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Memories of ShoreBank: City Deposits $20 Million of Taxpayer Money in Local Bank

DNAinfo 19 September 2017 No Comment

City Treasurer Kurt Summers announced Monday morning he was depositing $20 million of the city’s funds in Illinois Service Federal Savings and Loan, breathing new life into the last black-owned bank in the city.

2014-June-Burning-cash

Summers reportedly has been working on the deal for over a year to invest city funds into the community bank headquartered at 4619 S. Martin Luther King Drive, which looked headed toward closure and the same fate as the city’s other black-owned banks two years ago.

Read more at DNAinfo
Read more about political investments in local banks here

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