Failed Bank List

Closed Friday, January 27, 2017 · Chicago, Cook County, Illinois

Seaway Bank and Trust Company

Seaway Bank and Trust Company's assets had shrunk 57% from their peak in the first quarter of 2011 by the last report before closing. It was the third-largest of the 8 bank failures in 2017. Equity capital was below zero at its last report.

On the books, 2009 to 2016

Total assets and equity capital each quarter before closing, and the estimated lossTotal assetsEquity capitalEstimated loss$0$200M$400M$600M$800M2010201120122013201420152016Closed
Total assets peaked at $688 million. Equity capital had covered 9.4% of assets in the first quarter of 2009. It reported a net loss in three of its final eight reporting years. The deepest annual loss, $25.7 million, was booked in 2016.
Net income in each reporting year before closing, with equity capital as a share of assets at year endNet income per yearEquity to assets at year end$32M−$32M2009: $1.9 million20098.7%2010: $5.8 million20107.0%2011: $4.3 million20117.5%2012: $4.5 million20128.4%2013: $970 thousand20136.9%2014: −$2.1 million201410%2015: −$11.6 million20157.8%2016: −$25.7 million2016neg.

Size against the other 2017 failures

Total assets of the 8 banks that failed in 2017, log scale$10M$100M$1B$10B
Total assets of each 2017 failure, log scale; Seaway Bank and Trust Company in red.

Within Illinois it ranks 38th by size of the 185 failures recorded since 1934. Across the failures of 2017, the median estimated loss came to 16% of assets. In the size ranking of that year, just above it was Guaranty Bank, (d/b/a BestBank in Georgia & Michigan) of Milwaukee, Wisconsin ($1.0 billion, loss 13% of assets); just below, Washington Federal Bank for Savings of Chicago, Illinois ($166 million, loss 45% of assets). Every 2017 failure in the explorer.

Failures in Illinois

It was one of three banks in Illinois to fail in 2017. The previous failure there was Edgebrook Bank of Chicago, on May 8, 2015. The next was Fayette County Bank of Saint Elmo, on May 26, 2017. Cook County has 77 failed banks on FDIC record since 1934. Closest in time: GreenChoice Bank, fsb (2014), The National Republic Bank of Chicago (2014), Highland Community Bank (2015), Edgebrook Bank (2015), Washington Federal Bank for Savings (2017).

Bank failures in Illinois per year, 1980 to 2026061218241980: 11981: 31982: 61983: 81984: 51985: 21986: 31987: 31988: 11989: 231990: 181991: 81992: 51993: 12000: 12001: 12002: 12008: 12009: 212010: 162011: 92012: 82013: 12014: 52015: 22017: 32025: 12026: 119801990200020102020
Per year since 1980, 2017 in red. Every Illinois failure

The acquiring bank

State Bank of Texas of Irving, Texas took over three failed banks between 2000 and 2026. The others:

FDIC certificate 19328 · loss estimate as of July 31, 2026 · How to read this page