Urban Partnership Bank, the newly formed group that last week bought failed Chicago-based ShoreBank, has named five-people to its board of directors.
It includes three former First Chicago executives who had joined ShoreBank in recent months during its last-ditch and ultimately unsuccessful effort to raise capital so state and federal regulators wouldn’t seize it.
Those are David Vitale, who, as previously reported, will serve as chairman; William Farrow, who, as reported, will be president and chief executive officer; and Eileen Kennedy, another former First Chicago executive who had joined ShoreBank in recent months.
First Chicago was later folded into NBD and then Bank One, which later was bought by JPMorgan Chase.
Two other Urban Partnership board members are Daniel Lupiani, also a former senior vice president for First Chicago, and Jerome Szott, formerly of National Bank of Detroit.
Urban Partnership, which has about $1.5 billion in assets, was chartered with $ 137 million in capital.
Major investors include American Express Co., Citigroup Inc., GE Capital Equity Investments, JP Morgan Chase, Bank of America, State Farm, Northern Trust Corp., Harris Bankcorp, Morgan Stanley, PNC Investment Corp, US Bank, Wells Fargo, Goldman Sachs Group, Inc., MacArthur Foundation and Ford Foundation.
