Seaway Bank and Trust Company

Seaway Bank and Trust Company was established on January 2, 1965, originally named Seaway National Bank of Chicago. Over the years, the institution underwent several changes, including a name change to Seaway National Bank of Chicago on September 23, 1974, and the relocation of its main office to 645 East 87th Street in Chicago, Illinois, on July 1, 1975. In 1983, the bank acquired Union National Bank of Chicago. By November 10, 1992, Seaway Bank expanded its operational capabilities by obtaining full trust powers. Significant regulatory changes occurred on December 30, 2007, when the bank restructured itself as a state-chartered bank, withdrew from membership in the Federal Reserve System, and changed its name to Seaway Bank and Trust Company. The bank continued its growth through government-assisted acquisitions, including First Suburban National Bank in Maywood, Illinois, on October 22, 2010, and Legacy Bank in Milwaukee, Wisconsin, on March 11, 2011. However, Seaway Bank and Trust Company faced financial difficulties and ultimately failed on January 27, 2017, merging with government financial assistance.

Below is a list of some important events in banks history, including mergers and acquisitions.

1965-01-02Institution established. Original name: Seaway National Bank of Chicago.

1974-09-23Changed Institution Name to Seaway National Bank of Chicago.

1975-07-01Main Office moved to 645 East 87th Street, Chicago, IL 60619.

1983-07-11Acquired Union National Bank of Chicago in Chicago, IL.

1992-11-10Changed Trust Powers to Full.

2007-12-30Institution withdraws from membership in the Federal Reserve System.

2007-12-30Changed Chartering Agency to State.

2007-12-30Changed Bank Class to State Chartered Bank, not member of the Federal Reserve System (FRS).

2007-12-30Changed Primary Federal Regulatory Agency to FDIC.

2007-12-30Changed Institution Name to Seaway Bank and Trust Company.

2010-10-22Acquired First Suburban National Bank in Maywood, IL as part of a government assisted merger.

2011-03-11Acquired Legacy Bank in Milwaukee, WI as part of a government assisted merger.

2017-01-27Failed. Merged with government financial assistance,.