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ShoreBank – Closed or Bailed Out?


Shorebank logo.jpg

ShoreBank of Chicago’s mission was …

ShoreBank invests in people and their communities to create economic
equality and a health environment.

No kidding – economic equality.  Who in their right mind would invest in a
bank with this objective? Whoever did is out of luck and out of money — or are
they?

This bank was closed yesterday by the FDIC and the assets will be taken over by Urban
Partnership Bank. (Acorn Bank must have finished second) Urban Partnership Bank
must have the same business plan. In fact, some of the new executives are going
to continue to work at the restructured bank. Sounds kind-of like a Bail Out to
me. According to the press release, the insolvency wasn’t related to sub-prime
lending .

No, they were just busy giving away our insured depositors money — making everybody economically equal, before the FDIC had to come in with another taxpayer bailout.

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