Update: Urban Partnership Acquired Northern Trust South Side Branch

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Northern Trust

Web Editor’s Apologies: The “What Will Happen to the Independence Bank Building?” article was posted without fact-checking, which resulted in the removal of the article. I want to thank Brian J. Berg from Urban Partnership Bank for bringing this to my attention.

The article stated, “This past week, the clock tower at 7801 S. State Street went through a renovation. The Northern Trust name came down and the Urban Partership Bank name went up. The question is: What will happen to the Independence Bank building?”

Following is the news release Mr. Berg sent to clarify the status of the building at 7801 S. State Street. Also, you may contact Mr. Berg directly for more information.

Urban Partnership Bank Acquires Chicago South Side Office from Northern Trust

CHICAGO, August 1, 2012 – Urban Partnership Bank today announced it will acquire Northern Trust’s full-service office on Chicago’s South Side. The office, 7801 S. State St., will be the tenth Urban Partnership Bank branch in Chicago and will expand the bank’s delivery of affordable, responsible financial services to Chatham, Auburn-Gresham, Greater Grand Crossing and other South Side communities.

Northern Trust (Nasdaq: NTRS) is an investor in Urban Partnership Bank, and the pending agreement is designed to help both institutions better serve these communities.

The transaction is expected to receive approval by the regulators by the end of 2012. The new Urban Partnership Bank location will offer customers convenient access to a full range of banking services and credit products to help them build financial security. It will feature the latest technologies – including 24/7 ATMs that allow image-taking deposits – and will be open for business on Saturdays.

“Northern Trust is proud to work with Urban Partnership Bank and to broaden our joint efforts to support community development,” Northern Trust Chairman and Chief Executive Officer Frederick H. Waddell said. “Together, we will have an ongoing role in fostering economic development for residents and businesses on Chicago’s South Side.”

“We are pleased that Northern Trust is helping us to extend our reach and impact in Chicago,” said William Farrow, President and CEO of Urban Partnership Bank. “This transaction reflects our commitment to our customers and communities and will help us fulfill our mission. We look forward to providing access to the financial services necessary to grow small businesses, renovate and acquire properties and strengthen nonprofits.”

Add1/7801 S. State

In the last six months, Urban Partnership Bank opened new full-service branches in Bronzeville, the Loop, Austin, and Bellwood neighborhoods. It also serves urban communities in Cleveland, and Detroit, where a new location opened in May.

About Urban Partnership Bank:

Urban Partnership Bank is an FDIC-insured, full-service community development bank with $1.3 billion in assets that was established when it acquired the deposits and some of the assets of ShoreBank from the FDIC in August of 2010. Its mission is to make a difference every day: building vibrant urban neighborhoods, promoting economic and environmental sustainability and creating long-term success for its communities and the bank.

Urban Partnership Bank works together with individuals, small businesses, nonprofits, foundations, and faith-based organizations in underserved and distressed urban communities in Chicago, Cleveland, and Detroit to deliver quality financial services that often cannot be obtained elsewhere. It strives to catalyze economic and environmentally sustainable opportunities that build better lives and vibrant neighborhoods, while creating long-term success.

For additional information about Urban Partnership Bank, call 773-420-5050 or http://www.upbnk.com.
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