Search
Wednesday 23 August 2017
  • :
  • :

Black-Owned Seaway Bank Fails

Share

By Frederick H. Lowe

 

bank-seaway-300x186(TriceEdneyWire.com) – Seaway Bank and Trust Co., once one of the nation’s largest black-owned banks based on assets, went into receivership and has been taken over by State Bank of Texas, an Indian-owned bank headquartered in Dallas, the Federal Deposit Insurance Corp. recently announced.

The Illinois Department of Financial & Professional Regulation–Division of Banking and the FDIC, which insures deposits, was named Seaway’s receiver on Jan. 27,  ending an effort by bank officials to raise needed capital to keep open the financial institution.

Continue reading this article on our sister publication’s website.