FDIC v. Urban Partnership Bank

UNITED STATES DISTRICT COURT NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION FDIC AS RECEIVER FOR SEAWAY BANK AND TRUST CO., Plaintiff/Counter-Defendant, Case No. 17-cv-1517 v. Judge John Robert Blakey URBAN PARTNERSHIP BANK, Defendant/Counter-Plaintiff. MEMORANDUM OPINION AND ORDER The Federal Deposit Insurance Company as Receiver for Seaway Bank and Trust Company (FDIC-R) sued Urban Partnership Bank (UPB) for the return of deposits that Seaway paid toward an unsuccessful sale of certain loans. [1-1]. The FDIC-R claims that there was no meeting of the minds between Seaway and UPB, so the sale…