Maintaining confidentiality and managing community concerns during a sensitive acquisition
Established in 2010, Urban Partnership Bank is a Federal Deposit Insurance Corporation (FDIC)-insured, full-service community bank with locations in the Chicago metro area, along with one branch located in Detroit, Michigan.
Urban Partnership Bank formed when ShoreBank, another Chicago-based community bank predominately serving Chicago’s South Side, went out of business. At ShoreBank’s dissolution, Urban Partnership Bank formed to acquire its deposits and much of its leadership — and took over the earlier institution’s place as one of the most prominent, well-known, and community-focused financial institutions on the city’s South Side, a section of the city known for its varied ethnic composition, income disparity, and high levels of crime.
Years later, Urban Partnership Bank was looking at another acquisition – this time as the institution being acquired. Urban Partnership Bank was being acquired by Providence Bank & Trust, which was based in the Chicago suburbs and relatively unknown in the city. Given the sensitive nature of the acquisition, Urban Partnership Bank and Providence Bank & Trust needed to prepare an announcement and transition roll-out plan that prepared for a scenario in which the announcement would be met with contention, particularly given the cultural and community impact. With an increasingly politicized environment in Chicago driven by racial tension and economic inequality, Providence Bank & Trust needed to implement a comprehensive issues management and communications plan that would ensure a smooth transition.