State Bank of Texas, Dallas, Assumes All of the Deposits of Seaway Bank and Trust Company, Chicago — 2017-01-27

Seaway Bank and Trust Company, Chicago, was closed today by the Illinois Department of Financial and Professional Regulation – Division of Banking, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with State Bank of Texas, Dallas, to assume all of the deposits of Seaway Bank and Trust Company. The ten branches of Seaway Bank and Trust Company will reopen as branches of State Bank of Texas during their normal business hours. Depositors of Seaway Bank and Trust Company will automatically become depositors of State Bank of Texas. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage up to applicable limits.