Urban Partnership Bank Designated a Minority Depository Institution

Chicago, IL—(June 10, 2013)–William Farrow, President and CEO of Urban Partnership Bank, announced today Urban Partnership Bank has been added to the FDIC’s official list of Minority Depository Institutions (MDI).

“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,” Farrow said. “Deposits are the lifeblood of a community development bank, and this designation will help us attract additional resources that we can then reinvest in our communities. 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 MDI designation allows Urban Partnership Bank to receive technical assistance from the FDIC to help it tailor services to meet the needs of underserved communities and under-banked consumers. Currently, there are less than 200 MDI-certified institutions, among the more than 8,000 financial institutions in the country. Institutions from anywhere in the U.S. that deposit funds or invest in an MDI like Urban Partnership Bank will earn national CRA consideration, while also helping the bank build stronger, healthier communities. 

In addition to being a MDI, Urban Partnership Bank is a certified Community Development Financial Institution (CDFI), which also helps it access funds to provide capital for economic development. Urban Partnership Bank is one of roughly 20 financial institutions in the country that are certified as both an MDI and CDFI.

About Urban Partnership Bank:

 

Urban Partnership Bank, which was established in August 2010,  is an FDIC-insured, full-service community development bank and certified Community Development Financial Institution (CDFI) with $1.0 billion in assets. Its mission is to make a difference every day: building vibrant urban neighborhoods, promoting economic and environmental sustainability and creating long-term success for its communities and the bank.