By James Sterngold
ShoreBank Corp., the unprofitable Chicago lender operating under a Federal Deposit Insurance Corp. cease-and-desist order for 13 months, will be shut by the agency and most of its assets will be bought by Urban Partnership Bank, two people with direct knowledge of the matter said.
Urban Partnership will keep ShoreBank branches in Chicago, Cleveland and Detroit, the people said. Its chief executive officer will be William Farrow, a former executive at the Chicago Board of Trade and Bank One Corp.