Seaway Bank ( aka Seaway National Bank or Seaway Bank & Trust Company) failed in January and its assets purchased by State Bank of Texas. Then in March it was announced that State Bank of Texas has sold Seaway's deposits and branches to Self-Help Federal Credit Union. Starting on May 1, 2017, Seaway Bank becomes a division of Self-Help FCU.
It's been a wild ride for the formerly Black-owned financial institution. With the purchase of two failed banks earlier in this decade, the losses, the changes in the majority owners and board of directors, and finally those losses resulted in a failure. The name remains but the institution that was is gone.
Want to read more about Seaway Bank click here.
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