Urban Partnership Bank Sells Suburban Branch
Crain's Chicago Business
Friday, March 21, 2014
Urban Partnership Bank is selling a branch in the Chicago suburb of Stone Park to Wintrust Financial Corp., the latest move in the bank's bid to scale back its sprawling enterprise. “Our strategy and the business have changed, and we're getting back to the fundamentals of serving Chicago's South and West sides,” an Urban Partnership spokesman said. Under the terms of the deal, Wintrust will take on the branch's deposits, but not its loans. The employees of the tiny branch, which holds less than $5 million in deposits, are also expected to transfer to Wintrust. The sale will leave UPB with nine branches.