ShoreBank of Chicago Said to Be Closed Today by FDIC

http://www.bloomberg.com/news/2010-08-20/shorebank-of-chicago-said-to-be-closed-today-by-fdic.html
ShoreBank Corp., the Chicago lender operating under a Federal Deposit Insurance Corp. cease-and- desist order for 13 months, will be shut and most of its assets will be bought by Urban Partnership Bank, two people with direct knowledge of the matter said.

Urban Partnership, created to make the acquisition, will keep branches in Chicago, Cleveland and Detroit and continue to focus on low-income communities, the people said, speaking anonymously because the matter is private. Urban Partnership will have Tier 1 capital of at least 8 percent and its chief executive officer will be William Farrow, a former executive at the Chicago Board of Trade and Bank One Corp., they said.

"The good news is that the bank, under this new management, will still be there and serving the South Side community," said Dory Rand, president of the Chicago-based Woodstock Institute, a non-profit that studies community lending. "They have made the South Side a decent place to live and work and do business."