CDB Aims to
Spark Inner-City Investment

Cleveland Development Bancorporation (CDB) aims to be a catalyst for reinvestment in the city's east side. CDB is a wholly owned subsidiary of Shorebank Corporation, a Chicago-based holding company that has successfully combined banking and development activities for more than 20 years.

Initially capitalized at over $15 million, CDB consists of four business units:

  • A bank holding company (Cleveland Development Bancorporation) regulated by the Board of Governors of the Federal Reserve System and wholly owned by Shorebank.

  • Shore Bank & Trust Company, a full-service commercial bank chartered under Ohio law. Shore Bank offers residential mortgages, rehabilitation, and small business loans plus FDIC-insured deposits.

  • A for-profit real estate development company, ShorePlace Development Corporation, which develops residential and commercial real estate projects.

  • A 501(c)(3) tax-exempt, not-for-profit affiliate, Cleveland Enterprise Group (CEG), which offers management assistance, nonbank small business loans, and space for lease.

    • CDB's goal is to increase residential real estate values through a combination of real estate development and increased access to credit for homeowners, rehabbers, and investors in targeted area properties. It also works to improve the target area's attractiveness as a business location through a combination of activities focused on development of enterprise centers, conventional and nonconventional financial products, and a management assistance program for both young and established firms.

    Shore Bank & Trust Company is located at 540 East 105th St., Cleveland, Ohio 44108, 216/268-6100.

    Other articles in this issue:
    

    City Partnerships Revive Neighborhoods
    

    Regulators Explain New CRA Rules
    

    Bankers' Seminars
    

    We Have a Vision of What the Community Can Become
    

    Race and Mortgage Lending: The Cultural Affinity Hypothesis
    Partners Software Available
     
[CC&CA Homepage] To FRB Cleveland CC&CA Homepage
    

[FRB Cleveland Homepage] To FRB Cleveland Homepage


    

    


    Questions and Comments
    
http://www.clev.frb.org/ccca/cdbaim.htm
    
Last modified 6/28/96