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ShoreBank Chicago

7054 S. Jeffery Blvd
Chicago, IL 60649
USA

Contact: Joseph Hasten, President&CEO
Phone: (773) 288-1000
Fax: (773)420-4680
URL: www.sbk.com
Email: Information@sbk.com
ShoreBank Chicago

ShoreBank is the nation's first and leading community development and environmental bank. Since its inception in 1973, ShoreBank has been a catalyst for positive social change in urban neighborhoods, providing access to the financial services which stimulate economic development and conserve natural resources. A pioneer to lending to underserved communities, ShoreBank helps customers build personal wealth and healthy communities in Chicago, Detroit, and Cleveland.

Program

ShoreBank offers a number of conventional financial products to fit consumer and small business needs, including specific expertise with community-based transactions. ShoreBank has expertise in working with community organizations such as faith-based organizations and childcare centers. Products include fully secured credit, fixed asset term loans, working capital lines of credit, asset based lending, and commercial mortgages. ShoreBank also provides investments for working capital, equipment purchases, construction projects, business acquisition, debt restructuring, and other business purposes to early-stage companies with strong business plans and to established firms that have an identified growth opportunity but may not qualify for traditional bank financing. Most recently, ShoreBank launched its Rescue Loan Program which helps consumers trapped in subprime mortgages and adjustable rate loans move into a 30-year fixed rate loan with reasonable terms. ShoreBank has over 40,000 deposit accounts, over 1,500 real estate loan customers, over 1,000 nonprofit accounts, and over 300 accounts with faith-based institutions.

Client Population

ShoreBank focuses on serving its "target communities" on the South and West Sides of Chicago, and in Detroit and Cleveland. Until recently, ShoreBank's client population was overwhelmingly African-American. However, ShoreBank has recently expanded into serving the Latino community, opening branches in Chicago's western suburbs and a loan generation office in Chicago's Little Village neighborhood. Since its inception, ShoreBank has created wealth in these communities, increased homeownership, and created or saved over 12,000 jobs.

Impact

Since its inception, ShoreBank has helped to improve homeownership rates and create wealth in Chicago neighborhoods like South Shore, Kenwood, Chatham, Bronzeville, and Austin, as well as neighborhoods in Detroit and Cleveland. Since 2007, ShoreBank has invested $223.6 million in homeownership and rental housing rehabilitation. ShoreBank is regarded as a leading-edge global innovator in the world of community development banking.

Story

ShoreBank Chicago
ShoreBank developed the first-of-its-kind program, which refinances mortgages at risk of default, as a response to the wave of foreclosures in Chicago and across the country. Research showed that, like the Villareals, about 10,000 homeowners in the bank's target communities in Chicago were candidates for the program, with income and credit that would qualify them to replace their adjustable-rate mortgages with 30-year fixed-rate loans at ShoreBank. "This crisis is far from over," said Michelle Collins, Senior Vice President, Mortgage Lending. "We hope that continued support from our depositors will allow us to fund more mortgages in this time of great need." The Villareal family considers itself fortunate. Rudy adds: "I tell everyone about ShoreBank. I just could not disappoint my son because he was so excited about having our own home." Full Story

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