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 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.
Urban Partnership Bank is living up to their name by partnering with a broad coalition of organizations to develop the Southwest Corridor Collaborative, a local initiative to spur economic development in a historically disinvested community. This innovative public-private partnership is being greeted with much fanfare across the city of Chicago. As a local resident explains, "I think it's absolutely amazing anytime you have someone bringing money and subsequently jobs into a community. This is what's needed."