Tag: Seaway Bank

Report: Seaway Bank’s Failure Was Self-inflicted, Acquiring Maywood Bank Didn’t Help

Friday, September 22, 2017 || By Michael Romain || @maywoodnews 

A report released in August by the Federal Deposit Insurance Corporation concluded that Seaway Bank & Trust failed because of bad governance and risk management practices that flowed from the institution’s board of directors.

Continue reading “Report: Seaway Bank’s Failure Was Self-inflicted, Acquiring Maywood Bank Didn’t Help”

MB Financial Replaces Seaway Bank As Maywood’s Largest Account Holder

Seaway Bank

Thursday, July 27, 2017 || By Michael Romain || @maywoodnews

MB Financial has replaced the defunct Seaway Bank & Trust as Maywood’s largest account holder. During a regular meeting on July 18, the Maywood Board of Trustees voted on a resolution designating MB Financial a public depository for the village.

Less than two years ago, according to village records, Maywood was parking funds from at least nine different accounts at Seaway, including the corporate, water, motor fuel and general fund and payroll accounts. On Nov. 29, 2015, the total ending balance of village funds at Seaway was over $2.5 million. At the time, MB Financial was not an authorized public depository for the village.

Continue reading “MB Financial Replaces Seaway Bank As Maywood’s Largest Account Holder”

Crain’s: Failed Seaway Bank Gets Yet Another Owner — A Credit Union

Seaway Bank

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

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