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Urban Partnership Bank in Chicago has been designated a minority depositary institution by the Federal Deposit Insurance Corp.
June 11 -
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 announced Thursday it would open a branch in a Wal-Mart slated for Chicago's Pullman neighborhood.
The $1 billion-asset community development bank has spent the last few years opening "micro-branches" that seek to target poor and traditionally underbanked communities with more accessible offices. The scheduled opening date for the new branch has not been announced.
Pullman, named after railcar tycoon George Pullman, is among Chicago's most historic neighborhoods. It is attempting a revitalization after years of decline and crime.
"We're excited about this opportunity to participate in the revitalization of Chicago's historic Pullman and Roseland neighborhoods," William Farrow, president and chief executive of Urban Partnership, said in a press release. "This area has a remarkable past and a promising future, and we want to do our part to act as a catalyst for its continued rebirth."
Rebirth is something Urban Partnership should understand well. The bank was
It was capitalized with $140 million of money originally pooled by former Comptroller of the Currency Eugene Ludwig, who is now chief executive of Promontory Financial, with the intent to save ShoreBank. Its backers include American Express (AXP), Bank of America (BAC), Citigroup (NYSE:C), BMO Harris Bank, JPMorgan Chase (JPM), Wells Fargo (WFC), other financial services firms and major foundations.
Urban Partnership announced earlier this week that it