State Bank of Texas, a $740-million asset bank headquartered in Dallas, acquired Chicago-based Seaway Bank and Trust after Seaway was closed by the State of Illinois, Department of Financial and Professional Regulation, Division of Banking.

Immediately following the closure, the FDIC was appointed as receiver for Seaway. To protect the depositors, the FDIC agreed to sell Seaway to the State Bank of Texas, which assumed all of Seaway’s deposits and assets.

“We are confident of the opportunity this acquisition presents,” said Sushil Patel, president of State Bank of Texas. “This is our third acquisition, so our team is experienced in working closely with customers through their transition. Plus, one of our earlier acquisitions was in the Chicago market, so we already have a presence here. As a minority and family-owned bank, we have similar roots as Seaway. We look forward to a prosperous future.”