In Chicago, one of the black-owned Seaway Bank, has been taken over by the state and federal authorities. On Friday, 27th January, 2017, at 5 p.m., the Illinois Department of Financial and Professional Regulation (IDFPR) Division of banking and the Federal Deposit Insurance Corporation(FDIC), took possession of the bank.

The bank was closed due to “operations of an unsafe and unsound nature” for depositors, the officials said.

State bank of Texas agreed to purchase the bank and stressed that, no depositors lost any money, all bank branches will stay open, all in-transit checks will be honored and there will be no interruption of ATM services, State Officials said.

On Friday, the employees of the bank’s flagship South Side branch left for the last time.

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Spokesperson for the FDIC, David Barr said, “At 5 p.m. this evening the bank was closed, the employees were gathered and informed it was going to be closed.”

The bank will open again in the morning, just as before, but the bank will work under the new ownership.

Barr said,”State Bank of Texas is taking over all deposits and most of the assets, so for the customers it’s going to be business as usual tomorrow.” The bank was originally opened in1965, and its original branch is named after the founder of bank.

President of the State Bank of Texas, Sushil Patel said, “This bank has amazing history. It has an amazing role in the community. We are very respectful, mindful of the place and historic nature that Seaway has.”

Patel added that, “Right now we have to keep business as usual; all branches are going to be open and we intend for employees to keep their jobs.”

Customers with any queries, about the transaction, should call the FDIC toll-free at 1-800-930-5169

By Mrudula.