Everence money market partner acquired by Providence Bank and Trust
Chicago area bank supports charities, stimulates community development
Providence Bank & Trust recently acquired Urban Partnership Bank, which holds the assets for Everence® money market accounts available through Praxis Mutual Funds®.
Those with Everence money market accounts can continue to write checks, using the checkbooks they already have.
Providence Bank & Trust, founded in 2004 in South Holland, Illinois, has 16 branches throughout the Chicago and Northwest Indiana region.
The bank donates 10 percent of its profits annually to civic, nonprofit and Christian organizations through a stewardship program that has distributed more than $3 million so far.
“We appreciate Providence Bank & Trust’s Christian origins, its support for nonprofits and its commitment to community development,” said Chad Horning, Everence Chief Investment Officer.
Providence Bank & Trust looks forward to “continuing the impactful work started by Urban Partnership Bank in supporting community growth and development,” said Steve Van Drunen, President and CEO.
The new combined bank has over $1 billion in assets. More than 40 percent of its loan and deposit portfolios are in low- to moderate-income neighborhoods.