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Shorebank Gets Help From Larger Banks

Cameron Campbell May 17, 2010

Shorebank, America’s leading community development and environmental bank holding company is facing tough times in the Great Recession. Shorebank is known for providing affordable loans to low-income communities and has gained national recognition for its community development projects.  Due to distressed loan portfolios it has not been able to reach the capital demands of its regulators. With a net operation loss of $53.6 million in 2009, it needs to raise $125 million in order to save itself from being taken over by the Federal Deposit Insurance Corporation. Large investment firms have decided to help out and are actively looking for other supporters. Goldman Sachs has said it is committing $20 million, and JPMorgan has mentioned it will commit $15 million.
For the full article and other links go to:  http://www.reuters.com/article/idUSTRE64D2XZ20100515?

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