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David Vitale, chairman of Urban Partnership Bank and a former First National Bank executive, aided Loop in drawing its first line of credit in the mid-1990s because Mr. Reynolds had impressed him as a hardworking, aggressive young salesman.
Urban Partnership Bank is a U.S. Federal Deposit Insurance Corporation-insured, full-service community development bank in the United States with $1.4 billion in assets.It was established August 20, 2010, when it acquired the deposits and some of the assets of ShoreBank from the FDIC, and is headquartered in Chicago, Illinois.
ShoreBank was a community development bank founded and headquartered in Chicago.
ShoreBank corporation was the first bank holding company to combine commercial banking, real estate development, nonprofit loan funds, and international advisory services aimed at community development. Originally developed as a neighborhood development bank for low-income African-American communities, ShoreBank eventually expanded nationally and internationally.
On August 20, 2010, the bank was declared insolvent, closed by regulators and most its assets were acquired by Urban Partnership Bank.
In 2010k Shore Bank had a troubled asset ratio of 300% compared to a national average for all banks of 15%. The scandal revolves around the banks close ties to President Obama and the unusual circumstances surrounding its rescue effort. In which the bank was recapitalized through loss-share guarantees from the FDIC and a $367.7 million loss taken by the FDIC insurance fund, and nearly $140 million was invested by Goldman Sachs, Citigroup, JP Morgan Chase, Morgan Stanley and Bank of America in the failing bank, there were no other cases in which large banks have lined up to recapitalize a failing bank.  The bank faced continued scandal due to the highly unusual nature of the FDIC lawsuit against the bank in which no co-founders, top executives or board members were named. The management team of the former ShoreBank was then allowed by the FDIC to remain in place and maintain ownership of ShoreBank by allowing them to purchase ShoreBank through the newly chartered Urban Partnership Bank. Although ShoreBank’s President William Farrow was brought on after regulators ordered ShoreBank to raise additional capital, it is not standard practice for the FDIC to resell a bank to the managers who ran the failed bank.
Some of the more recent management hirees of ShoreBank, in an unprecedented move by the FDIC, have been allowed to continue to run the restructured bank, now a part of Urban Partnership Bank
originally posted by:
]Q !ITPb.qbhqo 12/10/17 (Sun) 23:29:56 be6798 No.70055
Blunt & Direct Time.
Adam Schiff is a traitor to our country.
Hope the $7.8mm was worth it.
Enjoy the show.
“All I see of these Democrats, like Adam Schiff — it’s all he does, he’ll have a meeting, and then he’ll leave, and he’ll call up the meeting, and then I’ll have a meeting and then he’ll leave. He left meetings where people are being interviewed, and then all of a sudden they say a story about what’s going on inside the meetings,” Trump said. “It’s probably illegal, what he’s doing.”