Regulators take over ShoreBank
Updated at noon on Aug. 23
Regulators last Friday shut down a big Chicago-based community bank known for its social activism but racked by financial troubles in recent months. The Federal Deposit Insurance Corp. took over ShoreBank, with $2.16 billion in assets and $1.54 billion in deposits. Urban Partnership Bank, the newly chartered financial institution, agreed to assume ShoreBank’s deposits and nearly all of its assets.The FDIC also seized seven other banks Friday, bringing to 118 the number of U.S. bank failures this year amid the recession and mounting loan defaults.
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