and deposits of troubled Midwest Bank, a midsized lender based in Melrose Park. It is allowing potential bidders for that more desirable franchise to link bids to ShoreBank, which has lent heavily in more hard-hit areas, sources say.
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