Politically Connected ShoreBank Of Chicago Fails And Reincarnated At Taxpayer Expense

August 20, 2010 – ShoreBank, a large and politically well connected Chicago based lender was closed by Illinois regulators who appointed the FDIC as receiver.  The failed bank was purchased from the FDIC by the Urban Partnership Bank, Chicago, Illinois, a newly-chartered institution which will wind up owning essentially all of the deposits and assets […]