CHICAGO (March 12, 2011)—Seaway Bank and Trust Company announced today that it has acquired the banking operations of minority-owned Legacy Bank, through a purchase and assumption agreement with the Federal Deposit and Insurance Corporation (FDIC). The State of Wisconsin Department of Financial Institutions, Division of Banking declared Legacy Bank closed Friday, March 11, 2011, and appointed the FDIC as receiver.
Seaway’s acquisition of certain assets and deposits of Legacy Bank builds on the pioneering work of three Black women who founded the bank in 1999 to serve a banking void in Milwaukee’s ethnically diverse central district.
Seaway Bank President and CEO Walter E. Grady said, “For bank customers, it’s business as usual. We will do everything we can to make the transition seamless, and customers can expect to see the same familiar faces serving them. We have great respect for what Legacy Bank has done for Milwaukee, and we will work diligently to earn the continued trust of customers and neighbors in this community.”
Transition of the banking operations to Seaway ensures Legacy customers will have full access to their funds, and all checks drawn on Legacy Bank will continue to be processed. Loan customers should continue to make their payments as usual. Seaway Bank representatives are on site in Milwaukee to address customer needs and begin integrating operations.
Seaway is strategically poised to serve the banking needs in underserved and minority communities. One of the largest Black-owned banks in the nation, Seaway was established in 1965 by a group of visionary entrepreneurs who created greater access to banking services for deserving families and businesses.
Now in its 46th year, Seaway’s record of success has earned them a loyal following with over $500 million in assets, 10 banking facilities and a full range of competitive deposit and loan products for personal and business needs. A standout strength of Seaway lies in its adherence to community-based, family-oriented banking practices with accessible customer service and a commitment to local initiatives. Special programs include Seaway’s New 1% Down Mortgage, Church Partnership Initiative and local Banks at School.
Customers who have questions for the FDIC can call 1-800-430-7974 or visit www.fdic.gov.
About Seaway Bank
Seaway Bank and Trust Company is a full-service commercial bank that emphasizes quality service and community commitment. 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 Bancshares, Inc., is the holding company. For more information about Seaway Bank, call the Main Facility at (773)487-4800 or visit www.seawaybank.us. Seaway Bank is an FDIC member and an Equal Housing Lender.