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May 19, 2010
ShoreBank Scrambles to Raise Enough Cash to Avoid FDIC Seizure
The pioneering community lender, whose practice of providing loans in distressed neighborhoods led to high default rates in the aftermath of the recession, is described as a victim of the financial crisis.
ShoreBank, the esteemed Chicago-based
community bank whose dramatic reversal in financial fortune coincided with the collapse of the
housing market, has reportedly raised enough private capital to qualify for additional federal
assistance and avoid seizure by the Federal Deposit Insurance Corporation (FDIC).
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