Regulators close well-known Chicago’s Shorebank

WASHINGTON (BestGrowthStock) – U.S. regulators on Friday seized a well-known Chicago-based community development bank after its Wall Street backers failed to rescue it.

Urban Partnership Bank in Chicago will take over the assets of ShoreBank, the Federal Deposit Insurance Corp said. It was the 114th U.S. bank failure this year.

ShoreBank, a privately owned bank with a national reputation for its philanthropic activities, had received multimillion-dollar investment commitments from Goldman Sachs, Citigroup, JPMorgan and Bank of America, as well as from General Electric.

(Reporting by Alina Selyukh; Editing by Gary Hill)

Regulators close well-known Chicago’s Shorebank