• Oct
    11

    ShoreBank 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.

    Click here to view and/or save the RMA pdf

    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.”

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