WASHINGTON (AP) â€” Regulators have shut down a big community bank based in Chicago that has been known for its social activism but racked by financial troubles in recent months. It was the 114th U.S. bank to fail this year.
The Federal Deposit Insurance Corp. on Friday took over ShoreBank, with $2.16 billion in assets. Urban Partnership Bank, a new institution based in Chicago, agreed to assume ShoreBank's deposits and nearly all its assets.
The FDIC also seized Community National Bank at Bartow, in Bartow, Fla., and Independent National Bank of Ocala, Fla.