Urban Partnership Bank
Urban Partnership Bank is a CDFI-certified Minority Depository Institution (MDI) with a mission to build vibrant urban neighborhoods and promote economic and environmental sustainability for future generations in Chicago and Detroit. Founded in 2010, it has grown to encompass 7 different branches and over $500 million in assets. It is one of roughly 40 institutions in the US that are certified as both CDFIs and MDIs.
Urban Partnership Bank is a member of the Community Development Bankers Association (CDBA), the national trade association of community development banks whose membership includes nearly half of the CDFI-certified banking sector. CDBA educates policymakers, regulators, legislators, and the general public on the profound positive impact of community development banks across the nation. Visit www.cdbanks.org to learn more.
Urban Partnership Bank recently announced that they have reached an agreement to merge with Providence Bank & Trust, a $628 MM assets bank with 12 locations throughout the Chicagoland area and Northwest Indiana, pending regulatory approval. Urban Partnership Bank was originally founded in 2010 to take over the Shore Bank franchise.
Urban Partnership Bank in Chicago is considering selling itself. The $484 million-asset bank is seeking to determine possible interest from buyers. David Vitale, Urban Partnership's chairman, said that the bank, which has shrunk over the past seven years, would benefit from being part of a better capitalized entity. Urban Partnership, designated as a minority bank, was formed in 2010 to buy the failed ShoreBank. Vitale said that Urban Partnership could also stay independent, with a decision likely this spring.
Urban Partnership Bank, a CDBA member and CDFI Bank is tackling Chicago's epidemic of violence by investing in local communities using their innovative commercial lending, small business and affordable housing products. And for the first time in 6 years, they are making a profit doing so.