62.6 F
Fort Worth
Saturday, December 5, 2020
Banking Chicago's Seaway Bank taken over by State Bank of Texas

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

Other News

Exxon’s oil slick

Exxon Mobil is slashing its capital spending budget for 2020 by 30% due to weak demand caused by the COVID-19 pandemic and a market...

Folk music’s Mark Twain: 7 Essential tracks from John Prine,

NEW YORK (AP) — Some people, the songs just come out of them. For nearly half a century, they tumbled out of John Prine...

Tarrant County records another COVID-19 death

Tarrant County Public Health (TCPH) on Wednesday, April 8 reported that a resident of Euless has died as the result of the COVID-19 virus....

Tradition stymied: A year unlike any since WWII for Augusta

The Masters is so intertwined with Augusta, they added an extra day to spring break.You see, the first full week of April isn't just...

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.

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.


close






Oh hi there 👋 It’s nice to meet you.

Sign up to receive awesome content in your inbox.

We don’t spam! Read our privacy policy for more info.


close






Oh hi there 👋
It’s nice to meet you.

Sign up to receive awesome content in your inbox.

We don’t spam! Read our privacy policy for more info.

Latest News

Texas Trust appoints Chief Growth Officer

Texas Trust Credit Union has appointed Ron Smith to the new role of Chief Growth Officer, charged with developing and executing data-driven strategies to...

Biden to nominate Yellen, highlights diversity on econ team

WILMINGTON (AP) — President-elect Joe Biden on Monday announced his senior economic team, including his plans to nominate the first woman to head the...

Stocks edge higher on Wall Street on latest vaccine hopes

NEW YORK (AP) — U.S. stocks edged higher in morning trading Monday after investors received several pieces of encouraging news on COVID-19 vaccines and...

Mnuchin denies he’s trying to hinder incoming administration

WASHINGTON (AP) — Treasury Secretary Steven Mnuchin denied that he is attempting to limit the choices President-elect Joe Biden will have to promote an...

Bank of America announces $2.65 million jobs initiative for Texas Black and Hispanic-Latino students

Bank of America announced a new multimillion dollar jobs initiative Nov. 19 to help students of color complete the education and training necessary to...