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Oct11
Shore Up Your Finances At Shore Bank
Filed under: Finances, Goals, Misc; Tagged as: alternative energy, banking industry, bottom lines, community development loans, conventional banks, conventional lenders, educational institutions, energy businesses, environmental protection groups, loan committee, median incomes, michelle collins, mortgage lending, nursery schools, protecting the environment, s south, shorebank, stoy, sustainable business practices, triple bottom line8 CommentsShoreBank has been the best untold story in the country, and perhaps the banking industry, until now. They are the only bank that has been Protecting the Environment, Building Community and providing a Social and Financial Return on Investment for 35 years.
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Unlike most conventional banks, ShoreBank strives to meet three objectives simultaneously: to build wealth for all in economically integrated communities; to promote a healthier environment; and to operate profitably. These three “bottom lines” – often known as the three P’s of People, Planet and Profit – are the core of ShoreBank’s mission.
ShoreBank fulfills its triple bottom line goals largely through community development and conservation. They have a heritage of helping those who no one else would, such as businesses and developments on Chicago’s South Side. Community development loans are made to businesses, individuals, nonprofits and faith-based organizations located in communities where median incomes and housing values are below the norm. Through conservation loans, they finance activities that positively contribute to preserving natural resources, including energy efficient renovations of both residential and commercial properties.
With over $2 billion in assets, ShoreBank has a history of funding solid alternative energy businesses, environmental protection groups, green collar jobs, sustainable business practices, nursery schools, educational institutions, churches, shelters, non-profit organizations, and much more.
Click here to view and/or save the ProfitWise pdf
Given the recent developments in both the mortgage and banking industry, I wanted to know what was different about ShoreBank’s programs and practices than conventional lenders that have been a factor in the current mortgage mess.
Earlier this week, I spoke with Michelle Collins-Senior VP of Mortgage Lending, and co-chair of ShoreBank’s loan committee (Chicago), and Brian Berg, VP of Marketing. She spearheads the development of new customer programs and real-estate lending products. Under her leadership, ShoreBank launched the nationally acclaimed Rescue Loan Program. She stated that “We are very proactive in enabling trapped homeowners, stuck in ARM’s, 80/20’s or situations where the homeowner owes more than their property is worth, to avoid foreclosure. We go over their whole financial picture with them and get them into a 30 year fixed rate loan that builds equity. Most importantly, we get them into a payment they can afford.”
They both stressed that “if you are any any of these situations, to refinance NOW- Don’t WAIT! The next set of rates are poised to re-set. It is only a matter of time as to when.”
At ShoreBank, all of their assets and yours are fully FDIC insured. They are currently offering an online High-Yield Savings Account that is paying 3.50 APY, with no monthly fees, only a $1 minimum deposit and 24 hour access to your account. To find out more be sure to refer to the links above.
The motto at ShoreBank is “Let’s Change the World.” They believe as Winston Churchill said that “The Power is in the Purse.” They are providing their customers the ability to vote with their dollars, while still being able to make a good financial return on their investment. Together with their clients, and through collaboration, they truly are helping to “Change the World.”
8 Responses to “Shore Up Your Finances At Shore Bank”
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Hi. I’m Sarah. I’m ShoreBank’s Online Channel Manager. We at ShoreBank are so excited that you also think that we are one of the best untold stories in the country. In an effort to better tell our stories, we recently launched our own blog at http://shorebankvoices.swirlspace.net/blog. Please visit our blog to read what our executives, including Michelle Collins, are saying about how triple bottom line impacts our bank, our community, and our economy. Our High Yield Savings Account is one of the ways that we, as depositors, can impact the Rescue Loan Program. I know that I am very proud to see the impact that a savings account can make. It is a great feeling to wake up and feel like you are truly helping “Change the World.”
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Hi Sarah,
Thank-You for stopping by and leaving such an informative comment, and another wonderful way for my readers to contact ShoreBank.
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Hi you mentioned that the shore bank is fully FDIC insured this may be a bit misleading because savings accounts insured by the FDIC are guaranteed up to $100k per person per insititution. So if it is your life savings you are investing it is best to spread it across a number of FDIC insititutions.
Cheers,
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@ James,
Thanks for this valuable information. I may not have touched on the point you make here,
about savings accounts, so it is very good to know. I firmly believe in not putting all your eggs
in one basket. The good thing you are mentioning too, is that in spreading your funds out to different FDIC
institutions, you are gaining interest too, on all such accounts, instead of just one!
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No problem. Love the blog and some great info lying around.
A few tips though try to a bit more personal – use your name rather than admin.
I will be checking back more often.
Cheers!
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Barbara Rae December 17th, 2009 at 8:56 pm
@ James,
Thanks for the kind words and tips. I corrected the admin problem. I recently moved to a different server,
so there are some things that I hadn’t corrected yet. That was one of them. -
Hi!. Thanks for the blog. I
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Barbara Rae December 22nd, 2009 at 10:04 pm
@ Arnold Feather,
You are very welcome. I hope the information was of help to you!
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