The event shared courtesy of Marathon Pundit!
Last month ShoreBank was spared an impending bank failure thanks to last minute help from either the federal government and Wall Street. On the right there are many who take issue with it because we’re in the time of taxpayer funded bailouts.
I often would follow this activity on my other blog, The Sixth Ward, primarily because ShoreBank has a branch in Chicago’s Chatham neighborhood (contained within Chicago’s 6th Ward). One of my bloggers there would declare this to be a disappointment since ShoreBank bought that branch which was once an independently owned bank called Independence Bank. If that hadn’t occured we may have had FIVE black-owned banks in Chicago instead of the current four we do have today.
At the same time while I do believe those business with bad business plans should fail I don’t have a problem with the fact that ShoreBank hadn’t failed and was bailed out. Of course it has been said that federal money was involved and since the Federal Government has been spending like crazy since Obama became President, I can see where many have a problem.
Hopefully ShoreBank will avoid the issues of its past that got it near the point of failure. In the future it can take the example of another neighborhood bank, Seaway Bank and Trust which avoided the issues of other banks by being conservative on their lending.
