Shorebank Republican On The House Financial

ShoreBank has 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 have projects in 30 countries.

The bank faced possible insolvency risked having its deposits taken over by the FDIC which insures its deposits 9 On August 20, 2010 the bank was declared insolvent closed by regulators and its assets were taken over by Urban Partnership Bank.


Representative Spencer Bachus the ranking Republican on the House Financial Services Committee said in May that firms that had banded together in an attempt to save ShoreBank were making the investments to gain favor the Obama administration.