Community banking: ShoreBank's new name and mission

February 7, 2011

Produced by Eight Forty-Eight

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(Flickr/ShoreBank)
Joel Freehling of ShoreBank with the owner of the Urban Green House, financed by ShoreBank.

Over a number of decades, ShoreBank gave many in the black community the opportunity to buy a home or start a business. So it was a big blow to many in and around Chicago’s South Shore neighborhood when the FDIC shut the bank down last August.

Some five months later, ShoreBank has new owners and a new name – Urban Partnership Bank. But is their mission the same? And how are they managing the troubled loans that helped lead to the closure of ShoreBank?

Eight Forty-Eight
spoke to William Farrow, President and CEO of Urban Partnership Bank to find out.