Friday, March 10, 2017 || By Local News Curator || @maywoodnews
Seaway Bank & Trust — once the state’s largest black-owned minority bank and the sixth largest in the country — has yet another owner after the bank shutdown and its assets were acquired by State Bank of Texas in January.
A March 10 Crain’s report announced that the Dallas-based bank is selling the branches and deposits it acquired from Seaway to a North Carolina-based credit union called Self-Help Federal Credit Union.
According to Crain’s, Self-Help “specializes in lending to low-income and minority customers and already owns a Chicago lender focused on Hispanics.”
State Bank of Texas “will continue to hold and manage Seaway’s existing loans and will operate the foreign-exchange concessions at O’Hare and Midway airports,” Crain’s reports.
“Self-Help,” Crain’s adds, “is clearly a better fit with the mission of what had been Chicago’s largest black-owned bank for decades — provide credit in communities other banks avoid.”
Crain’s notes that Self-Help, which will have $200 million in deposits “but none of Seaway’s loans” will “quickly establish a mortgage lending operation from scratch.”
Martin Eakes, the credit union’s CEO, said that his institution will focus what it does best — “lend to households without a lot of savings but with steady income.”
Self-Help isn’t black-owned but most of its board members are African-American. Eakes said the credit union won’t “try to pretend we’re black-owned.” He noted, rather, that the institution is “multi-ethnic and member-owned.”
Seaway still has branches in Maywood, at 150 S. 5th Ave., and Broadview, at 2100 Roosevelt Rd. The Crain’s article didn’t detail what might happen to those branches once Self-Help takes over the Seaway franchise, a process that is expected to begin in May. VFP
Read the full Crain’s article here.