much as 50%; property values fell by 30%. The bank relied heavily on cash flow financing for multifamily buildings. As unemployment spiked beyond levels ever seen before, tenants struggled to pay rent; vacancies increased and landlords got behind in their loan payments. The single family portfolio was also negatively impacted and delinquency rates went higher than historical levels. Once homeowners secured new jobs they quickly came to the bank to refinance. Nine times out of ten the homeowners were laid off from full time jobs with benefits and found multiple part time jobs to provide the income needed to save their house. After insolvency the new bank was recapitalized through loss-share guarantees from the FDIC and a $367.7 million loss taken by the FDIC insurance fund, and nearly $140 million was invested by Goldman Sachs, Citigroup, JP Morgan Chase, Morgan Stanley and Bank of America. There were no other cases in which large banks lined up to recapitalize a failing bank. In an unusual move the FDIC lawsuit against the bank did not name co-founders, top executives or board members. The new management team of the former ShoreBank was allowed by the FDIC to run the newly formed Urban Partnership Bank. Although ShoreBank's President William Farrow was brought on after regulators ordered ShoreBank to raise additional capital, it is not standard practice for the FDIC to resell a bank to the managers who ran the failed bank. References Further reading Taub, Richard. Doing Development in Arkansas: Using credit to create opportunity for and with entrepreneurs outside the mainstream. Fayetteville AR: University of Arkansas, 2004. Taub, Richard. Community Capitalism. Boston, MA: Harvard Business School Press, 1988. External links Metropolis Research Consortium Bank failures in the United States Banks based in Chicago Defunct companies based in Chicago Community development organizations Microfinance Defunct banks of the United States Banks established in 1973 Banks disestablished in 2010 Ethical banking