Shoring up ShoreBank: Can the South Side’s socially conscious bank weather the recession?
Business, Features, South Shore 1 Comment »Has ShoreBank changed the world? The original socially minded bank has changed lives, helped revitalize the South Shore neighborhood in which it was started, and rewritten the game of financial services. But the exaggerated impact of the financial crisis on the low- and moderate-income neighborhoods it serves proves its mission remains an apt one. Founded in 1973 as a new kind of bank, ShoreBank showed that financial institutions that were invested in community development could make a real profit while making their clients’ welfare its top priority. In the past few rough months, it has continued to innovate, adapting to suit the needs of communities that are hardest hit by the recession. But the bank itself looks forward to an uncertain future. Read the rest of this entry »
