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ShoreBank, the country's first community development bank, failed Friday night after months of struggling to find a way to stay afloat. However, it will continue in a different form.
August 22 -
Urban Partnership Bank, a Chicago bank formed to buy ShoreBank's deposits and assets from the Federal Deposit Insurance Corp. in 2010, has agreed to buy a large branch in Chicago's South Side from Northern Trust (NTRS).
August 2
Urban Partnership Bank in Chicago has been designated a minority depositary institution (MDI) by the Federal Deposit Insurance Corp.
The $1 billion-asset bank said the designation will allow it to receive technical assistance from the FDIC. Urban Partnership said it is one of 200 MDI-certified banks in the country and one of 20 that has been designated as an MDI and a Community Development Financial Institution.
"Being a MDI gives Urban Partnership Bank the ability to forge new partnerships and do even more to catalyze opportunities that will transform our underserved urban neighborhoods," William Farrow, the bank's president and chief executive, said in a press release. "Our goal is to help businesses grow and create new jobs, strengthen nonprofits, and develop quality, affordable housing - all the things that are essential to the well-being of the neighborhoods we serve."
The technical assistance the FDIC offers MDIs includes advice on subjects like risk management and accounting, training and educational programs and assistance with bank exams. An institution can be designated an MDI if it is minority owned or if more than half its board is made up of minorities.
Urban Partnership was
