Failed Bank Report: Claim FDIC Insured Accounts at Failed Banks

ShoreBank - Chicago, IL

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August 20, 2010: ShoreBank, Chicago, IL was closed by the The Illinois Department of Financial & Professional Regulation. The Federal Deposit Insurance Corporation was named receiver.

Successor Bank: All deposit accounts, excluding certain brokered deposits, have been transferred to Urban Partnership Bank, Chicago, Illinois.

Urban Partnership Bank
7054 South Jeffery Avenue
Chicago, IL 60649

History:

Established as the South Shore National Bank Of Chicago
Changed name to South Shore Bank Of Chicago
Acquired Drexel National Bank - Chicago, Illinois
Acquired Independence Bank Of Chicago - Chicago, Illinois
Changed name to Shorebank
Acquired Shorebank, Detroit - River Rouge, Michigan
Acquired Shorebank - Cleveland, Ohio
Acquired Greater Chicago Bank -Bellwood, Illinois

Depositors must establish contact or the successor bank or the FDIC to reclaim their deposits. ► Not every depositor in a failed bank will receive notification from the FDIC, and there are time limits on claims of FDIC-insured bank accounts, CDs and safe deposit boxes. By law, accounts which go unclaimed for an extended period may be time barred, and safe deposit boxes can be drilled and the contents sold at auction. ► Additionally, accounts transferred to successor institutions may have lower interest rates and can lose insurance coverage.

It is important to understand you may have an account at a failed institution and not know it, either because you were a depositor at a bank acquired by an institution that subsequently failed, or if you or a deceased family member are the beneficial owner of a brokered fiduciary account.

For assistance tracing and reclaiming a lost bank account or safe deposit box go to: Unclaimed Funds Search

 

 

 

2010 FDIC Insured Failed Banks
 
 
 
 
ShoreBank
7054 South Jeffery Avenue
Chicago, IL 60649

 
 

Established
as
The South Shore National
Bank Of Chicago

 

 
 
 
 
Cost to FDIC: $368 million

 

 
 

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