Chicago-based ShoreBank Corporation, the former holding company of the now-defunct lending institution ShoreBank, is filing for bankruptcy.

As of its filing with the U.S Bankruptcy Court in Chicago on Monday, ShoreBank Corp. said it had $63.5 million in liabilities with $19.2 million in assets, the majority coming from a $10.7 million Federal Income Tax Refund.

According to the bankruptcy filing, ShoreBank Corporation said its current financial struggles stem from the closing of its affiliated ShoreBank in 2010, which the company said was its primary asset and source of income. The Midwest bank was known as a socially-conscious institution that specialized in lending to low- and moderate-income borrowers, primarily in Chicago, Detroit and Cleveland.

ShoreBank said in the filing the subprime mortgage crises and ensuing economic recession caused high unemployment and crippled the housing market in the lower-income neighborhoods it served. Bank President George Surgeon said in the document that, as a result, “the bank suffered losses from delinquent residential rehabilitation loans, condominium conversion loans, and other loans in these communities.”

In July 2009, ShoreBank Corp. was served a Cease and Desist order by the Federal Deposit Insurance Corporation, requiring it to increase its operating capital and revise its loan practices. The bank closed in August 2010 after failing to raise the necessary money to continue operating, and its remaining assets were taken over by Urban Partnership Group.

The court filing said after the bank closed, ShoreBank Corp. began talks with the FDIC to settle its remaining debts. According the document, ShoreBank has agreed to pay the FDIC $8.5 million dollars in tax refunds.

Phone calls to George Panagakis, the lawyer representing ShoreBank Corp., were not immediately returned.

The court filing said the company plans to liquidate its remaining assets.