As CIT Group Inc., one of the nation's largest small business lenders, warns about a potential bankruptcy, Shoreline Credit Union is more concerned about what is happening in its own backyard.
CIT said today it expects to see a second quarter loss of more than $1.5 billion. After the federal government refused to offer bailout funds to the company, CIT's board approved a $3 billion emergency loan to help it continue to serve its more than one million small and medium-sized business customers. CIT said it may have to file for bankruptcy.
Meanwhile, the $97 million Shoreline CU is competing more with regional banks, said Kenneth Beine, president/CEO of the Two Rivers, Wis.-based credit union.
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