Feds Seize ShoreBank- Branches will reopen as Urban Partnership Bank

[truthisfreedom]

Source: NBC

On Friday, ShoreBank, the South Side bank known for its community lending, was seized by the Feds. Its assets were turned over to its management team and will be reopened as Urban Partnership Bank, the Sun-Times is reporting.

Urban Partnership Bank "has indicated that they will maintain ShoreBank's focus of providing loan and deposit products and services to individuals and small- to mid-sized businesses, with a special emphasis on the underserved" neighborhoods, according to a fact sheet issued by the FDIC, according to the paper.

Most of ShoreBank's $2.14 billion in assets was acquired.

ShoreBank's 15 branches will reopen Saturday morning as branches of Urban Partnership Bank and will get a new board of directors. ATM debit cards and checks can be used as usual.







Read more: http://www.nbcchicago.com/news/Feds-Seize-ShoreBank-101219834.html

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Sorry I'm posting this a bit late but I didn't see it listed anywhere here before. More Friday night bank closures!

[kirby]

1. Already been posted...

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x8988444

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x8985110

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x8985886

I guess the reopening as Urban Partnership part is new.

[BumRushDaShow]

2. There's almost always a weekly Friday bank closing post in LBN

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x4512205">http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x4512205