Copyright 2010 SNL Financial LCAll Rights Reserved SNL Insurance Daily
May 4, 2010 Tuesday
85 words
Report: State Farm Mutual may join the rescue of ShoreBank
Tushar Prabhune
State Farm Mutual Automobile Insurance has tentatively agreed to take part in the potential rescue of Chicago-based ShoreBank Corp. unit ShoreBank, Crain’s Chicago Business reported.
State Farm Mutual Automobile Insurance Co. has tentatively agreed to take part in a potential rescue of Chicago-based ShoreBank Corp. unit ShoreBank, Crain’s Chicago Business reported April 30, citing people familiar with the matter.
State Farm has joined banks such as JPMorgan Chase & Co., Bank of America Corp. and Citigroup Inc. in a conditional agreement on a private equity investment group to make the troubled bank eligible for federal support.
ShoreBank is seeking $200 million or more in fresh capital.
May 10, 2010
Terms and Conditions Privacy Policy
More Articles