But business at Chicago’s four Black-owned banks remains upbeat despite the IndyMac debacle, record foreclosures and a dwindling job market.
“I disagree with anyone who says the banking industry is in a downturn,” said Walter Grady, president and CEO of Seaway Bank and Trust Co. “The banking industry is strong, and Black banks are thriving here in Chicago and elsewhere. And even though a lot of banks are involved in sub prime loans, Seaway does not do sub prime loans. If we cannot get you qualified for a conventional loan, then we deny your loan request.”
Seaway, headquartered at 645 E. 87th St., is Chicago’s largest Blackowned bank with $350 million in assets.
Grady added that Seaway currently has a $40 million mortgage portfolio and advises anyone renting to continue renting if they cannot get a conventional loan such as one with a fixed interest rate.
Read the whole thing! Also check out this story in the Chicago Defender about local black owned businesses making the Black Enterprise 100 list.
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