ShoreBank
ShoreBank was a US development bank. It was founded in Chicago in 1973 and was forcibly closed in August 2010 as a result of losses accumulated during the financial crisis .
The financial institution was mainly active in the Chicago area, but also had branches in Cleveland and Detroit . In addition to granting loans to the lower and middle classes of the population, ShoreBank also financed various projects in a total of 30 countries around the world, in particular to small businesses and small businesses.
In the course of the financial crisis , the bank suffered heavy losses on bad loans from 2008 onwards and got into serious financial distress. After the ShoreBank reported a loss of 13 million US dollars in 2008, it posted a record loss of 119 million US dollars on the books in 2009. In the first half of 2010 there was another loss of 39.6 million US dollars. Due to a lack of liquidity and insufficient capital requirements, it also had to restrict its business activities. The undercapitalized bank, which at the end of 2008 still had total assets of just under 2.7 billion US dollars and equity of 124.2 million US dollars, has since been propped up with 145 million US dollars before the collapse.
On August 20, 2010, the Federal Deposit Insurance Corporation (FDIC) ordered the immediate closure of the collapsing ShoreBank. The losses to be covered by the deposit insurance were given by the FDIC as 367.7 million US dollars. The customers and the branches were taken over by the Urban Partnership Bank.
Individual evidence
- ^ Failed Bank Information - Information for ShoreBank, Chicago, IL , Federal Deposit Insurance Corporation , Aug. 24, 2010
- ↑ Annual Reports. ( Memento of the original from November 16, 2016 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. ShoreBank.
- ^ "ShoreBank on Brink of Failure: Report," The Street, Aug. 6, 2010
- ↑ "ShoreBank on the brink" ( Memento of the original from August 20, 2010 in the Internet Archive ) Info: The archive link has been inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. , Chicago Sun-Times , Aug. 6, 2010
- ↑ Press release dated August 20, 2010 by the Federal Deposit Insurance Corporation
