Joseph E. Hasten
Encyclopedia
Joseph E. Hasten was the President and CEO of ShoreBank
, America's first and leading community development
and environmental bank founded in 1973 in Chicago, Illinois and named one of Fast Company's
45 Social Entrepreneurs Who Are Changing the World in 2008. Mr. Hasten led ShoreBank's socially responsible investing
in the under-served urban neighborhoods of Chicago, Illinois; Cleveland, Ohio
; and Detroit, Michigan
. Previously, Mr. Hasten was the vice-chairman of U.S. Bancorp
.
as CEO in May 2007. Soon after, Mr. Hasten and ShoreBank mounted an effort to offer mortgage refinancing to many of the 10,000 South Side, Chicago homeowners identified by ShoreBank as being at risk of losing their homes to foreclosure.
Named the Rescue Loan Program, ShoreBanks efforts were at the forefront of the subprime mortgage crisis
and became a model for helping homeowners at the highest risk of default due to predatory loans by offering them a chance to refinance into fixed mortgages at reasonable rates.
The program attracted national attention and was profiled on The News Hour with Jim Lehrer and the Nightly Business Report
on PBS
. And Fast Company
and the Monitor Group
awarded a 2007 Social Capitalist Award and named ShoreBank one of 45 Social Entrepreneurs Who Are Changing the World in 2008. Hasten was replaced by George Surgeon as CEO in November 2009
, and from 1991 to 1995, was the CEO of the bank's South Korean and Indonesian operations. Mr. Hasten joined the former Mercantile Bancorporation in 1995 as president of the St. Louis, Missouri
bank, its lead bank, and of corporate banking system-wide. He became vice chairman in 1999 for all wholesale banking when the former Firstar Corporation took over Mercantile, and assumed control of corporate banking with U.S. Bank after it merged with the Firstar in February 2001. He served as vice-chairman of U.S. Bancorp
until August 2005.
in 1974 from Fairfield University
in Fairfield, Connecticut
and M.B.A. in 1978 from the Kellogg School of Management
at Northwestern University
in Chicago, Illinois.
ShoreBank
ShoreBank was a community development bank founded and headquartered in Chicago. At the time of its closing it was the oldest and largest such institution, and in 2008 had $2.6 billion in assets. It was owned by ShoreBank Corporation, a regulated bank holding company.ShoreBank had branches in...
, America's first and leading community development
Community development bank
- Community Development Banking in the United States :In the United States, community development banks are commercial banks that operate with a mission to generate economic development in low- to moderate-income geographical areas and serve residents of these communities...
and environmental bank founded in 1973 in Chicago, Illinois and named one of Fast Company's
Fast Company (magazine)
Fast Company is a full-color business magazine that releases 10 issues per year and reports on topics including innovation, digital media, technology, change management, leadership, design, and social responsibility...
45 Social Entrepreneurs Who Are Changing the World in 2008. Mr. Hasten led ShoreBank's socially responsible investing
Socially responsible investing
Socially responsible investing , also known as sustainable, socially conscious, or ethical investing, describes an investment strategy which seeks to consider both financial return and social good....
in the under-served urban neighborhoods of Chicago, Illinois; Cleveland, Ohio
Cleveland, Ohio
Cleveland is a city in the U.S. state of Ohio and is the county seat of Cuyahoga County, the most populous county in the state. The city is located in northeastern Ohio on the southern shore of Lake Erie, approximately west of the Pennsylvania border...
; and Detroit, Michigan
Detroit, Michigan
Detroit is the major city among the primary cultural, financial, and transportation centers in the Metro Detroit area, a region of 5.2 million people. As the seat of Wayne County, the city of Detroit is the largest city in the U.S. state of Michigan and serves as a major port on the Detroit River...
. Previously, Mr. Hasten was the vice-chairman of U.S. Bancorp
U.S. Bancorp
U.S. Bancorp is a diversified financial services holding company, headquartered in Minneapolis, Minnesota. It is the parent company of U.S. Bank, the fifth largest commercial bank in the United States based on $330 billion in assets. U.S. Bank ranks as the sixth largest bank in the U.S. based on...
.
ShoreBank
Mr. Hasten joined ShoreBankShoreBank
ShoreBank was a community development bank founded and headquartered in Chicago. At the time of its closing it was the oldest and largest such institution, and in 2008 had $2.6 billion in assets. It was owned by ShoreBank Corporation, a regulated bank holding company.ShoreBank had branches in...
as CEO in May 2007. Soon after, Mr. Hasten and ShoreBank mounted an effort to offer mortgage refinancing to many of the 10,000 South Side, Chicago homeowners identified by ShoreBank as being at risk of losing their homes to foreclosure.
Named the Rescue Loan Program, ShoreBanks efforts were at the forefront of the subprime mortgage crisis
Subprime mortgage crisis
The U.S. subprime mortgage crisis was one of the first indicators of the late-2000s financial crisis, characterized by a rise in subprime mortgage delinquencies and foreclosures, and the resulting decline of securities backed by said mortgages....
and became a model for helping homeowners at the highest risk of default due to predatory loans by offering them a chance to refinance into fixed mortgages at reasonable rates.
The program attracted national attention and was profiled on The News Hour with Jim Lehrer and the Nightly Business Report
Nightly Business Report
Nightly Business Report is a Business news television magazine broadcast live Monday to Friday evenings on most public television stations in the United States. Every weeknight, Nightly Business Report distills the essence of what matters in the business world, and provides analysis and reflection...
on PBS
Public Broadcasting Service
The Public Broadcasting Service is an American non-profit public broadcasting television network with 354 member TV stations in the United States which hold collective ownership. Its headquarters is in Arlington, Virginia....
. And Fast Company
Fast Company (magazine)
Fast Company is a full-color business magazine that releases 10 issues per year and reports on topics including innovation, digital media, technology, change management, leadership, design, and social responsibility...
and the Monitor Group
Monitor Group
Monitor Group is a global management consulting firm headquartered in Cambridge, Massachusetts, United States and with 27 offices in 26 major cities around the world. It provides strategy consultation services to the senior management of organizations and governments...
awarded a 2007 Social Capitalist Award and named ShoreBank one of 45 Social Entrepreneurs Who Are Changing the World in 2008. Hasten was replaced by George Surgeon as CEO in November 2009
Pre-ShoreBank
Mr. Hasten began his banking career in the training program at the former American National Bank in 1975. From 1984 to 1991, Mr. Hasten ran the Midwest United States operations of the Standard Chartered BankStandard Chartered Bank
Standard Chartered PLC is a multinational financial services company headquartered in London, United Kingdom with operations in more than seventy countries...
, and from 1991 to 1995, was the CEO of the bank's South Korean and Indonesian operations. Mr. Hasten joined the former Mercantile Bancorporation in 1995 as president of the St. Louis, Missouri
St. Louis, Missouri
St. Louis is an independent city on the eastern border of Missouri, United States. With a population of 319,294, it was the 58th-largest U.S. city at the 2010 U.S. Census. The Greater St...
bank, its lead bank, and of corporate banking system-wide. He became vice chairman in 1999 for all wholesale banking when the former Firstar Corporation took over Mercantile, and assumed control of corporate banking with U.S. Bank after it merged with the Firstar in February 2001. He served as vice-chairman of U.S. Bancorp
U.S. Bancorp
U.S. Bancorp is a diversified financial services holding company, headquartered in Minneapolis, Minnesota. It is the parent company of U.S. Bank, the fifth largest commercial bank in the United States based on $330 billion in assets. U.S. Bank ranks as the sixth largest bank in the U.S. based on...
until August 2005.
Education
Mr. Hasten received his B.A.Bachelor of Arts
A Bachelor of Arts , from the Latin artium baccalaureus, is a bachelor's degree awarded for an undergraduate course or program in either the liberal arts, the sciences, or both...
in 1974 from Fairfield University
Fairfield University
Fairfield University is a private, co-educational undergraduate and master's level teaching-oriented university located in Fairfield, Connecticut, in the New England region of the United States. It was founded by the Society of Jesus in 1942, and today is one of 28 member institutions of the...
in Fairfield, Connecticut
Fairfield, Connecticut
Fairfield is a town located in Fairfield County, Connecticut, United States. It is bordered by the towns of Bridgeport, Trumbull, Easton, Redding and Westport along the Gold Coast of Connecticut. As of the 2010 census, the town had a population of 59,404...
and M.B.A. in 1978 from the Kellogg School of Management
Kellogg School of Management
The Kellogg School of Management is the business school of Northwestern University in Evanston, Illinois, downtown Chicago, Illinois and Miami, Florida. Kellogg offers full-time, part-time, and executive programs, as well as partnering programs with schools in China, India, Hong Kong, Israel,...
at Northwestern University
Northwestern University
Northwestern University is a private research university in Evanston and Chicago, Illinois, USA. Northwestern has eleven undergraduate, graduate, and professional schools offering 124 undergraduate degrees and 145 graduate and professional degrees....
in Chicago, Illinois.