NationMaster - Encyclopedia: ShoreBank

Founded in 1973 on the South Side of Chicago, ShoreBank is America’s first and leading community development bank. [2] A pioneer in profitably lending to underserved communities and in the development of microcredit and microfinance loans benefiting local residents, ShoreBank has grown to $1.8 billion in assets and has affiliates across the United States and international projects around the world. 1973 (MCMLXXIII) was a common year starting on Monday. ... This article is about Illinois largest city. ... Official language(s) English Capital Springfield Largest city Chicago Area Ranked 25th - Total 57,918 sq mi (149,998 kmÂ²) - Width 210 miles (340 km) - Length 390 miles (629 km) - % water 4. ... Financial services is a term used to refer to the services provided by the finance industry. ... Microfinance is a term for the practice of providing financial services, usually very small loans, to developing economies. ... A website (or Web site) is a collection of web pages, typically common to a particular domain name or subdomain on the World Wide Web on the Internet. ... Community development banks (CDBs) are a special kind of bank designed to spur serve the residents of and spur economic development in low to moderate income (LMI) areas. ... Microfinance is a term for the practice of providing financial services, usually very small loans, to developing economies. ...

Founding

ShoreBank was founded in 1973 when Milton Davis, James Fletcher, Mary Houghton, and Ron Grzywinski purchased the South Shore Bank at 71st Street and Jeffery Boulevard in Chicago’s South Shore neighborhood to fight redlining and prevent the bank’s relocation due to white flight and demographic change in South Shore. [3]At the time, one third of all apartment buildings in South Shore were tax-delinquent and in danger of abandonment by landlords. 1973 (MCMLXXIII) was a common year starting on Monday. ... South Shore is a largely African-American neighborhood, which is growing in diversity, on the south side of Chicago. ... Redlining is the practice of denying or increasing the cost of services, such as banking or insurance, to residents of certain areas. ... White flight is a colloquial term for the demographic trend of upper and middle class Americans (predominantly white) moving away from inner cities (predominantly non-white), finding new homes in nearby suburbs or even moving to new locales entirely. ...

Over the last thirty years, loans made by ShoreBank, especially home mortgage loans and loans to small businesses, have contributed to the economic resurgence of Chicago neighborhoods like Kenwood, Chatham, Bronzeville, Austin, and, most dramatically, South Shore. Over one-quarter of all mortgage and rehab loans in the South Shore area have been made through ShoreBank. ShoreBank has helped finance the purchase and renovation of 49,000 affordable housing residences. Between 2000 and 2006, it issued nearly $900 million in loans to citizens in Chicago, Detroit, and Cleveland.[4] Kenwood, located on the south side of Chicago, Illinois, is one of the official Chicago Community Areas. ... Chatham, located on the south side, is one of the 77 official community areas of Chicago, Illinois. ... Bronzeville is a neighborhood (located in the Douglas community area) on the South Side of Chicago around the Illinois Institute of Technology, accessible via the Green Line of the Chicago Transit Authority. ... Austin, located on the Far West Side of Chicago, Illinois, is the largest (by population) of the citys 77 officially defined community areas (neighborhoods), followed by Lakeview. ... This article is about Illinois largest city. ... Motto: Speramus Meliora; Resurget Cineribus (We Hope For Better Things; It Shall Rise From the Ashes - this motto was adopted after the disastrous 1805 fire that devastated the city) Nickname: The Motor City and Motown Location in Wayne County, Michigan Founded Incorporated July 24, 1701 1815 County Wayne County Mayor... Wikipedia does not yet have an article with this exact name. ...

ShoreBank now has branches in Chicago’s South and West sides, Cleveland, and Detroit. It has affiliates in Oregon and Washington state, and in Michigan’s Upper Peninsula. ShoreBank’s international consulting services have offices in Chicago, Washington, D.C., and London, and projects in 30 countries around the world. Official language(s) None Capital Salem Largest city Portland Area Ranked 9th - Total 98,466 sq mi (255,026 kmÂ²) - Width 260 miles (420 km) - Length 360 miles (580 km) - % water 2. ... Official language(s) None Capital Olympia Largest city Seattle Area Ranked 18 - Total 71,342 sq mi (184,824 kmÂ²) - Width 240 miles (385 km) - Length 360 miles (580 km) - % water 6. ... Official language(s) None (English, de-facto) Capital Lansing Largest city Detroit Area Ranked 11th - Total 97,990 sq mi (253,793 kmÂ²) - Width 239 miles (385 km) - Length 491 miles (790 km) - % water 41. ... The Upper Peninsula of Michigan, also known as The Upper Peninsula, The U.P. (or The UP), and Above the Bridge by Michiganders, refers to the northern peninsula of the U.S. state of Michigan. ... Nickname: DC, The District Motto: Justitia Omnibus (Justice for All) Location of Washington, D.C., in relation to the states Maryland and Virginia Coordinates: Federal District District of Columbia Mayor Adrian M. Fenty (D) City Council Chairperson: Vincent C. Gray (D) Ward 1: Jim Graham (D) Ward 2: Jack Evans... This article is about the capital of England and the United Kingdom. ...

Milestones and contributions to community development banking

Frequently called the "inventors" of community development banking, ShoreBank’s successful community lending models have been the inspiration for community development banking institutions around the world.[5]

In 1975, the bank became profitable, and has remained profitable every year since. [6]

In 1977, ShoreBank co-founder Ron Grzywinski was the only banker to testify before congress in favor of the Community Reinvestment Act of 1977 which required banks and thrifts meet the credit needs of the communities in which they did business, including low- and middle-income residents. Thanks in part to Ron’s testimony, it was enacted by congress later that year.[7] The Community Reinvestment Act (or CRA) is a United States federal law that requires banks and Savings and loan associations to offer credit throughout their entire market area and prohibits them from targeting only wealthier neighborhoods with their services, a practice known as redlining. ... For the album by Ash, see 1977 (album). ...

In the early 1980’s, ShoreBank worked with Muhammad Yunus in Bangladesh to help him design and launch the Grameen Bank, under a grant from the Ford Foundation.[8] Dr. Muhammad Yunus (Bengali: , pronounced ) (born June 28, 1940), is a Bangladeshi banker and economist. ... The Grameen Bank (Bangla: à¦—à§à¦°à¦¾à¦®à§€à¦£ à¦¬à§à¦¯à¦¾à¦‚à¦•) is a microfinance organization started in Bangladesh that makes small loans (known as microcredit) to the impoverished without requiring collateral. ... The Ford Foundation is a charitable foundation based in New York City created to fund programs that promote democracy, reduce poverty, promote international understanding, and advance human achievement. ...

In 1982, ShoreBank launched mission-based “Development Deposits,” a program encouraging persons from across the country to keep their savings with ShoreBank. The customers received a competitive rate, but had the added bonus of knowing that their money was supporting projects in ShoreBank target communities.

In 1985, ShoreBank worked closely with then Arkansas Governor Bill Clinton to set up the Southern Development Bancorporation, a community development bank serving rural Arkansans. During this project, ShoreBank introduced Bill Clinton to Muhammad Yunus. Clinton later credited ShoreBank’s success with inspiring a movement of community development financial institutions (CDFI’s).[9] In a 1992 speech, Clinton called ShoreBank “the most important bank in America.”[10] Official language(s) English Capital Little Rock Largest city Little Rock Area Ranked 29th - Total 53,179 sq mi (137,732 kmÂ²) - Width 239 miles (385 km) - Length 261 miles (420 km) - % water 2. ... William Jefferson Bill Clinton (born William Jefferson Blythe III[1] on August 19, 1946) was the 42nd President of the United States, serving from 1993 to 2001. ... A community development financial institution, or CDFI, is a unique entity established to provide credit, financial services, and other services to underserved markets or populations. ...

In the mid 1990’s, ShoreBank helped develop a triple-bottom line approach to banking—a system equally prioritizing profits, impact on people, and the impact of a project on the environment. In 1997, ShoreBank launched ShoreBank Pacific, the nation’s first commercial bank formed to support environmentally sustainable development. [11] ShoreBank Pacific scores potential loan customers based on the sustainability of their operations, environmental impact, and similar factors.[12]

In 2004, ShoreBank founded the Center for Financial Services Innovation (CFSI) to encourage the financial services sector to serve unbanked and underbanked consumers.

Today ShoreBank’s success is reflected in the global reach of its affiliates like ShoreBank International. ShoreBank continues to reflect the diversity of the communities it serves. Two-thirds of its more than 500 employees are African-Americans. Diversity is the presence of a wide range of variation in the qualities or attributes under discussion. ... An African American (also Afro-American or Black American) is a member of an ethnic group in the United States whose ancestors, usually in predominant part, were indigenous to Africa. ...

Currently, ShoreBank Corporation is the holding company for ShoreBank. A holding company is a company that owns enough voting stock in another firm to control management and operations by influencing or electing its board of directors. ...

Affiliates of ShoreBank Corporation

Awards

In 2000, ShoreBank received the Community Investing Hall of Fame Award from Business Ethics magazine for “trailblazing efforts in community development financing.”[13]

In 2004, ShoreBank cofounder Mary Houghton was named “Community Banker of the Year” by American Banker magazine for her work making ShoreBank “the gold standard of community development banks.”[14] American Banker is a daily newspaper covering the financial services industry. ...

Also in 2004, ShoreBank received the Workforce 2.0 Award from Mayor Richard M. Daley of Chicago for its work proving that “employee investment is a critical factor in running a successful, thriving organization.”[15] Richard Michael Daley (born April 24, 1942) is a United States politician, powerful member of the national and local Democratic Party and current mayor of Chicago, Illinois. ...

In 2005, ShoreBank cofounder Ron Grzywinski received the John W. Gardner Leadership Award from the Independent Sector recognizing a career that has “transformed underserved neighborhoods into vibrant communities and inspired a community development banking movement worldwide.”[16] John William Gardner, (b. ...

Also in 2005, the Independent Community Bankers of America conferred to ShoreBank the National Community Bank Service Award for its outstanding volunteer service activities mentoring inner-city youth in scholarship programs.[17]

In 2006, ShoreBank cofounders Ron Grzywinski and Mary Houghton received the Gleitsman Citizen Activist Award at Harvard University for their work transforming “under-served urban neighborhoods across the country into vibrant communities.”[18] Harvard University (incorporated as The President and Fellows of Harvard College) is a private university in Cambridge, Massachusetts. ...

In 2006, ShoreBank received the Right Workplace Award from the Chicagoland Chamber of Commerce for fostering excellence in employee development.[19] Chicagoland is an informal name for the Chicago metropolitan area, used by local residents, businesses, governments, and planning agencies. ... Chambers of commerce are business advocacy groups which are usually not associated with government. ...

See also

Sources

References

January 8 is the 8th day of the year in the Gregorian calendar. ... 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD (or CE) era. ... January 8 is the 8th day of the year in the Gregorian calendar. ... 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD (or CE) era. ... January 9 is the 9th day of the year in the Gregorian calendar. ... 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD (or CE) era. ... January 9 is the 9th day of the year in the Gregorian calendar. ... 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD (or CE) era. ... January 8 is the 8th day of the year in the Gregorian calendar. ... 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD (or CE) era. ... January 8 is the 8th day of the year in the Gregorian calendar. ... 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD (or CE) era. ... January 8 is the 8th day of the year in the Gregorian calendar. ... 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD (or CE) era. ... January 8 is the 8th day of the year in the Gregorian calendar. ... 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD (or CE) era. ... January 8 is the 8th day of the year in the Gregorian calendar. ... 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD (or CE) era. ... January 8 is the 8th day of the year in the Gregorian calendar. ... 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD (or CE) era. ... January 8 is the 8th day of the year in the Gregorian calendar. ... 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD (or CE) era. ... January 8 is the 8th day of the year in the Gregorian calendar. ... 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD (or CE) era. ... January 8 is the 8th day of the year in the Gregorian calendar. ... 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD (or CE) era. ... January 8 is the 8th day of the year in the Gregorian calendar. ... 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD (or CE) era. ... January 8 is the 8th day of the year in the Gregorian calendar. ... 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD (or CE) era. ... January 8 is the 8th day of the year in the Gregorian calendar. ... 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD (or CE) era. ... January 8 is the 8th day of the year in the Gregorian calendar. ... 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD (or CE) era. ...

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