The origin of this bank is to be found in the collapse of a conventional bank in this neighbourhood. The bank existed as a conventional bank in Chicago and had branches in the southern neighbourhoods were most of the poorest black community lived.
In order to face its bankruptcy it was put on sale and was purchased in 1973 by some of its workers and customers who established the South Shore Bank, using all its resources to develop the least favoured in the community.
Its policy was that of attracting capital to reinvest its customers deposits in revitalizing the neighbourhood so that they could improve the quality of life of its neighbours, while obtaining a profit for their money.
Since then South Shore Bank has been a pioneering social bank in the United States of America in community development. In 1978, Shore Bank Corporation was a holding with three branches: a real estate company, a social organization and a venture capital fund. The success of this experience was huge. In the 1980’s the bank opened offices in other marginal neighbourhoods in Chicago and other cities such as Michigan, Detroit and Cleveland. In 1995 Shore Bank doubled in size and merged with a small bank in Chicago, Indecorp. In 2000 it included environmental criteria into its social policy.
All in all, the mission pursued by Shore Bank and its employees is that of investing in people and strive for social equity as well as fostering a healthy environment.
For further information visit www.shorebankcorp.com