Seaway Bank closed, sold to State Bank of Texas

Seaway Bank and Trust Co. was closed Friday by the Federal Deposit Insurance Corp. and sold to State Bank of Texas in Dallas.

Seaway Bank, which had branches across Chicago was closed due to “operations of an unsafe and unsound nature that resulted in inadequate capital to protect its depositors,” the FDIC said in a statement. All 10 of the bank’s area branches would immediately operate under the new ownership of State Bank of Texas, according to the statement.