FDIC ends ShoreBank receivership

The federal bank deposit insurer’s receivership of the defunct ShoreBank (Chicago) was terminated July 1, the agency said in a recent Federal Register notice.

ShoreBank was closed by the Illinois Department of Financial and Professional Regulation in August 2010. At the time, it had $2.16 billion in assets and $1.54 billion in deposits. The Federal Deposit Insurance Corp. (FDIC), appointed receiver, approved a purchase and assumption by Urban Partnership Bank.

The FDIC and the Urban Partnership Bank entered into a loss-share agreement in which the bank would share in any losses on the $1.41 billion of asset pools covered by the agreement. Then, the FDIC estimated that the bank failure would cost its Deposit Insurance Fund about $367.7 million.

Notice of termination of receivership