Wednesday, September 23, 2015

Darrell Jackson out at Seaway

What is going on at that bank? Via Crain's:
The president of Seaway Bank & Trust has departed barely a year after he succeeded Chicago's longest-tenured bank CEO as top executive at Chicago's largest African-American-owned lender.

In a release, the bank gave no reason for the exit of Darrell Jackson, who took over at Seaway Aug. 1, 2014, after nearly two decades at Chicago-based Northern Trust. Veranda Dickens, chair of the bank's executive committee, is assuming Jackson's duties while she leads a search committee to find a permanent replacement for him.

“We are grateful to Darrell for his contributions to our organization,” she said in a release. “His experience and presence have been assets to our team, and we wish him well in his future endeavors.”

Jackson's departure marks yet more uncertainty for Seaway, which has struggled to find its footing after two acquisitions of failed banks in Milwaukee and the western suburbs resulted in losses.

Dickens took over ownership of Seaway after her husband, bank Chairman Jacoby Dickens, died in spring 2013. A little over a year later, she pushed out CEO Walter Grady, who had led Seaway for more than three decades.

The bank appeared to need to raise capital to stay afloat after losses mounted, but a team of outside consultants concluded the prior management team had made accounting errors and restated six quarters of prior results. The restatement, plus an aggressive campaign to shrink the bank's balance sheet, brought capital levels back to where the bank didn't need to seek new investors.

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