ShoreBank Fails; Tally Rises to 114 for ’10

U.S. regulators on Friday seized notable Chicago-based community development bank ShoreBank after Wall Street backers failed to rescue the institution, and its deposits will be taken over by a newly chartered institution called Urban Partnership Bank. The FDIC said ShoreBank had $2.16 billion in assets and $1.54 billion in deposits as of June 30. ShoreBank is one of the larger banks to fail in recent months and the 114th FDIC-insured institution shut down so far this year.- Reuters