a pity that instead of indiscriminate funding of venal big business governement did not restructure this bank so that it evolved by learning from its mistakes.
BYJeffrey Ashe, Director of Community Finance Oxfam
What a tragic ending for one of the few innovators in community banking. I remember Ron and Mary telling me how they made businesses out of financing the purchase four decker houses and making the owner a businessman by managing the property. What was not included in the article is how Ron and Mary went to Bangladesh and set up the financial systems for the Grameen Bank. In the late 1980’s Ron, Mary and I traveled over the Arkansas Delta carrying out a feasibility study for the Good Faith Fund, one of the first microfinance initiatives in the USA. And then there is Shore Bank Advisory Services that provided support to innovative ventures all over the world. ShoreBank was too good to fail. I wish Ron and Mary well.
I am not a non-profit. I am an interested citizen who reads SSI Review because I believe it is important and has thoughtful articles. This is such a significant article. If one follows blogs at all, there is so much complaining about banks…check out Occupy Wall Street these days! Here is a bank that was trying to do the right thing, and more than that, trying to do it domestically (mostly). Grameen Bank was great but $100 goes a lot further in India. Here the economic difficulties are more challenging monetarily. When I read articles like this, I feel that what is missing is a strong PR campaign. Who really stood up to FOX? Who made the news big so that we, the public, knew what was happening? This is a success story in a depressing time, but we do not hear about it until it fails. And it fails because of innuendo and finger-pointing. I could be wrong, but the Bush administration did bad things all the time, and in the end they got their way. They ignored criticism. So why couldn’t Shore Bank take on the innuendo and make their voice and goodness felt by a larger audience in order to garner support? If I were a publicist, perhaps I would have known how to help. That is what we need, pro bono mouth pieces who know how to make the right noise! Sigh…
Execution Excellence - something which you can never take for granted. In social sector organizations, I see higher danger of collapse, absolutely because they may sometimes think they are “too good to fail”. The goodness of the mission, the impact it generates - all these are important, yet no substitute for fundamentals of sustainability and execution.
Nice article. Though I do not recall the details of the book, it still reminded me of Jim Collins’ “How The Mighty Fall”.
I grew up in South Shore and remember the somewhat “sleepy” South Shore Bank, a good, solid community bank. Having moved from Chicago in 1979, I remember reading with pride about the transformation of South Shore Bank to ShoreBank during my travels during the 30 plus years since then, and as I became involved in community development work in the City of Detroit during the past year, I became familiar with Shore Enterprise, a successor of sorts to ShoreBank Detroit. I’ve been a tax attorney for close to 4 decades, practicing or consulting in 4 different cities and, the work that has been the most fun and that has brought the greatest satisfaction, and for which I’m the proudest is my engagement with social enterprise organizations like ShoreBank and its successors. We need more of that!
What a touching story of a company whose primary aim was to make life worth living for everyone. The lesson here is that “when trying to build people’s life, be mindful of your own edification if it can resist storm if eventually arose”
What a touching story of a company whose primary aim was to make life worth living for everyone. The lesson here is that “when trying to build people’s life, be mindful of your own edification if it can resist storm if eventually arose”
What a touching story of a company whose primary aim was to make life worth living for everyone. The lesson here is that “when trying to build people’s life, be mindful of your own edification if it can resist storm if eventually arose”
COMMENTS
BY Ken Dorge retired accounting college teacher
ON August 26, 2011 10:12 PM
a pity that instead of indiscriminate funding of venal big business governement did not restructure this bank so that it evolved by learning from its mistakes.
BY Jeffrey Ashe, Director of Community Finance Oxfam
ON October 13, 2011 12:22 PM
What a tragic ending for one of the few innovators in community banking. I remember Ron and Mary telling me how they made businesses out of financing the purchase four decker houses and making the owner a businessman by managing the property. What was not included in the article is how Ron and Mary went to Bangladesh and set up the financial systems for the Grameen Bank. In the late 1980’s Ron, Mary and I traveled over the Arkansas Delta carrying out a feasibility study for the Good Faith Fund, one of the first microfinance initiatives in the USA. And then there is Shore Bank Advisory Services that provided support to innovative ventures all over the world. ShoreBank was too good to fail. I wish Ron and Mary well.
BY Cristian Shoemaker, The QED Group LLC
ON October 13, 2011 12:53 PM
Thank you for this thought provoking article on many levels.
BY LESLIE KRUTH
ON October 13, 2011 07:17 PM
I am not a non-profit. I am an interested citizen who reads SSI Review because I believe it is important and has thoughtful articles. This is such a significant article. If one follows blogs at all, there is so much complaining about banks…check out Occupy Wall Street these days! Here is a bank that was trying to do the right thing, and more than that, trying to do it domestically (mostly). Grameen Bank was great but $100 goes a lot further in India. Here the economic difficulties are more challenging monetarily. When I read articles like this, I feel that what is missing is a strong PR campaign. Who really stood up to FOX? Who made the news big so that we, the public, knew what was happening? This is a success story in a depressing time, but we do not hear about it until it fails. And it fails because of innuendo and finger-pointing. I could be wrong, but the Bush administration did bad things all the time, and in the end they got their way. They ignored criticism. So why couldn’t Shore Bank take on the innuendo and make their voice and goodness felt by a larger audience in order to garner support? If I were a publicist, perhaps I would have known how to help. That is what we need, pro bono mouth pieces who know how to make the right noise! Sigh…
BY Jacob Chandy Varghese, Founder, Prismtree Consulti
ON October 14, 2011 02:53 AM
Execution Excellence - something which you can never take for granted. In social sector organizations, I see higher danger of collapse, absolutely because they may sometimes think they are “too good to fail”. The goodness of the mission, the impact it generates - all these are important, yet no substitute for fundamentals of sustainability and execution.
Nice article. Though I do not recall the details of the book, it still reminded me of Jim Collins’ “How The Mighty Fall”.
BY Frank H Hoffman
ON October 14, 2011 11:20 AM
I grew up in South Shore and remember the somewhat “sleepy” South Shore Bank, a good, solid community bank. Having moved from Chicago in 1979, I remember reading with pride about the transformation of South Shore Bank to ShoreBank during my travels during the 30 plus years since then, and as I became involved in community development work in the City of Detroit during the past year, I became familiar with Shore Enterprise, a successor of sorts to ShoreBank Detroit. I’ve been a tax attorney for close to 4 decades, practicing or consulting in 4 different cities and, the work that has been the most fun and that has brought the greatest satisfaction, and for which I’m the proudest is my engagement with social enterprise organizations like ShoreBank and its successors. We need more of that!
BY Odulesi Oluwadamilare Joseph. Positive Impact Netw
ON October 15, 2011 02:24 AM
What a touching story of a company whose primary aim was to make life worth living for everyone. The lesson here is that “when trying to build people’s life, be mindful of your own edification if it can resist storm if eventually arose”
BY Odulesi Oluwadamilare Joseph. Positive Impact Netw
ON October 15, 2011 02:25 AM
What a touching story of a company whose primary aim was to make life worth living for everyone. The lesson here is that “when trying to build people’s life, be mindful of your own edification if it can resist storm if eventually arose”
BY Odulesi Oluwadamilare Joseph. Positive Impact Netw
ON October 15, 2011 02:28 AM
What a touching story of a company whose primary aim was to make life worth living for everyone. The lesson here is that “when trying to build people’s life, be mindful of your own edification if it can resist storm if eventually arose”