Rush Statement on Closing of Seaway Bank

Statement

Today, U.S. Representative Bobby L. Rush (D-Ill.) released the following statement on the recent announcement that Seaway Bank and Trust Company, Chicago, was closed by the Illinois Department of Financial and Professional Regulation, Division of Banking:

"With fewer than 30 black banks remaining in the U.S., the crisis for African-American banks is obvious and growing. Difficult economic conditions in the African-American community and an inability to expand into more creative and innovative products have limited the amount of economic growth for these banks. Add to this, a tough regulatory environment where these banks are constantly having their business models and decisions questioned any time they try something new or innovative. These same complaints exist for community banks as well but are exasperated by the relatively more difficult economic conditions in the African-American community.

"A concerted effort must be undertaken to improve the environment for all banks, but specific steps must be taken to help African-American Banks. We must look at successful banks to find what works. We must also talk with banking experts on new theories and strategies for banks and banking growth."

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