CHICAGO--(BUSINESS WIRE)--Urban Partnership Bank (UPB, www.upbnk.com) CEO William Farrow has announced his retirement, effective January 1, 2018.
“It has been my plan for some time now to retire at the end of 2017. It is time for a new chapter for Urban Partnership Bank. And with that, new leadership. This is a great opportunity for the Bank to establish the next steps forward. My goal when the Bank was formed was to help stabilize our communities, help property values rise in areas hit the hardest by the 2007 recession, create affordable housing, create jobs, save churches and safe havens by working through over $1 billion dollars of non-performing loans. It was also my strong belief that we could do all of this important work while running a profitable institution. The mission has been accomplished,” said Farrow.
“Bill Farrow has led Urban Partnership Bank with excellence since its inception in 2010,” says David Vitale, Urban Partnership Bank Board Chairman. “Bill embraced the challenge of building an institution committed to serving low to moderate income neighborhoods in Chicago and consistently kept the team focused on that vision. Bill and I go back over 30 years professionally and personally, and I want to sincerely thank him for his outstanding leadership. We wish him the best of luck in his future endeavors.”
Darrell Hubbard, currently Chief Banking Officer, will be promoted to President and CEO. Hubbard joined Urban Partnership Bank in 2011 and has served in a variety of leadership roles within the Bank. Prior to his tenure at UPB, Darrell spent 11 years with the National Equity Fund raising equity for funds to build affordable housing nationally. He also spent 18 years with First Chicago, last serving as a Managing Director for Fixed Income Securities. He has previously served on the boards of Roosevelt University, Ravenswood Community Services, St. Bernard Hospital, and the Urban Development Fund.
Farrow also added, “In order to continue the mission of the Bank, effective succession planning is critical. Over the last year, I very intentionally transitioned the day-to-day responsibilities of the Bank to Darrell with this goal in mind. This transition also allowed me to work closely with the Board on strategic initiatives and other important work with our regulators and investors to set the Bank up for future success. His leadership of the organization through the transition has provided the focus needed on our operations to set the organization up for the outstanding results we delivered. He is well positioned to lead the organization into its next phase.”
Hubbard says, “Since its inception, Urban Partnership Bank has deployed over $400MM in capital via commercial lending into low and moderate income neighborhoods in Chicago. I am excited to continue our work to ensure the creation of affordable housing and jobs within the neighborhoods. This organization’s future looks very bright, and I believe we have the team in place to ensure we continue to achieve our objectives while serving our customers with excellence.”
About Urban Partnership Bank
Urban Partnership Bank is an FDIC-insured, certified Community Development Financial Institution with approximately $500 million 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.
