Joseph E. Hasten

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name = Joseph E. Hasten


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nationality = American
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alma_mater = Fairfield, B.A.
Northwestern, M.B.A.
employer = Shorebank
occupation = Business Executive
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title = Chief Executive Officer
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religion = Roman Catholic
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website = [http://www.shorebankcorp.com/bins/site/templates/child.asp?area_7=pages/titles/about_title.dat&area_2=pages/about/people&area_4=pages/nav/about/right_side#joe Shorebank Profile]
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Joseph E. Hasten is the President and CEO of ShoreBank, America's first and leading community development and environmental bank founded in 1973 in Chicago, Illinois. [cite web|url=http://www.shorebankcorp.com/bins/site/templates/child.asp?area_7=pages/titles/about_title.dat&area_2=pages/about/people&area_4=pages/nav/about/right_side#joe= |title=About Shorebank: Biographies: Joe Hasten|accessdate=2008-05-18 ] Since May 2007, Mr. Hasten has been leading ShoreBank's socially responsible investing in the under-served urban neighborhoods of Chicago, Illinois; Cleveland, Ohio; and Detroit, Michigan. [cite web|url=http://www.shorebankcorp.com/bins/site/templates/child.asp?area_7=pages/titles/about_title.dat&area_2=pages/about/people&area_4=pages/nav/about/right_side#joe= |title=About Shorebank: Biographies: Joe Hasten|accessdate=2008-05-18 ]

Career

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 Bank, and from 1991 to 1995, was the CEO of the bank's South Korean and Indonesian operations. [cite web|url=http://www.stlcommercemagazine.com/archives/february2003/cover.html |title=Setting the Gold Standard|accessdate=2008-05-18 ] 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. [cite web|url=http://www.shorebankcorp.com/bins/site/templates/child.asp?area_7=pages/titles/about_title.dat&area_2=pages/about/people&area_4=pages/nav/about/right_side#joe= |title=About Shorebank: Biographies: Joe Hasten|accessdate=2008-05-18 ]

horeBank

Mr. Hasten joined ShoreBank 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. [cite web|url=http://www.woodstockinst.org/for-the-press/woodstock-in-the-news/shorebank-to-the-rescue:--new-boss-rushing-to-save-thousands-from-foreclosure-(crain%27s)/ |title=SHOREBANK TO THE RESCUE: New boss rushing to save thousands from foreclosure (Crain's)|accessdate=2008-10-10 ] Named the Rescue Loan Program, [cite web|url=http://www.hud.gov/offices/cpd/about/conplan/foreclosure/shorebankloanprog.pdf|title=ShoreBank's Rescue Loan Program|accessdate=2008-10-10 ] 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. [cite web|url=http://www.bankdirector.com/issues/articles.pl?article_id=11951 |title=Banking with Heart|accessdate=2008-10-10 ] The program attracted national attention and was profiled on The News Hour with Jim Lehrer [cite web|url=http://www.pbs.org/newshour/bb/business/july-dec07/homeowners_10-24.html |title=Chicago Bank Takes Action Against Subprime Housing Crunch|accessdate=2008-10-10 ] and the Nightly Business Report [cite web|url=http://www.youtube.com/watch?v=SnFhvwHCThc |title=ShoreBank on Nightly Business Report|accessdate=2008-10-10 ] on PBS. And Fast Company and the Monitor Group awarded a 2007 Social Capitalist Award [cite web|url=http://vcr.csrwire.com/node/5161 |title=Shorebank is First For-Profit to Win a Fast Company Magazine and Monitor Group's Social Capitalist Award|accessdate=2008-10-10 ] and named ShoreBank one of 45 Social Entrepreneurs Who Are Changing the World in 2008. [cite web|url=http://www.fastcompany.com/social/2008/profiles/shorebank.html |title=Profit with Purpose: ShoreBank|accessdate=2008-10-10 ]

Education

Mr. Hasten received his B.A. 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. [cite web|url=http://www.stlcommercemagazine.com/archives/february2003/cover.html |title=Setting the Gold Standard|accessdate=2008-05-18 ]

External links

* [http://www.shorebankcorp.com/bins/site/templates/child.asp?area_7=pages/titles/about_title.dat&area_2=pages/about/people&area_4=pages/nav/about/right_side#joe About Shorebank: Joe Hasten Biography]
* [http://www.kellogg.northwestern.edu/kwo/spr08/features/hasten.htm Joe Hasten '78: Mission and competitive advantage can be one]

References