Shorebank Corporation

" 'When we bought the bank in 1973, boarded-up buildings were beginning to crop up throughout the community,' says Milton Davis, South Shore Bank's chairman. 'Now a board-up is the exception. Almost everywhere you go you'll come across construction crews -- working on new buildings, rehabbing old ones. Right across the street from the bank, you'll see a $10 million, 110,000-square-foot shopping center, the first major commercial development in the community since World War II.'

Widely regarded as one of the nation's leading forces for inner-city renewal, Shorebank, the parent company of South Shore Bank, is now extending its development banking presence from five to eight neighborhoods in Chicago's South and West sides. The expansion grows out of the acquisition of Indecorp, the nation's largest black-owned bank holding company. The acquisition will double the assets and nearly double the deposits of South Shore Bank's balance sheet. The bank expects to make at least $150 million in new loans over the next five years in its expanded target area.

'The bank is the prototypical bottom-up player,' says Mary Houghton, Shorebank president. 'We partner with community people who have a stake in their neighborhood. We're really capacity builders: providing local people with the financial, managerial, and technical resources for them to succeed.'

...'As in all the communities we work in, our efforts are designed to be comprehensive,' says Davis. 'Many people know about us through our rental housing investments, but recently we've focused more on enterprise and labor force development. But all of Shorebank's investments have the same bottom line: revitalizing a neighborhood's sense of community and making it a desirable place in which to live and do business.' "

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