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Update: SHOREBANK Close To Raising More Than $125 Million In Private Capital.

Cameron Campbell May 20, 2010

Shorebank appears to be on its way to raising the $125 Million capital target it needs in order to survive. The total was estimated at around $130 million with the potential of hitting the $140 million range. Other than Goldman Sachs which agreed to provide atleast $20 million and JP Morgan Chase which agreed to provide atleast $15 Million, other large financial institutions have gotten on board. ¬†Citigroup is in for $20 Million, Bank of America has increased from $5 million to $15 million and Morgan Stanley has increased from $3-4 million to $10 million. General Electric, PNC Financial Services Group and Wells Fargo are also expected to contribute. Shorebank is also hoping to receive $7 million from the U.S Government. Eugene A. Ludwig, CEO of Promontory Financial Group and a former top U.S. banking regulator, who helped organize the fund-raising effort. “ShoreBank is an international symbol of hope for low and moderate income citizens, and the banking industry recognizes that it is too important to allow its leadership role to wither away.”
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