@Regrann from @th3melan8dgawd - Black folks we have a decision to make....Own or be owned. We have to support our own like it's a religion. _________________________________ Seaway Bank & Trust, for decades the largest black-owned bank in Chicago, failed today after a long, fruitless search for new investors to save the bank. State bank regulators shut it down, and the Federal Deposit Insurance Corp. announced that all of Seaway's deposits and most of its assets would be transferred to State Bank of Texas, beginning tomorrow. Seaway looked to African-American investors for a rescue, but in the end the bank is being taken over by a Dallas-based lender owned by Indian-Americans. State Bank of Texas has $740 million in assets, and Seaway had $361 million in assets as of Sept. 30, the FDIC said. Seaway's failure leaves just one black-owned bank left in Chicago—Illinois Service Federal. That bank, also in danger of failing, was rescued early last year with $9 million from a Ghanian-American family, keeping it black-owned. At one time, the Chicago area had as many as four black-owned banks. Seaway was founded 52 years ago to combat red-lining in African-American neighborhoods in Chicago. For decades, it was owned by Jacoby Dickens, a politically connected businessman who was an adviser to Chicago's first black mayor, Harold Washington, in the 1980s. Seaway is probably most noticeable to Chicagoans as the lone operator of foreign exchange operations in both of Chicago's airports. Upon his death in 2013, his widow Veranda Dickens became executive chairman of the bank. She fired Seaway's long-time CEO, but her hand-picked successor left after little more than a year. The bank's leaders traced the beginning of their troubles, ironically, to the acquisition in 2010 and 2011 of two failed banks in west suburban Maywood and Milwaukee. The deals doubled Seaway's size, but loan losses proved to be far deeper than expected. #BlackPower #BlackPeople #WeAreTheRevolution #WeAreAtWar #FightThePower #Ancestors #StopWhiteSupremacy #BlackFamily #SeawayBank #HiddenColors #LiberationTime #GroupEconomics #TheReligionOfMelanoidEmpowerment #Trump #BlackBusinessesMatter
