CHICAGO--(BUSINESS WIRE)--Amalgamated Bank of Chicago today said that it has completed its acquisition of the former Seaway National Bank’s corporate trust accounts from State Bank of Texas. On Jan. 27, 2017, State Bank of Texas assumed the deposits and purchased most of the assets of Seaway in an FDIC-brokered transaction. This is the second acquisition of a corporate trust business by Amalgamated. Amalgamated purchased the corporate trust business of Cole Taylor Bank in April 2010.
“We are excited about this opportunity that will permit the Bank to continue to grow our corporate trust business,” said Robert M. Wrobel, Chairman and Chief Executive Officer of Amalgamated Bank of Chicago. “This acquisition will allow our experienced and professional staff to provide customized, proactive service to a larger segment of the Midwest market.”
The Corporate Trust Department will continue to be headed by Senior Vice President Christine Linde. She will continue to lead a professional team of administrators with an average of 20 years’ experience in the corporate trust industry.
Amalgamated’s Corporate Trust Department serves the fiduciary and administrative needs of corporations, state and local public institutions that issue bonds, notes and other debt securities. Prior to the acquisition, the Corporate Trust Department administered almost 2,000 taxable and tax-exempt debt instruments representing in excess of $35 billion in principal amount of securities and escrows representing almost $1.5 billion in assets.
About Amalgamated Bank of Chicago
Founded in 1922, Amalgamated Bank of Chicago is a full-service commercial and consumer banking institution serving the financial and trust needs of governmental units; various local, national and international unions and their members; corporations and commercial organizations; and individuals. As of March 31, 2017, Amalgamated Bank’s assets were $723 million. More information can be found on the Bank’s website: www.aboc.com.