Chicago’s ShoreBank fails, is bought by investors – Chicago-based ShoreBank, which for more than three decades made loans to South and West siders who might not have gotten financing elsewhere to buy homes, apartment buildings and start businesses, failed Friday. It had struggled for months to raise sufficient funds to stay afloat.Its deposits and most [...]
NEW YORK — Regulators on Friday shut down seven banks in Illinois, putting the number of U.S. bank failures this year at 57. The Federal Deposit Insurance Corp. took over four banks in Chicago: New Century Bank, with $485.6 million in assets; Citizens Bank&Trust Co., with $77.3 million in assets; Broadway Bank, with $1.2 billion [...]
The former president of a small business bank in New York closed by regulators on Friday has been arrested and charged with engaging in a variety of schemes to defraud the bank and its regulators, including the U.S. government’s Troubled Asset Relief Program.
Old Southern Bank was closed late Friday by the Florida Office of Financial Regulation, which appointed the Federal Deposit Insurance Corp. as receiver.
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