Midtown Detroit Community Celebrates Ongoing Revitalization With the Arrival of Low-cost, Responsible Banking Services

DETROIT, May 1, 2012 /PRNewswire/ -- The Midtown Detroit community celebrated today the arrival of an alternative to high-cost banking and a new source of economic opportunity at the grand opening of the new Urban Partnership Bank branch on the campus of Wayne State University at 4830 Cass Avenue.

Since acquiring the deposits and most of the assets of ShoreBank from the FDIC in August 2010, Urban Partnership Bank has been building a new branch system designed to provide Detroit's urban neighborhoods with convenient access to low cost, responsible financial services. 

"The new Urban Partnership Bank location is more than just a new bank branch, it's a new community resource for Midtown," said Mayor Dave Bing.  "It is part of our broader vision to help neighborhood residents build a stronger financial foundation as a catalyst for transforming Detroit," added Mayor Bing.

The new full-service branch in Detroit's Midtown neighborhood, the area bounded by Euclid Ave. to the north, M-10 to the west, and I-75 to the east and south, is a major component of Urban Partnership Bank's larger strategy to fuel economic opportunities that support small businesses, job growth, and nonprofit and faith-based organizations.  The new 3,000 square foot branch offers a full-range of financial services and replaces the location that was primarily a loan office at 14533 Mack Avenue.  In addition, the new branch is equipped with the latest technologies to deliver banking services more effectively and efficiently.

Urban Partnership Bank's goal is to reach more consumers in Detroit who are without access to affordable, reliable financial services. These include the growing number of students and young adults who are entering the workforce, customers of high-cost, payday lenders and currency exchanges, and under-banked and unbanked consumers who otherwise would turn to alternative high-cost financial service providers. 

The new Urban Partnership Bank branch is located on the first floor of The Union at Midtown, a new retail and student housing development situated along a heavily trafficked thoroughfare on Wayne State University's campus.  The revitalizing Midtown neighborhood is near some of Detroit's most valuable amenities: Tech Town, the Henry Ford Health System, and Detroit Medical Center.  New projects underway include a Whole Foods Market and Auburn LLC, a mixed-use development.

"There are real opportunities in Midtown for continuing its revival, and now with Urban Partnership Bank's support, I am confident we'll be even more successful in making this a place where more people will want to live and to work," said Sue Mosey, President, Midtown Inc. Development, at the grand opening celebration.

The new Detroit branch offers a wide array of transactional banking and Treasury Management services, as well as loans for small businesses and the acquisition and renovation of commercial and residential real estate.  In addition, it will be mobile-banking compatible and provide 24/7 access to bill-pay kiosks, bank by phone services, and ATMs.     

"Our new Detroit branch will provide access to the quality financial products our customers need to make a difference," said William Farrow, President and CEO, Urban Partnership Bank.  "We're excited to help them build better lives and stronger urban communities," added Farrow.  

For additional information about Urban Partnership Bank and its branch locations, please contact Customer Service at (313) 642.5200 or [email protected] and visit www.upbnk.com.    

Member of the FDICEqual Opportunity Lender 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.

SOURCE Urban Partnership Bank