Quote of the day: Wiping away 40 years of progress in Chatham

While to most, this is just another bank failure but if Shorebank fails it will wipe away over 40 years of history and progress of Chatham…

Although we now have several commercial banking organizations entering the community, the loss of a true “community bank” like ShoreBank which makes decisions based on what is best for its customers and the community, would be a major blow we can ill afford to imagine. The financial situations of Illinois Service Federal, Seaway and Highland Bank are questionable and the takeover of ShoreBank by an institution with no history in the Chatham community or commitment to serving Chicago’s urban neighborhoods is sure to lessen the likelihood of an inclusive economic recovery.

– Worlee at The Sixth Ward, on reports that ShoreBank needs to raise $200 million immediately to avoid failure this week or next.

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