Tuesday, November 18, 2014

Crain's: Seaway Bank swings to a profit. Here's how.

Photo via Chicago Sun-Times
Check out this rather incredulous quote from a recent Crain's article about the longtime community bank located in Chatham:
The dramatic turnabout for Seaway is highly unusual. “I've never seen a material error that goes in the bank's favor after a turnaround team comes in,” says Paul O'Connor, a locally based 30-plus-year veteran of the banking industry and currently an investment banker for community banks. “I've seen many that go in the opposite direction.”
So after having changed the executive team at the bank this past summer and talks of finding new investors or the bank having a loss it turns out Seaway actually made money this year.

Read the article to see how they did it. And check out this graphic lifted directly from Crain's.

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