corporate america

Largest Black-Owned Bank In Chicago Is No More

Largest Black-Owned Bank In Chicago Is No More

By Dr. Sinclair N. Grey III

Let’s face it – there’s a growing need for more Black-owned banks in the United States. With so many minorities trying to obtain loans to start a business or to simply refinance their home, Blacks are being denied by mainstream banks. Because Black-owned banks are vibrant to the Black community, it’s imperative that we support them in every way possible. Unless they receive our support, they will quickly go out of business.

Did you know Chicago’s largest Black-owned bank – Seaway Bank was sold to the State Bank of Texas of Dallas.

According to theGrio, “The bank, which had 10 locations in total, was forced to close after being hit hard by the housing crash. During this time, many homes on the Southside of Chicago plunged in value, making it difficult for some families to afford their mortgage.”

When Seaway was acquired, it had $361.2 million in assets and $307 million in deposits. Even with the #BlankBlackMovement, Seaway struggled to acquire new funders within the Black community.

Big banks are less likely than black-owned banks to approve mortgage applications for blacks than other racial groups. In fact, a Time article written last year shows that the approved mortgage applications for African Americans are only 5.3 percent, down from 7.8 percent in 2007. Without approval on mortgages, it makes it tough for blacks to own property within their own community. It also makes it much more difficult for our community to rebuild new schools, stores, and other black-owned spaces needed to propel our community forward.”

At the moment, there are roughly 20 Black-owned banks in the United States. This number is definitely too low.


Dr. Sinclair Grey III is a speaker, author, and success coach. Contact him on or Twitter @drsinclairgrey

  • corporate america

    More in corporate america

    Money Moves Every Woman Should Use

    sgreyMarch 22, 2017

    Atlanta Federal Reserve Bank Names A Black President For The First Time

    sgreyMarch 17, 2017

    The Danger Of Trying To Do It All

    sgreyMarch 17, 2017

    Need To Know Business Lessons From Oprah Winfrey

    sgreyMarch 16, 2017

    Did You Know That Wealthy People Have A Fear Of Being Kidnapped?

    sgreyMarch 15, 2017

    Microsoft Turns 31 – How A few People Took A Chance On A Billion Dollar Idea

    sgreyMarch 15, 2017