February 16, 2009 (Chicago, IL) "“ The Chicago Community Trust, the region's community foundation, today announced the placement of $5 million in Certificates of Deposit (CD) with ShoreBank, the nation's first community development and environmental bank. ShoreBank is one of the few banks in the country that offers "socially responsible" accounts in which funds are earmarked for community redevelopment in Chicago's low-to moderate-income, urban neighborhoods.

"In light of the economic downturn, the Trust is taking steps to invest in Chicago's economic future," says Terry Mazany, president and chief executive officer of the Trust. "There is no easy or quick solution to this crisis, but the Trust's role is to respond to the needs of the Chicago community and to invest in solutions to the region's most pressing demand. We hope that other depositors will consider placing their investments in ShoreBank, a bank with a triple bottom line mission whose solution-oriented actions serve as a model for building strong, sustainable urban communities."

The $5 million investment with ShoreBank is the latest example of The Chicago Community Trust's increased commitment to activities in response to the mortgage lending and housing crisis that is negatively impacting the region's communities. ShoreBank provides individuals, nonprofits, foundations, and small businesses with the financing and information to develop secure homeownership, including responsible, affordable mortgages and sustainable development opportunities to help reduce energy costs and consumption.

"In times like these, organizations need to focus their strategies on improving the community," says Adela Cepeda, executive committee member and chair of the finance committee of the Trust. "Our community is a place of great wealth and a place of great need. We all need to evaluate our day to day practices and make choices that will stimulate positive change."

Last fall, ShoreBank was among the first financial institutions in the U.S. to offer a rescue loan for qualified homeowners trapped in a high-cost, subprime adjustable rate mortgage. The Rescue Loan Program enables distressed homeowners to obtain a new 30-year fixed-rate loan from ShoreBank that lowers monthly payments and builds equity at the same time it saves the home from foreclosure. In addition, the bank's innovative Home Energy Conservation Loan program encourages energy-saving home improvements and "green design" that can lower a property owner's monthly utility bills by 25 to 50 percent while combating global warming by reducing greenhouse gas emissions.

To support these and other economic opportunities, ShoreBank relies upon depositors such as The Trust and other foundations, as well as individuals and financial institutions, to deposit money for a FDIC-insured competitive rate of return. The bank then loans funds to borrowers that are earmarked for these programs and other economic development opportunities in Chicago’s low to moderate-income communities, and neighborhoods hardest hit by the economic crisis.

"The Chicago Community Trust's investment demonstrates what can be accomplished when capital is harnessed for a community benefit such as aiding homeowners vulnerable to the risk of foreclosure," said Deborah Kobak, ShoreBank Foundation Market Strategist. "The investment is a model which other foundations and institutions can replicate to provide resources that play a significant role stabilizing communities and reinvigorating peoples' lives," added Kobak.

The Trust was able to make a large placement with ShoreBank with the help of the Certificate Deposit Account Registration Service (CDARS), a service of the Promontory Interfinancial Network. Created in 2002 to help small banks compete more effectively with large money center institutions, CDARS offers clients up to $50 million in Federal Deposit Insurance Corporation coverage and disperses these deposits among several different banks. Small community banks, such as ShoreBank, join the CDARS network to pool their $250,000 FDIC coverage limits to attract larger depositors.

About The Chicago Community Trust:

For 93 years, The Chicago Community Trust, the region's community foundation, has connected the generosity of donors with community needs by making grants to organizations working to improve metropolitan Chicago. In 2008, the Trust, together with its donors, granted more than $100 million to not-for-profit organizations. From strengthening community schools to assisting local art programs, from building health centers to helping lives affected by violence, the Trust continues to enhance our region. To learn more, please visit the Trust online at www.cct.org.

About ShoreBank:

ShoreBank, a subsidiary of the ShoreBank Corporation is the nation's first and leading community development and environmental bank. With more than $2.3 billion in assets, ShoreBank serves: Chicago's South and Far West Sides; the northwest suburbs; the East Side of Detroit; and the Cleveland, OH community. Since its inception in 1973, ShoreBank has invested $3.5 billion for the purchase and renovation of more than 50,000 units of affordable housing and the creation of more than 10,000 new jobs for local residents. For additional information, visit www.sbk.com.

Urban Partnership Bank

Urban Partnership Bank

Urban Partnership Bank is an FDIC-insured, full-service, certified Community Development Financial Institution that was created in August 2010. The certification from the CDFI Fund acknowledges the Urban Partnership Bank mission of serving urban communities, building better lives, vibrant communities, and long term success.

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