Joseph E. Hasten
Joseph E. Hasten | |
|---|---|
| Born | Template:Birth date |
| Died | November 1, 2011 (aged 59) |
| Occupation | Banking executive |
| Years active | 1975–2011 |
| Known for | President and CEO of ShoreBank |
Joseph E. Hasten (February 25, 1952 – November 1, 2011) served as President and CEO of ShoreBank, recognized as the first and foremost community development and environmental financial institution in the United States, established in 1973 in Chicago, Illinois. In 2008, ShoreBank was honored by Fast Company as one of the 45 Social Entrepreneurs Transforming the World. Hasten directed ShoreBank's initiatives in socially responsible investing within economically disadvantaged urban areas including Chicago, Illinois; Cleveland, Ohio; and Detroit, Michigan. Prior to this role, he held the position of vice-chairman at U.S. Bancorp.
ShoreBank
In May 2007, Hasten assumed the role of CEO at ShoreBank. Soon after his appointment, he introduced the Rescue Loan Program aimed at refinancing the mortgages of nearly 10,000 homeowners on Chicago’s South Side who faced foreclosure threats. This program was designed to counteract the subprime mortgage crisis by allowing affected homeowners to convert predatory loans into fixed-rate mortgages with manageable payment terms. The initiative attracted widespread national media coverage, including features on The News Hour with Jim Lehrer and PBS's Nightly Business Report. During Hasten’s tenure, ShoreBank earned the 2007 Social Capitalist Award from Fast Company and the Monitor Group, recognizing its pioneering approach to combining business success with social impact. George Surgeon succeeded Hasten as CEO in November 2009.
Prior to ShoreBank
Hasten began his professional banking journey in 1975 at the former American National Bank. Between 1984 and 1991, he managed Standard Chartered Bank’s operations in the U.S. Midwest before advancing to lead its divisions in South Korea and Indonesia until 1995. That year, he joined Mercantile Bancorporation as president of its principal St. Louis bank and head of corporate banking across the organization. Following Mercantile’s acquisition by Firstar Corporation, Hasten was appointed vice chairman responsible for wholesale banking in 1999. After Firstar merged with U.S. Bank in 2001, he continued as vice chairman overseeing corporate banking functions until August 2005.
Education
Hasten completed a B.A. degree at Fairfield University in 1974 and earned an M.B.A. from the Kellogg School of Management at Northwestern University in 1978.
Death
On November 1, 2011, Hasten died due to pancreatic cancer. In tribute to his legacy, his family founded the JEH Foundation for Pancreatic Cancer Research.