ShoreBank

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.[1] 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.[2] ShoreBank and its affiliated companies had projects in 30 countries.[3]

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.[4] 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.

Structure

ShoreBank Corporation is the holding company for and with ShoreBank. Its other subsidiaries provided banking, equity investing, consulting, and environmental banking services:

ShoreBank established a number of affiliated nonprofits to provide related financing, technical assistance, and consulting services:

ShoreBank Pacific in Oregon and Washington state. On August 21, 2010, it was announced that ShoreBank Corporation had entered into an agreement to sell ShoreBank Pacific to OneCalifornia Bank of Oakland, California. The acquisition completed in December 2011 and the resulting entity was rebranded eventually to Beneficial State Bank.[17]

ShoreBank International, is now a part of Palladium Impact Capital.[18]

ShoreCap Management

Center for Financial Services Innovation, now named Financial Health Network

National Community Investment Fund (NCIF)

Northern Initiatives, in Michigan's Upper Peninsula. On August 20, 2010, Northern Initiatives announced that it had amended its by-laws to end appointment of board members by ShoreBank and that it would continue its operations independently of the Chicago-based bank.[19]

ShoreBank Enterprise Cascadia in Oregon and Washington state announced it would change its name to Enterprise Cascadia on August 20, 2010, and would continue its operations independently of the Chicago-based bank.[20] In 2013 Enterprise Cascadia rebranded as Craft3. Their new name reflects their focus on the "'three bottom lines' of economic, environmental and social equity."[21]

ShoreBank Enterprise Cleveland. On August 20, 2010, it was announced that ShoreBank Enterprise Cleveland was changing its name to Enterprise Cleveland (EC) and would continue its operations independently of the Chicago-based bank.[22] In 2018, the Cuyahoga Land Bank acquired the enterprise center.[23]

ShoreBank Enterprise Detroit. It was announced that ShoreBank Enterprise Detroit would be changing its name to Enterprise Detroit and would continue its operations independently of the Chicago-based bank.[24] In 2011, the name changed to Detroit Development Fund.[25]

ShoreBank Neighborhood Institute

ShoreCap Exchange, now named CapitalPlus Exchange

fate	Insolvency
successor	Urban Partnership Bank
type	Community development bank
foundation	1973
defunct	2010
location	Chicago, Illinois
key people	Milton Davis James Fletcher Ron Grzywinski Mary Houghton George Surgeon
products	Financial services, microfinance
assets	$2.6B USD (2008)
parent	ShoreBank Corporation
homepage	SBK.com (Archive.org)

Origin

Structure

Recognition

Loan Portfolio Troubles

Further reading

External links

References