Monday, October 25, 2010

Seaway Bank buys Maywood bank assets

Chatham's own Seaway bank has bought the assets of First Suburban National Bank of Maywood. This is ironic, as ShoreBank (with a significant Chatham presence) was in Maywood's situation recently.

From Chicago Breaking Business News :

Regulators have shut down First Suburban National Bank of Maywood, Ill., late Friday and sold its $140 million in deposits to Seaway Bank and Trust Co. of Chicago.

Depositors of the First Suburban National Bank will be protected by the purchase deal with Seaway Bank and Trust. The four branches of First Suburban National Bank will reopen Saturday as branches of Seaway Bank and Trust. Seaway did not pay a premium

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