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.