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Seaway Bank closed by FDIC, sold to State Bank of Texas

SHARE Seaway Bank closed by FDIC, sold to State Bank of Texas
SHARE Seaway Bank closed by FDIC, sold to State Bank of Texas

Seaway Bank and Trust Co. was closed Friday by the Federal Deposit Insurance Corp. and sold to State Bank of Texas in Dallas.

Seaway Bankwasclosed due to “operations of an unsafe and unsound nature that resulted in inadequate capital to protect its depositors,” the FDIC said in a statement.

Seaway Bankopened in 1965 and had branches across Chicago, in the south and west suburbs and at Midway and O’Hare international airports.

All 10 of the bank’s area branches would immediately operate under the new ownership of State Bank of Texas, according to the statement.

“We want to stress that not one depositor will lose a penny as a result of this action,” said Kerri A. Doll, director of banking for the Illinois Department of Financial and Professional Regulation.

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