A Marquette non-profit community development group says it's business as usual after the parent partner company filed for bankruptcy earlier this week.
The holding company of Shorebank Corporation filed for chapter 11 bankruptcy after an agreement was made with the Federal Deposit Insurance Corporation. Shorebank helped create Northern Initiatives, which specializes in providing loans to small businesses throughout the Upper Peninsula, northern Lower Peninsula and northeast Wisconsin.
Despite the filing, Northern Initiatives says its finances will not be affected.
"Shorebank's legacy really had important meaning for Northern Initiatives in terms of building systems, learning how to operate as a bank, having peers we could work with," said Northern Initiatives President Dennis West. "But fortunately, financially it doesn't have an impact on us."
Northern Initiatives began planning for a future without Shorebank months before the bank closed in 2010.