I am writing to thank you for your loyalty to ShoreBank, your continued business and your commitment to community development. ShoreBank was fortunate to have the enthusiastic support of the SVN community for 37 years. On Friday, Urban Partnership Bank acquired from the FDIC substantially all of the assets, deposits and certain liabilities of ShoreBank. This transaction will ensure a continued focus on the availability of financial services for low and moderate income communities in on the South and West sides of Chicago , in Cleveland , Ohio and in Detroit , Michigan . No customer lost deposits in this transaction. All banking business continues as usual and all relationship managers remain the same.
David Vitale will serve as Chairman of Urban Partnership Bank. Bill Farrow will serve as President and Chief Executive Officer. The new bank was capitalized by financial institutions, philanthropic organizations and socially responsible individuals from Chicago and nationally. Urban Partnership Bank enters the market as “well-capitalized” with a Tier 1 leverage ratio of at least 8%, and has sufficient capital to meet pre-opening expenses, projected growth and overall capital needs.
“Urban Partnership Bank will provide access to financial services and support to distressed neighborhoods in order to help transform distressed neighborhoods into strong, stable communities,” said David Vitale. “The private investment in this new financial institution demonstrates commitment to restoring the economic vitality of our communities,” added Vitale.
Vitale announced that Urban Partnership Bank will apply to become a Community Development Financial Institution (CDFI), reflecting its mission to serve low and moderate income and minority communities. The new bank will also continue to support energy efficiency and environmentally-friendly development.
As Urban Partnership Bank moves forward during these challenging economic times, continued support from the SVN community will be critical to its success. Thank you, thank you, thank you for standing by us. We look forward to working together in the months and years to come.
Jean Pogge, Clare Golla and Debbie Kobak
Urban Partnership Bank (formerly known as ShoreBank)