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ShoreBank co-founders honored with Notre Dame ethics award

by Carol Elliott, Director of Newswriting, Mendoza College of Business

April 21, 2008


Ronald Grzywinski and Mary Houghton of ShoreBank Corp. will receive the Theodore M. Hesburgh Award for Ethics in Business on Tuesday (April 22) from the University of Notre Dame Institute for Ethical Business Worldwide and Center for Ethics and Religious Values in Business.

Grzywinski serves as chairman and Houghton as president of ShoreBank Corp., America’s first regulated community development and environmental bank holding company.

Rev. Theodore M. Hesburgh, C.S.C, Notre Dame president emeritus, will present the award at 4:30 p.m. in the Jordan Auditorium of the Mendoza College of Business. The ceremony, which is free and open to the public, will include an address by Grzywinski titled “Social Entrepreneurship and Ethics in Banking.”

Grzywinski and Houghton are two of the co-founders of ShoreBank, which has been widely lauded for spurring the revitalization of Chicago’s south and west side neighborhoods by providing individuals, small businesses, faith-based organizations and nonprofits with access to the resources that fuel development. 

Since its inception in 1973, ShoreBank, with operations in Chicago, Cleveland and Detroit, has invested more than $3 billion to finance the purchase and rehabilitation of more then 50,000 units of affordable housing and the creation of 11,000 jobs for local residents. In the mid-1990s, the corporation launched ShoreBank Pacific, the first environmental bank in the U.S to lend to sustainable and socially responsible businesses. 

In the early 1980s, Grzywinski and Houghton advised Nobel Peace Prize winner Muhammad Yunus on the start-up and management of Grameen Bank in Bangladesh, which specializes in making micro-loans to the poor to instigate new ventures.  Today, ShoreBank is addressing the mortgage lending and housing crisis by offering its Rescue Loan Program, which allows homeowners to refinance their original subprime adjustable rate mortgage and receive a 30-year, fixed rate loan from ShoreBank.

Previous winners of the Hesburgh Award include Starbucks Chairman Howard Schultz, and Robert B. Catell, CEO, and Kenny Moore, Director of Human Resources and Corporate Ombudsman, both of energy company Keyspan Corp.


Contact: Patrick E. Murphy, co-director of the Institute for Ethical Business Worldwide, 574-631-9092 or Murphy.72@nd.edu

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