Urban Partnership Bank (UPB), an ethical bank out of Chicago, Illinois, seeks to reboot by raising $15 million in new equity.
The Bank already burned through more than $100 million in capital furnished by Wall Street banks in 2010 and is seeking to pursue a new investment strategy.
The strategy, revealed by those close to the Bank, is focused on small commercial real estate and business loans in Chicago and Detroit.
The investments “will be more focused on what we’ve proven we can do, which is commercial origination,” said UPB Chairman David Vitale.
Vitale is confident they will reach the fresh round of equity and expand into the future with their ethical banking model.
Read more at Crain’s.