Saturday, May 3, 2008

Seaway Bank

This is how Seaway Bank looked in the summer of 2006. At the end of 2007, they decided to make a name change and become a state-chartered bank to become Seaway Bank & Trust Company as opposed to a federally-chartered bank that it has had been since it's founding in 1965. Up until this year the bank was named Seaway National Bank.

I've always admired the story of how it was founded. The founders of the bank were tired of the treatment they were getting from big-time banks. Black communities around the city were being redlined it wasn't worth investing loan money with black customers apparently so the businessmen in the Chatham neighborhood decided to pool some resources to start a bank.

I had to admire that in order to start the bank they raised funds by going door to door to get that required capital to start the bank. Then here comes the state charter. If one was to begin a bank in 2008, the issues will certainly be much different. It might be more than being underserved by these big banks that have been created in recent years with mergers galore, but certainly because there is a need for a locally owned and operated financial institution.

Visit Seaway's website with the link in the sidebar under neighborhood businesses. I almost forgot to mention that Seaway is one of four black owned banks in Chicago and one of the largest black owned banks in the nation.

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