Seaway Bank & Trust Company
645 E. 87th Street
Chicago, IL 60619
773.487.4800
www.seawaybank.us
President/CEO: Walter Grady
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A long-standing fixture in the African-American community, Seaway Bank & Trust Company was created to “counter discriminatory lending practices on Chicago’s South Side”. Founded in 1965 as Seaway National Bank of Chicago, the original founders knocked on doors of neighborhood residents to sell shares in hopes to raise $1 million in capital, which was needed to obtain a Federal charter.
Seaway did exceedingly well in its first year, amassing assets of over $5 million dollars and became nationally recognized as one of the largest Black-owned banks in the U.S. (largest in the Midwest) and one of the few “minority-owned banks with corporate trust services”.
Today, Seaway Bank & Trust Company has seven locations throughout Chicago (and recently including the suburb of Waukegan), with ATMs across the city and in O’Hare and Midway airports. Seaway continues to support local businesses and provide minority entrepreneurs with capital needed to shape a new generation of businesses. They are also known for the Seaway Community Development Corporation (SCDC), which features “the 1% Down Mortgage” – a program that has allowed “qualified buyers the opportunity to purchase homes with a minimal one percent down payment and no private mortgage insurance (PMI)”.
You can learn more information about Seaway National Bank & Trust Company by visiting this link.
