The demise of a Chicago bank was the second bank failure this year. Another recent casualty was that of the seventh-largest reverse mortgage originator.
On Friday, the Illinois Department of Financial and Professional Regulation Division of Bank reported that it seized Seaway Bank and Trust Co. in Chicago.
According to the state regulator, the financial institution operated in an unsafe and unsound manner — resulting in insufficient capital to protect its depositors.
Source: Mortgage Daily
