ShoreBank Raising Sufficient Capital to Avoid FDIC Takeover

From the Wall Street Journal

Leading Wall Street banks have led an effort to rescue ShoreBank in recent days. The participants include Goldman Sachs Group Inc., as well as Citigroup Inc., J.P. Morgan Chase & Co., Bank of America Corp., and Morgan Stanley.

It appears the big banks want to improve their image by helping ShoreBank which according to ShoreBank's profile, is "America’s first and leading community development and environmental bank."

ShoreBank used to offer a competitive online savings account, but the rate was slashed in January 2010, and it's no longer competitive.