Chicago-(August 20, 2010)— Urban Partnership Bank’s purchase today of the core deposits and most of the assets of ShoreBank Corporation’s Midwest bank means that Chicago’s South and West Sides, and underserved communities in Cleveland and Detroit, will continue to have access to quality financial services.
“This is an important positive outcome for these communities,” said Mary Cahillane, Chairman of ShoreBank Corporation. “While our preference would have been to recapitalize and continue ShoreBank’s Midwest bank, we are delighted that the communities that bank served so well for so many years will have access to a dedicated, high quality, full service community bank, led by a highly qualified management team. We thank ShoreBank’s many loyal shareholders, employees, customers, and supporters for the work they have done over the past year to enable this outcome. We applaud Urban Partnership Bank’s decision to apply to become a certified Community Development Financial Institution.”
The operations of ShoreBank Pacific and ShoreBank International, subsidiaries of ShoreBank Corporation, as well as those of the non-profit organizations affiliated with ShoreBank, will continue without interruption.
ShoreBank Corporation has been a pioneer in community development finance, establishing the concept that commercial banks, non-profit loan funds, advisory services and fund management can come together as “Capital Plus” to bring high quality financial services to lower income and minority communities and individuals in the United States and around the world. Long before the current fashion for “green,” ShoreBank focused on the critically important relationship between environmental sustainability and financial health of communities, and financed businesses and individuals for energy efficiency and clean water retrofits, green building, waste reduction and other environmentally sustainable activities.
“ShoreBank’s legacy lives on in the work of ShoreBank’s subsidiaries and affiliated entities and in the broader community development finance field,” said George Surgeon, CEO of ShoreBank Corporation.
For further information about Urban Partnership Bank, contact Brian Berg at Brian_Berg@sbk.com or 773-420-4664. For further information about ShoreBank Corporation, contact Lorie Bonham at lorie_bonham@sasbk.com or 312-881-5807.