Wednesday, October 27, 2010

Statement by Seaway Bank over Maywood bank takeover

You can read it at Seaway's official website. I know that this news broke over the weekend, but I think it's necessary to see the official statement from the bank itself. You can also check out First Suburban National Bank website as well.
CHICAGO (October 25, 2010)- Seaway Bank and Trust Company announced today that it has acquired the banking operations of First Suburban National Bank, through a purchase and assumption agreement with the Federal Deposit and Insurance Corporation (FDIC). The Office of the Comptroller of the Currency declared First Suburban National Bank closed Friday, October 22nd, and appointed the FDIC as receiver.

As of October 21, 2010, First Suburban National Bank had approximately $140 million in deposits and $149 million in assets. Loans of approximately $116 million are subject to a loss-sharing agreement with the FDIC. The four offices of First Suburban National Bank opened Saturday, October 23rd as offices of Seaway Bank and Trust Company.

Walter E. Grady, President & CEO of Seaway Bank and Trust Company said, “This acquisition guarantees all deposit customers of First Suburban National Bank full access to their deposits, regardless of the amount. For First Suburban National Bank customers, the transition to Seaway Bank and Trust Company will be seamless. All First Suburban National Bank branches reopened as Seaway Bank and Trust Company locations. Customers will see the same friendly faces, and all checks drawn on First Suburban National Bank will continue to be processed. Loan customers should make their payments as usual.”

To assist customers with the transition, Seaway Bank representatives are on-site at the main Maywood location and each of the other three offices to address customer needs and begin integrating operations.

About Seaway Bank and Trust Company

Seaway Bank and Trust Company is a full-service financial institution that emphasizes quality service and community commitment and offers a broad array of deposit and loan products for personal and business needs. Established in 1965 as Seaway National Bank of Chicago, the founders – a group of local businessmen – sold shares door-to-door throughout the community to raise the $1 million in capital needed to secure the Federal charter. By the end of its first year, Seaway’s assets had climbed to more than $5 million, and the bank has steadily grown ever since. In 2007, the bank converted to a state charter and was renamed Seaway Bank and Trust Company. Seaway Bank has, as of June 30, 2010, total bank assets of $414 million and operates 7 banking facilities. Seaway Bancshares, Inc., is the holding company.

UPDATED 10/27/2010

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