Thursday, February 15, 2018 || By Local News Curator || @maywoodnews
Featured image: Urban Partnership Bank in Bellwood. | Urban Partnership Bank
Crain’s Chicago Business reported on Thursday that Urban Partnership Bank, which was established after ShoreBank failed in 2010, “is seeking a buyer.” The bank has a branch located at 4310 St. Charles Rd., in Bellwood.
The bank, Crain’s reports, “has hired investment bank Sandler O’Neill & Partners to gauge interest as the bank determines whether it should remain a small, independent bank or join forces with a larger player, Chairman David Vitale said in an interview.”
Last year, the bank posted profits for the first time since its creation, earning $7.4 million, Crain’s notes, “but that was only after booking $10.6 million held in loan-loss reserves as the quality of the bank’s loan portfolio has improved.”
The bank, Vitale told Crain’s, “kept a lot of people in their homes. We kept a lot of businesses open, we kept a lot of churches open.” The publication added that UPB was able to form a profitable commercial lending operation.
Vitale reassured the bank’s clients that it is profitable and that it will continue serving its communities “well.”
Read the full Crain’s report here. VFP
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