Crain's:
ShoreBank Corp. is unlikely to get $75 million in federal bailout funds it needs to survive, Bloomberg News reported Thursday morning.There are those who are ok with this and of course those who won't be!
The South Side bank, which specializes in lending money in lower-income neighborhoods in Chicago and elsewhere, is under regulatory orders to raise capital to shore up a balance sheet shredded by losses on real estate loans.
The bank negotiated with leading Wall Street banks for an infusion of $145 million. But that money was contingent on federal authorities kicking in an additional $75 million. Without the federal funds, the deal with Wall Street would collapse, setting the bank on a course for failure.
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