Urban Partnership Bank launches 2016 Capital Raise

CHICAGO, ILLINOIS – Urban Partnership Bank (UPB, www.upbnk.com) announced today the launch of its 2016 capital raise. The Bank, which was formed in August 2010 to acquire from the FDIC approximately $1.3 billion in assets of the failed ShoreBank, is seeking to augment its equity capital base in order to continue its lending in low- and moderate- income inner city minority neighborhoods in Chicago and Detroit.

Since the Bank’s formation, it has:

  • created over 4,800 jobs
  • funded or committed to fund almost $300 million in loans, with the majority in low- and moderate- income inner city minority neighborhoods
  • financed 3,350 housing units, 84% of which are in low- and moderate- income neighborhoods
  • restructured 70 faith-based loans and provided 10 discounted faith-based settlements, helping dozens of churches keep their buildings and 20,000 parishioners keep their churches

“Resolving the acquired ShoreBank portfolio has been more expensive and time-consuming than expected due to, among other things, its condition and complexity. This capital raise will allow us to continue lending in the Bank’s underserved inner city neighborhoods and restore the Bank’s capital to the levels expected by the regulators when the Bank was formed,” said President and Chief Executive Officer William Farrow.

Sandler O’Neill Partners is acting as the Bank’s exclusive financial advisor in the capital raising effort.

About Urban Partnership Bank

Urban Partnership Bank is an FDIC-insured, certified Community Development Financial Institution with approximately $650 million in assets that was established when it acquired the deposits and some of the assets of ShoreBank from the FDIC in August of 2010.  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.  

For more information contact our Media Relations department by emailing us at mediarelations@upbnk,com or leave a message for us at 773.420.4664.*

*Do not send personal or account information unsecured via email. Go to Urban Partnership Bank’s Secure Email portal in Online Banking for more information.

 

 

Our goal is to provide the responsible financial products our customers and the under-banked need to create jobs, promote small businesses, support nonprofits and other opportunities that build better lives and vibrant neighborhoods.

- William Farrow
Former President and CEO, Urban Partnership Bank