NEWS ON SHOREBANK

August 20, 2010

As you may know, on Friday, August 20, Urban Partnership Bank, led by David Vitale, purchased all of the loans and most of the other assets of ShoreBank’s Midwest bank from the FDIC out of receivership. Urban Partnership Bank, an FDIC-insured, Illinois-chartered bank, will continue ShoreBank’s operations. This means that quality, financial services will continue in the neighborhoods ShoreBank has served in Chicago, Cleveland and Detroit—a very positive outcome.

To avoid confusion we registered to do business as (dba) Enterprise Cleveland. Enterprise Cleveland is an autonomous non-profit corporation and is not impacted by these developments. Given the circumstances occurring at ShoreBank, Enterprise Cleveland (EC) wanted to take this opportunity to emphasize to its tenants, customers, and stakeholders that the events affecting ShoreBank will not impact its operations. There will be no fundamental changes in terms of the way Enterprise Cleveland operates or conducts business.

Enterprise Cleveland is confident that it has taken necessary and reasonable steps to prepare the organization for any contingency that may arise in the future. If you are a tenant or loan customer, you do not need to do anything differently than you have in the past. As our valued stakeholder, Enterprise Cleveland is committed to keeping you informed of any changes as they may occur. Please feel free to contact me if you have any questions or concerns.


Sincerely,

Susan White
Interim President & CEO