Chicago’s Seaway Bank taken over by State Bank of Texas

CHICAGO (AP) — The Federal Deposit Insurance Corporation and the Illinois Department of Financial and Professional Regulation have closed Chicago’s Seaway Bank and Trust Company.

The bank was purchased Friday by Dallas-based State Bank of Texas. Opened in 1965, Seaway Bank was once the largest black-owned bank in the U.S.

According to the FDIC, the State Bank of Texas acquired all of Seaway Bank’s deposits. The ten branches of Seaway Bank and Trust Company will reopen as branches of State Bank of Texas during their normal business hours.

The FDIC noted that as of September 30, 2016, Seaway had approximately $361.2 million in total assets and $307.1 million in total deposits.

- FWBP Digital Partners -

In addition to assuming all of the deposits of the failed bank, State Bank of Texas agreed to purchase $309 million of the failed bank’s assets.