Monday, September 6, 2010

The progressive Urban Partnership Bank... say who??

A few pages down I posted a long post on Shore Bank and its storied associations with the same old players.

Now Shore Bank has folded and we find that a "new" group of investors have rushed froward. The name? "Urban Partnership."

David Vitale, a former First Chicago Corp. senior executive, helped line up a group of investors that immediately bought $1.54 billion of ShoreBank's deposits, most of its $2.14 billion in assets and 15 branches from the FDIC. Other investors in Urban Partnership Bank include Goldman Sachs Group Inc., J. P. Morgan Chase & Co., Bank of America Corp., American Express Co., Harris N.A., State Farm Insurance Cos., Wells Fargo & Co., the Ford Foundation and the John D. and Catherine T. MacArthur Foundation.
Mr. Vitale is now chairman of Urban Partnership Bank, which aims to continue ShoreBank's mission of three decades: lending to low-income urban neighborhoods.

A number of investors, including those who are currently backing Urban Partnership Bank, tried to bail out ShoreBank earlier this year. The move was heavily criticized by some politicians who claimed that President Barack Obama's ties to the Hyde Park-based ShoreBank encouraged Wall Street lenders to help bail it out.

Move along folks, nothing to see here. Move along, please.

And the check's in the mail, the Beamer's paid for, I will respect you in the morning.... and I'm from the Government and I'm here to help you.!

Hat tip to reader tacon1
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