Urban Partnership Maintains Lending Amid ShoreBank Losses
Crain's Chicago Business
Saturday, February 21, 2015
Chicago-based Urban Partnership Bank has continued lending in underserved communities despite losses incurred from its ShoreBank loan portfolio. The bank committed more than $90 million in new loans in 2014, up 17 percent from $78 million in 2013. Urban Partnership was launched to continue Shorebank’s mission of lending in disadvantaged neighborhoods. But after 2014 ended with a $39 million net loss relating to the Shorebank portfolio, the bank's capital was reduced to just $67 million. “I do not expect to see a loss of that magnitude” in 2015, said Urban Partnership COO Robert Marjan. “At this point, we have not slowed down loan originations.”