Democratic-darling bank fails

The Hill reports:

ShoreBank, a Chicago-area community lender praised by Democrats, was taken over by the government Friday and its assets sold.

Chicago-area Democrats pushed hard for regulators to extend bailout money to the bank from the government’s $700 billion aid program. The bank, started in the 1970s, was praised by President Clinton and numerous other lawmakers and industry players.

In a statement late Friday, the Federal Deposit Insurance Corporation (FDIC) said it had taken receivership of the failed bank.

Whatever virtues ShoreBank might have had, being a good bank was apparently not one of them.

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