Quick Hit Adam Doster Wednesday May 19th, 2010, 10:15am

ShoreBank Is Saved

Finally, we have some good news to pass along on the banking front. Thanks to some prodding by top Illinois lawmakers, Wall Street giants have agreed to raise $135 million in private funds to rescue Chicago's ShoreBank, one of the nation’s premier community development banks. The money will enable the South Shore financial institution to grab $75 million in bailout funds from the Treasury Department and stay in business, continuing its commitment to lending in neighborhoods most other banks avoid. 

For more on ShoreBank's impact, both in Chicago and nationally, check out our old interview with co-founder Ron Grzywinski.


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