About: ShoreBank

An Entity of Type: Community development bank, from Named Graph: http://dbpedia.org, within Data Space: dbpedia.org

ShoreBank was a community development bank founded and headquartered in Chicago. At the time of its closing it was the oldest and largest such institution, and in 2008 had $2.6 billion in assets. It was owned by ShoreBank Corporation, a regulated bank holding company. ShoreBank had branches in Chicago’s South and West sides, Cleveland, and Detroit. Between 2000 and 2006, ShoreBank issued nearly $900 million in loans to citizens in Chicago, Detroit, and Cleveland. ShoreBank and its affiliated companies have projects in 30 countries.

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  • ShoreBank war eine US-amerikanische Förderbank. Sie wurde 1973 in Chicago gegründet und wurde im August 2010 infolge der während der Finanzkrise angehäuften Verluste zwangsgeschlossen. Das Geldinstitut war hauptsächlich im Raum Chicago tätig, hatte aber auch Ableger in Cleveland und Detroit. Neben der Vergabe von Krediten an die untere und mittlere Bevölkerungsschicht, finanzierte die ShoreBank auch verschiedene Projekte in weltweit insgesamt 30 Ländern, insbesondere an Kleinunternehmer bzw. Kleinunternehmen. Im Zuge der Finanzkrise erlitt die Bank ab 2008 auf notleidende Kredite hohe Verluste und geriet in eine schwerwiegende finanzielle Notlage. Nachdem die ShoreBank 2008 noch einen Verlust von 13 Millionen US-Dollar auswies, schrieb sie 2009 einen Rekordverlust von 119 Millionen US-Dollar in den Büchern. Im ersten Halbjahr 2010 kam ein weiterer Verlust von 39,6 Millionen US-Dollar hinzu. Wegen mangelnder Liquidität und mangelnden Kapitalanforderungen musste sie zudem ihre Geschäftstätigkeit einschränken. Die unterkapitalisierte Bank, die auf Ende 2008 noch eine Bilanzsumme von knapp 2,7 Milliarden US-Dollar und Eigenmittel von 124,2 Millionen US-Dollar auswies, wurde seither mit 145 Millionen US-Dollar vor dem Zusammenbruch gestützt. Am 20. August 2010 ordnete die Federal Deposit Insurance Corporation (FDIC) die sofortige Schließung der kollabierenden ShoreBank an. Die durch die Einlagensicherung zu deckenden Verluste wurden durch das FDIC mit 367,7 Millionen US-Dollar angegeben. Die Kunden und die Filialen wurden von der Urban Partnership Bank übernommen. (de)
  • ShoreBank was a community development bank founded and headquartered in Chicago. At the time of its closing it was the oldest and largest such institution, and in 2008 had $2.6 billion in assets. It was owned by ShoreBank Corporation, a regulated bank holding company. ShoreBank had branches in Chicago’s South and West sides, Cleveland, and Detroit. Between 2000 and 2006, ShoreBank issued nearly $900 million in loans to citizens in Chicago, Detroit, and Cleveland. ShoreBank and its affiliated companies have projects in 30 countries. ShoreBank incorporated environmental conservation into its mission during the 1990s, helping develop a triple bottom line approach to banking, equally prioritizing profits, impact on people, and the impact of a project on the environment. At that time it established ShoreBank Pacific based in Portland, Oregon. ShoreBank accepted mission-based deposits from across the country through its Development Deposits program, launched in 1982, and its online savings account ShoreBank Direct, launched in 2007. Although mission-based, the bank's financial performance historically matched or exceeded that of its peer banks. However, the bank faced significant losses in 2009, and as of May 2010, was seeking $200 million in additional capital from major investors and the U.S. government. The bank's losses were related to the recession, though it was not engaged in subprime lending. In the spring of 2010, ShoreBank raised over $150MM in private equity to recapitalize the bank. However, no action was taken on its application for $70MM in TARP funds which it was fully eligible to receive. The combination would have been enough to allow the bank time to work through its troubled loan portfolio. ShoreBank corporation was the first bank holding company to combine commercial banking, real estate development, nonprofit loan funds, and international advisory services aimed at community development. Originally developed as a neighborhood development bank for low-income African-American communities, ShoreBank eventually expanded nationally and internationally. It exceeded its goal of private capital commitments but did not receive requested government support, a condition of the private investors. In August 2010, the bank faced possible insolvency and risked having its deposits taken over by the Federal Deposit Insurance Corporation, which insured its deposits. On August 20, 2010, the bank was declared insolvent, closed by regulators and most of its assets were acquired by Urban Partnership Bank. Some of the more recent management hirees of ShoreBank, in an unprecedented move by the FDIC, were allowed to continue to run the restructured bank, now a part of Urban Partnership Bank. According to the FDIC, the recent hirees "did not contribute to the bank's problems." Sheila Bair, head of the U.S. Federal Deposit Insurance Corporation, devoted several pages to the lack of federal support in her 2012 book and commented that the FDIC sought approval of the injection of federal funds several times, to no avail. (en)
dbo:assets
  • 2.6
dbo:fate
  • Insolvency (en)
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  • 1973-01-01 (xsd:gYear)
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  • 8855548 (xsd:integer)
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  • 21259 (xsd:nonNegativeInteger)
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  • 988599633 (xsd:integer)
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dbp:assets
  • $2.6B USD (en)
dbp:defunct
  • 2010 (xsd:integer)
dbp:fate
  • Insolvency (en)
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  • 1973 (xsd:integer)
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  • ShoreBank (en)
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  • ShoreBank Corporation (en)
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  • Urban Partnership Bank (en)
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  • ShoreBank war eine US-amerikanische Förderbank. Sie wurde 1973 in Chicago gegründet und wurde im August 2010 infolge der während der Finanzkrise angehäuften Verluste zwangsgeschlossen. Das Geldinstitut war hauptsächlich im Raum Chicago tätig, hatte aber auch Ableger in Cleveland und Detroit. Neben der Vergabe von Krediten an die untere und mittlere Bevölkerungsschicht, finanzierte die ShoreBank auch verschiedene Projekte in weltweit insgesamt 30 Ländern, insbesondere an Kleinunternehmer bzw. Kleinunternehmen. (de)
  • ShoreBank was a community development bank founded and headquartered in Chicago. At the time of its closing it was the oldest and largest such institution, and in 2008 had $2.6 billion in assets. It was owned by ShoreBank Corporation, a regulated bank holding company. ShoreBank had branches in Chicago’s South and West sides, Cleveland, and Detroit. Between 2000 and 2006, ShoreBank issued nearly $900 million in loans to citizens in Chicago, Detroit, and Cleveland. ShoreBank and its affiliated companies have projects in 30 countries. (en)
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  • ShoreBank (de)
  • ShoreBank (en)
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  • ShoreBank (SBK) (en)
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