About ShoreBank
ShoreBank Corporation is America's first community development and environmental bank holding company. Headquartered in Chicago, ShoreBank is a $2.4 billion company with banks and nonprofits in Chicago; Cleveland; Detroit; Ilwaco, Washington; Portland, Oregon; and Michigan's Upper Peninsula; and consulting services around the world.
We continue to create wealth in communities that wouldn’t have access to banking otherwise. We’ve built a fantastic place to work that is founded on honesty and excellence. We became a B Corporation to support our mission and lend our credibility to a system that identifies and supports “good businesses.”
Unlike conventional banks, ShoreBank strives to meet three objectives simultaneously: to build wealth for all in economically integrated communities; to promote a healthier environment; and to operate profitably. These three “bottom lines”—sometimes referred to as the three Ps of People, Planet, and Profit—form the core of ShoreBank’s mission.
The Change We Seek™
ShoreBank invests in people and their communities to create economic equity and
a healthy environment. ShoreBank has proved that building stronger communities, creating a healthier environment, and achieving financial success can be successfully pursued together.
• ShoreBank fulfills its triple-bottom-line goals largely through community development and conservation lending. Community development loans are made to businesses, individuals, nonprofits, and faith-based organizations located in communities where median incomes and housing values are below the regions’ medians. Conservation loans finance activities that positively contribute to preserving natural resources, including the energy-efficient renovation of residential and commercial properties.
• ShoreBank uses Development Deposits—deposits from socially motivated investors from around the world—to fund the loans that revitalize local neighborhoods. While earning safe and competitive rates of return, the money placed in Development Deposits makes loans that support small business owners, helps rehabbers buy and renovate vacant buildings, allows families to purchase their first homes, enables churches to build community centers and senior housing, and contributes to projects that reduce energy consumption.
• We hire people who live in the communities that we commit ourselves to improving. 56% of our employees are African American, 43% of officers and 28% of senior managers are minorities, and 54% of officers and 30% of senior managers are women.
ShoreBank Corporation
- Industry: Savings & Loans
- Product/Services: Financial Services
- Location: Chicago, IL
- http://www.sbk.com
Summary:
Certified: June 2008| Points Earned | % Points Available | |
|---|---|---|
| Environment » | 10.3 | 57% |
| Employees » | 36.5 | 69% |
| Community » | 23.8 | 38% |
| Consumers » | 36.9 | 77% |
| Leadership » | 16.7 | 87% |
| Composite B Score | 124.2 | 66% |
- >80 out of 200 is eligible for certification
- >60% points available = Area of excellence
Highlights:
2008 B Impact ReportEnvironment: >25% office materials from recycled inputs; incentives to encourage lowimpact employee commutes.
Employees: >15% profits shared with employees; >70% healthcare premiums paid for families; subsidized off-site childcare and counseling; 4+ weeks vacation for tenured employees.
Community: >25% company owned by nonprofits; >70% employees work in low income communities; >30% employees from low income communities; >30% suppliers majority owned by women or minorities; >40% management and 30% board from previously.
Consumers: >50% loans go to low-income individuals and businesses; >50% branches located in low-income communities.
