CHICAGO, March 17 /PRNewswire/ -- ShoreBank Corporation announced today that David Vitale, the highly respected Chicago banker and civic leader, will become ShoreBank Corporation's executive chair, subject to regulatory approval, upon ShoreBank's completion of its proposed capital raise and the planned retirement of founders Ronald Grzywinski and Mary Houghton.  As previously announced, George Surgeon will become ShoreBank Corporation's chief executive officer, in addition to his current role as president and CEO of ShoreBank's lead bank.

Mr. Vitale, who is assisting ShoreBank in its proposed capital raising effort, is a highly regarded banking executive with over 30 years of banking experience, including serving as vice chair and president of First Chicago and First Chicago/NBD and as vice chair and director of Bank One.  He also was a president and CEO of the Chicago Board of Trade and has served on the boards of a variety of other financial institutions, as well as United Airlines.

Ron Grzywinski, co-founder and current chair of ShoreBank Corporation, stated: "The Board of Directors, including Mary Houghton and I, are confident that David provides ShoreBank with the expertise and community commitment to continue moving the company forward as the nation's leading community development and environmental financial institution. He is integrally involved with us today, helping to spearhead ShoreBank's proposed capital raising effort. David's record of commitment to the well-being of all Chicagoans, especially in disadvantaged communities, is clearly evident in his recent board and executive positions.  David and George bring exceptional leadership and commitment to ShoreBank and its mission and are outstanding successors."

Mr. Vitale has been Chief Administrative Officer at the Chicago Public Schools; chairs the Academy for Urban School Leadership which focuses on turning around failing public schools; chairs and co-founded the Partnership for New Communities whose mission is to strengthen neighborhoods formerly dominated by public housing; and serves on the boards of the Local Initiatives Support Corporation, the YMCA of Metropolitan Chicago, the Glenwood School for Boys as well as other civic, arts, and educational institutions.

Mr. Vitale said, "ShoreBank plays a critical role in its communities. It is an economic engine, providing fairly-priced financial services that allow residents to improve their quality of life. It is an organization I am proud to be associated with and I am committed to devoting my expertise to ShoreBank's long term success and community impact."

About ShoreBank Corporation:  ShoreBank Corporation is America's first and leading community development and environmental banking corporation with more than $2 billion in assets.  Headquartered in Chicago, ShoreBank has banks and nonprofits in Chicago; Cleveland; Detroit; Ilwaco, Washington; Portland, Oregon; and Michigan's Upper Peninsula; and consulting services around the world.  ShoreBank is a privately-held company whose shareholders include financial institutions, foundations, insurance companies, major corporations, and private individuals. 

For additional information, click www.sbk.com and www.shorebankcorp.com.  

Mr. Vitale's appointment is pending regulatory approval.

SOURCE ShoreBank Corporation

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