|
Urban Partnership Bank
Urban Partnership Bank was a Federal Deposit Insurance Corporation, full-service community development bank in the United States with $1.4 billion in assets. It was established on August 20, 2010 when it acquired the deposits and some of the assets of ShoreBank from the FDIC. It was headquartered in Chicago, Illinois. After chronic losses, it was acquired on Jan 30, 2019 by Providence Bank & Trust. The bank's stated mission was to build vibrant urban neighborhoods, promote economic and environmental sustainability in distressed and underserved areas of Chicago, Cleveland, and Detroit. Its customers ranged from individuals to small businesses, nonprofits, foundations, and faith-based organizations. The bank placed a special emphasis on serving underbanked populations. Origin Urban Partnership Bank was founded in 2011 by the former management of the failed, but politically connected, ShoreBank after the FDIC took the unusual step of permitting the current management team to remain ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chicago, IL
Chicago is the List of municipalities in Illinois, most populous city in the U.S. state of Illinois and in the Midwestern United States. With a population of 2,746,388, as of the 2020 United States census, 2020 census, it is the List of United States cities by population, third-most populous city in the United States after New York City and Los Angeles. As the county seat, seat of Cook County, Illinois, Cook County, the List of the most populous counties in the United States, second-most populous county in the U.S., Chicago is the center of the Chicago metropolitan area, often colloquially called "Chicagoland" and home to 9.6 million residents. Located on the shore of Lake Michigan, Chicago was incorporated as a city in 1837 near a Chicago Portage, portage between the Great Lakes and the Mississippi River, Mississippi River watershed. It grew rapidly in the mid-19th century. In 1871, the Great Chicago Fire destroyed several square miles and left more than 100,000 homeless, but ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Community Development Financial Institution
A community development financial institution (US) or community development finance institution (UK) - abbreviated in both cases to CDFI - is a financial institution that provides credit and financial services to underserved markets and populations, primarily in the USA but also in the UK. A CDFI may be a community development bank, a community development credit union (CDCU), a community development loan fund (CDLF), a community development venture capital fund (CDVC), a microenterprise development loan fund, or a community development corporation. CDFIs are certified by the Community Development Financial Institutions Fund (CDFI Fund) at the U.S. Department of the Treasury, which provides funds to CDFIs through a variety of programs. The CDFI Fund and the legal concept of CDFIs were established by the ''Riegle Community Development and Regulatory Improvement Act of 1994.'' Broadly speaking, a CDFI is defined as a financial institution that: has a primary mission of community d ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Community Development Financial Institutions
A community is a social unit (a group of people) with a shared socially-significant characteristic, such as place, set of norms, culture, religion, values, customs, or identity. Communities may share a sense of place situated in a given geographical area (e.g. a country, village, town, or neighborhood) or in virtual space through communication platforms. Durable good relations that extend beyond immediate genealogical ties also define a sense of community, important to people's identity, practice, and roles in social institutions such as family, home, work, government, TV network, society, or humanity at large. Although communities are usually small relative to personal social ties, "community" may also refer to large-group affiliations such as national communities, international communities, and virtual communities. In terms of sociological categories, a community can seem like a sub-set of a social collectivity. In developmental views, a community can emerge out of a colle ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Companies Based In Chicago
A company, abbreviated as co., is a legal entity representing an association of legal people, whether natural, juridical or a mixture of both, with a specific objective. Company members share a common purpose and unite to achieve specific, declared goals. Over time, companies have evolved to have the following features: "separate legal personality, limited liability, transferable shares, investor ownership, and a managerial hierarchy". The company, as an entity, was created by the state which granted the privilege of incorporation. Companies take various forms, such as: * voluntary associations, which may include nonprofit organizations * business entities, whose aim is to generate sales, revenue, and profit * financial entities and banks * programs or educational institutions A company can be created as a legal person so that the company itself has limited liability as members perform or fail to discharge their duties according to the publicly declared incorporatio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Banks Established In 2010
A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. As banks play an important role in financial stability and the economy of a country, most jurisdictions exercise a high degree of regulation over banks. Most countries have institutionalized a system known as fractional-reserve banking, under which banks hold liquid assets equal to only a portion of their current liabilities. In addition to other regulations intended to ensure liquidity, banks are generally subject to minimum capital requirements based on an international set of capital standards, the Basel Accords. Banking in its modern sense evolved in the fourteenth century in the prosperous cities of Renaissance Italy but, in many ways, functioned as a continuation of ideas and concepts of credit and lending that had their roots in the ancie ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chicago Sun Times
The ''Chicago Sun-Times'' is a daily nonprofit newspaper published in Chicago, Illinois, United States. Since 2022, it is the flagship paper of Chicago Public Media, and has long held the second largest circulation among Chicago newspapers, after the ''Chicago Tribune''. The ''Sun-Times'' resulted from the 1948 merger of the Marshall Field III owned ''Chicago Sun'' and the '' Chicago Daily Times'' newspapers. Journalists at the paper have received eight Pulitzer Prizes, mostly in the 1970s; one recipient was the first film critic to receive the prize, Roger Ebert (1975), who worked at the paper from 1967 until his death in 2013. Long owned by the Marshall Field family, since the 1980s ownership of the paper has changed hands several times, including twice in the late 2010s. History The ''Chicago Sun-Times'' has claimed to be the oldest continuously published daily newspaper in the city. That claim is based on the 1844 founding of the '' Chicago Daily Journal'', which w ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
South Holland, Illinois
South Holland is a village and south suburb of Chicago in Cook County, Illinois, United States, within Thornton Township. The population was 21,465 at the 2020 census. It is named after the Dutch province of South Holland. History The area currently occupied by South Holland, Illinois, was first settled in 1846 by immigrants from South Holland, Netherlands. When the community formally incorporated as a village in 1894, its population was about 1,000. Originally a general farming community, it later specialized in vegetable growing, especially onion sets. By the 1940s South Holland was known as the "Onion Set Capital of the World". The town was built on low ground near the Calumet River and was originally called ''de Laage Prairie'' (Low Prairie) to differentiate it from another Dutch settlement further north on higher ground and called ''de Hooge Prairie'' (now the Roseland neighborhood of Chicago). In October 2007, Forbes.com declared South Holland to be the "Most Livabl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Community Reinvestment Act
The Community Reinvestment Act (CRA, P.L. 95-128, 91 Stat. 1147, title VIII of the Housing and Community Development Act of 1977, ''et seq.'') is a United States federal law designed to encourage commercial banks and savings associations to help meet the needs of borrowers in all segments of their communities, including low- and moderate-income neighborhoods.Text of Housing and Community Development Act of 1977 — Title VIII (Community Reinvestment) Congress passed the Act in 1977 to reduce discriminatory credit practices against low-income neighborhoods, a practice known as |
Write Down
A write-off is a reduction of the recognized value of something. In accounting, this is a recognition of the reduced or zero value of an asset. In income tax statements, this is a reduction of taxable income, as a recognition of certain expenses required to produce the income. Income tax In income tax calculation, a write-off is the itemized deduction of an item's value from a person's taxable income. Thus, if a person in the United States has a taxable income of $50,000 per year, a $100 telephone for business use would lower the taxable income to $49,900. If that person is in a 25% tax bracket, the tax due would be lowered by $25. Thus the net cost of the telephone is $75 instead of $100. In order for American business owners to write off business expenses, the Internal Revenue Service states that purchases must be both ordinary and necessary. This means that deductible items must be usual and required for the business owner's field of work. For example, a telemarketer may deduc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Federal Deposit Insurance Corporation
The Federal Deposit Insurance Corporation (FDIC) is a State-owned enterprises of the United States, United States government corporation supplying deposit insurance to depositors in American commercial banks and savings banks. The FDIC was created by the Banking Act of 1933, enacted during the Great Depression to restore trust in the American banking system. More than one-third of banks failed in the years before the FDIC's creation, and bank runs were common. The insurance limit was initially US$2,500 per ownership category, and this has been increased several times over the years. Since the enactment of the Dodd–Frank Wall Street Reform and Consumer Protection Act in 2010, the FDIC insures deposits in member banks up to $250,000 per ownership category. FDIC insurance is backed by the full faith and credit of the government of the United States, and according to the FDIC, "since its start in 1933 no depositor has ever lost a penny of FDIC-insured funds". Deposits placed wit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Underbanked
The underbanked is a characteristic describing people or organizations who do not (or volunteer to not) have sufficient access to mainstream financial services and products typically offered by retail banks and thus often deprived of banking services such as credit cards or loans. The underbanked can be characterized by a strong reliance on non-traditional forms of finance and micro-finance often associated with disadvantaged and the poor, such as cheque cashers, loan sharks and pawnbrokers. Many people who are classified as underbanked may also have a language barrier, such as migrant workers, be unable to access banking facilities due to distance, such as the elderly, or simply feel uncomfortable using automated teller machines. The underbanked are a distinct group from the ''unbanked'', who are characterized by having no banking facilities at all. Distribution Small countries have fewer banking provisions than large countries, even allowing for the smaller size of their ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
