Urban Partnership Bank opens Midtown branch
The Urban Partnership Bank held the grand opening of its Midtown branch this morning. The full-service, 3,000-square-foot branch anchors The Union at Midtown, a new multiuse development in the 4800 block of Cass Avenue.
The branch replaces what had been primarily a loan office on Mack Avenue in Detroit.
Coincidentally, the opening of a single branch in Detroit by a small Chicago bank comes on the same day as the grand opening of the Michigan headquarters of a much bigger bank.
From 5:45 to 7:45 p.m., Comerica Bank is scheduled to hold a ceremony at 411 W. Lafayette in downtown Detroit. Previously, the bank’s Michigan headquarters was in the nearby One Detroit Center.
The Chicago-based Urban Partnership Bank is a community development bank and successor to the failed ShoreBank, which was shut down by the Federal Deposit Insurance Corp. in August 2010.
ShoreBank had a single branch in Detroit and one branch in Cleveland.
What read as an all-star lineup of American finance — including American Express Co., Bank of America Corp., Citigroup Inc., Goldman Sachs Group Inc., JPMorgan Chase & Co., GE Capital Equity Investments Inc., Morgan Stanley, Northern Trust Corp. and Wells Fargo & Co. — provided capital to create the Urban Partnership Bank to continue ShoreBank’s mission of promoting redevelopment lending, lending for nonprofits and banking services in traditionally underserved urban centers.
The bank has $1.3 billion in assets.
“This has been a hard road. It has not been easy,” said William Farrow, president and CEO of Urban Partnership Bank, referring to the bank’s rebirth during a banking crisis.
“We did something here some people said would never happen: Open a new bank branch in Midtown. And we’re opening it to fulfill the mission of making a difference,” Farrow said. “We’re proud of our commitment to revitalizing Midtown and Detroit. Opening a branch here is living proof of what can be accomplished by local leadership driven by a shared commitment.”
Sue Mosey, president of Midtown Detroit Inc., said: “I want to say how excited I am that we have another lender in Midtown, and it’s also important that they are making a commitment as a Class A tenant in anchoring a large, new development,”
The Union at Midtown has retail and restaurants on the first floor shared with the bank, with student apartments on upper floors.
“Over the last 40 days, we’ve gone through a lot here in Detroit, particularly the challenge of trying to come to a consent agreement with the state,” said Deputy Mayor Kirk Lewis. “This is what all that work is about. I want to thank the Urban Partnership Bank for its vision.”
George Jackson, president and CEO of the Detroit Economic Growth Corp., said his organization would serve as a second lender on some of the bank’s commercial lending.
“We’re looking forward to partnering with the Urban Partnership Bank, and we’ve already started that by getting companies into their lending pipeline,” he said.