Northern Trust Veteran Named President and CEO of Seaway Bank
Seaway Bank & Trust Co., Chicago’s largest black-owned bank, named Northern Trust veteran, Darrell Jackson, as its new president and chief executive officer, replacing Walter Grady who led Seaway for more than 30 years and will retire July 31.
Jackson, 56, former president of Northern Trust’s wealth management for suburban Illinois, is scheduled to start in his new position, Aug. 1.
Seaway reportedly is trying to recover from “substantial” losses tied to acquisitions of two failed banks, which left Seaway’s capital below levels necessary to be deemed well-capitalized by regulators, according to published reports.
Veranda Dickens, chair of Seaway’s board following the death of her husband, longtime Seaway chairman, Jacoby Dickens, last year, reportedly said of the $538 million-asset bank, “Our board of directors and executive teams are taking vital steps to ensure a vibrant future for Seaway, and Darrell’s hiring is a strategically important move that will help us build on our strong heritage and achieve our long-term goals.”
Jackson’s hiring by some reports, puts to rest talk that Seaway might be sold. The bank however, is said to be in need of an “equity infusion” to increase its capital.
Veranda Dickens reportedly addressed the issue saying there has never been plans to sell bank and that the bank’s management team is determining the amount of capital to raise and will soon begin interviewing potential investment banking partners that would likely include, non-African American investors.
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