ShoreBank

ShoreBank was an American development bank. It was founded in 1973 in Chicago and was forcibly closed in August 2010 due to the accumulated losses during the financial crisis.

The banking institution was mainly active in the Chicago area, but also had branches in Cleveland and Detroit. In addition to the extension of loans to the lower and middle segment of the population, Shore Bank also financed several projects in 30 countries around the world, especially to small entrepreneurs and small businesses.

In the wake of the financial crisis, the Bank suffered from 2008 to NPLs high losses and fell into a severe financial hardship. After the Shore Bank in 2008 still reported a loss of 13 million dollars, she wrote in 2009 a record loss of 119 million U.S. Dollars in the books. In the first half of 2010 was added in a further loss of 39.6 million U.S. dollars. Due to lack of liquidity and lack of capital requirements, they also had to reduce their operations. The undercapitalized bank, which still showed a record with total assets of 2.7 billion U.S. dollars and own resources of 124.2 million U.S. dollars at the end of 2008, has since been supported with 145 million U.S. dollar to collapse.

On 20 August 2010 the Federal Deposit Insurance Corporation ( FDIC ) ordered the immediate closure of the collapsing Shore Bank. The to be covered by the deposit insurance losses were indicated by the FDIC with 367.7 million U.S. dollars. The customers and the branches of Shore Bank were taken over by the Urban Partnership Bank.