CHICAGO (January 4, 2012) – Walter E. Grady, President and CEO of Seaway Bank and Trust Company, has been appointed by Gov. Pat Quinn to serve a four-year term on the State Banking Board of Illinois.
“It is an honor to serve the State of Illinois as a member of this board,” said Mr. Grady. “The people of the state, as well as the financial industry, will benefit from the collective experience this Board can offer,” he said.
The 11-member Board provides advice and guidance to the Director of Banking with respect to the supervision and regulation of state chartered banks and trust companies. It has specific statutory responsibilities in the event of an appeal of a removal order, wherein a person can be removed from the banking profession for specific cause. It also serves as the Board of Trustees of the Illinois Bank Examiners' Education Foundation and approves investments and expenditures of Foundation funds. All appointments are subject to confirmation by the Illinois Senate.
Walter E. Grady became the President and CEO of Seaway Bank in 1980, after having worked for the bank for 8 years, and is the longest serving bank president in the Chicago area. Under his leadership, Seaway Bank and Trust Company has become one of the largest Black-owned banks in the country. He has served on many boards, including the Illinois Bankers Association, Illinois Commission on Volunteerism and the United Methodist Foundation, and has been recognized with numerous citations for his outstanding community and civic work. After serving in the United States Air Force (1960-’65), he earned a Bachelor of General Studies degree and an MBA from Roosevelt University in Chicago.