ShoreBank fails; will be reincarnated as Urban Partnership Bank

Crain's Chicago Business reports:

ShoreBank, the South Side lender that carved out a national reputation by successfully lending in low-income urban neighborhoods for three decades, was seized by regulators Friday after an extraordinary rescue effort featuring the nation's largest financial firms fell short.

But all was not lost for the neighborhoods ShoreBank has served for more than three decades.

The new management of the bank, led by former First Chicago Corp. senior executive David Vitale, acquired $1.54 billion in deposits and most of ShoreBank's $2.14 billion in assets from the Federal Deposit Insurance Corp. and will reopen ShoreBank's branches in the Chicago area, Cleveland and Detroit Saturday morning as Urban Partnership Bank.

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