Crain’s Chicago Business | Urban Partnership Bank, the successor to the failed South Shore Bank, plans to open a branch in the Loop this summer. It has leased space at 55 E. Jackson Blvd. for the branch.
Urban Partnership Bank
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FDIC: Attempt to save ShoreBank appropriate
During an attempt to rescue South Side lender ShoreBank last year, Federal Deposit Insurance Corp. Chairman Sheila Bair called Wall Street banks soliciting investments in the bank, but a new report by the FDIC’s inspector general concluded the intervention wasn’t inappropriate. The report, released Thursday, also disclosed that the estimated loss to the FDIC’s insurance fund from ShoreBank’s failure has grown substantially since its August failure, standing at $452 million. Get the full story>>
Urban Partnership moving Bellwood branch
Chicago-based Urban Partnership Bank, the successor to failed ShoreBank, is closing its Bellwood branch at 219 Mannheim Road in May, and opening a new one in the neighborhood this fall at 4310 St. Charles Road. Get the full story »
ShoreBank successor closing 3 branches
Crain’s Chicago Business | Urban Partnership Bank, the successor to ShoreBank, plans to close branches in the Austin neighborhood, Bellwood and Detroit by mid-May. It intends to open new facilities in those locations at some point.
Execs position former ShoreBank for growth
William Farrow, 55, remembers trying to scrape together enough money to attend graduate school.
A product of Chicago’s Englewood neighborhood, Farrow had graduated from Augustana College in Rock Island in 1977, but got nowhere in obtaining a student loan from a couple of banks. But when he visited a branch of Northern Trust Corp., the Chicago-based bank lent him $1,500. The son of two teachers was on his way to a master’s in management from Northwestern University in 1979. Get the full story »
Urban Partnership Bank makes real estate hire
Urban Partnership Bank, the successor to failed ShoreBank, said Levoi Brown, 33, formerly an asset management director with General Electric Real Estate, has joined the South Side bank as the new director of commercial real estate.
Brown will be responsible for Urban’s commercial and multi-family real estate portfolio in Chicago, Cleveland, and Detroit. He reports to Urban Chief Executive William Farrow. Get the full story »
ShoreBank successor to close two Chicago branches
Urban Partnership Bank, the successor to failed ShoreBank, is telling customers that on March 17 it will close its branches at 4659 S. Cottage Grove in the Kenwood neighborhood of Chicago and at 3401 S. King Drive in the Bronzeville area of the city.
“With current market conditions making expansion less expensive and real estate more available, we have decided to explore new retail branch locations to better serve our customers,” Urban Partnership said in a letter to customers obtained by the Chicago Tribune.
Urban Partnership said in the letter that it’s “actively seeking new locations” in Chicago and in Cleveland, where it is also closing a branch, “that will be accessible with the latest technologies” and more convenient. Get the full story »
Former ShoreBank still on First Chicago kick
Crain’s Chicago Business | More former First Chicago employees are taking management positions ato run ShoreBank’s successor, the Urban Partnership Bank. Peggy Myles and Kristine Rull are among the latest to rejoin Chairman David Vitale at Urban Partnership.
Sep. 2, 2010 at 11:22 a.m.
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Filed under: Bank failures, Banking, Consumer news, Investing ShoreBank successor boosts online savings rates
Urban Partnership Bank, the successor to the recently failed ShoreBank, has already boosted the interest rates on a couple of savings accounts for its online ShoreBank Direct.
The ShoreBank Direct Online Savings Account now pays a 1.25 percent annual percentage rate with a $100,000 minimum balance, up from 1.19 percent. It also pays 1.2 percent for balances of less than $100,000, up from 1.03 percent.
The rate hikes were first reported by www.depositaccounts.com, a tracker of bank account trends. Get the full story »
ShoreBank’s buyer lays off 60 employees
An exterior view of ShoreBank at 3401 S. King Drive on the South Side, May 18, 2010. (Chris Walker/Chicago Tribune)
The company that bought ShoreBank has cut about 60 of the more than 300 positions at the recently failed South Side lender.
Urban Partnership Bank, the newly formed group that on Aug. 20 acquired ShoreBank through a deal brokered by the Federal Deposit Insurance Corp., said the job cuts were “a difficult decision.”
But “a smaller workforce is needed going forward in order for Urban Partnership Bank to continue the mission and to be a strong, sustainable player in our communities,” said Brian Berg, spokesman for Urban Partnership Bank. Get the full story »
Urban Partnership Bank names board
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. Get the full story »
ShoreBank shut down by FDIC
An exterior view of ShoreBank at 3401 S. King Drive on the South Side, May 18, 2010. (Chris Walker/Chicago Tribune)
ShoreBank, which billed itself as the nation’s first and leading community development and environmental lender, failed Friday and was acquired by a consortium of big banks, insurers, philanthropic groups and civic-minded individuals.
ShoreBank is the 15th Illinois lender to fail this year, and the 114th to be seized by regulators nationally.
Its failure is expected to cost the Federal Deposit Insurance Corp. $367.7 million. The FDIC is funded by the banking industry. Get the full story »
