Liberty on Tap since 1984
ShoreBank: Seized, Saved, Survives
On Friday the Federal Deposit Insurance Corporation seized politically-connected ShoreBank, covered some of its losses, then handed it right back to the same management team with a new name: Urban Partnership Bank. Over at the National Legal and Policy Center Web site I dissect it a little bit, and warn about institutions like ShoreBank who try to meet more than one bottom line.
Views: 5
Comment
-
Comment by Marcotte Anderson on August 23, 2010 at 6:56pm -
handed it right back to the same management team with a new name
What am I missing? From the article you link to....
"The new management of the bank, led by former First Chicago Corp. senior executive David Vitale....."
"Both [co-founders] left the bank earlier this year ......"
"The FDIC noted that the board and executives " . . . will not be retained.”"
"Mr. Vitale will serve as chairman of Urban Partnership Bank, while his longtime lieutenant and former First Chicago colleague, William Farrow, will be president and CEO.
It’s unclear whether there will be any role for current ShoreBank CEO George Surgeon,
"None of ShoreBank's new leadership was available for comment Friday evening."
So the two founders are gone. There is a new Chairman of the Board, CEO and President, and the former CEO's future role is "unclear."
How does that constitute "same management team?"
© 2012 Created by Freedom Pub.
You need to be a member of Freedom Pub to add comments!
Join Freedom Pub