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Amalgamated Bank of Chicago acquires Seaway Bank's corporate trust accounts

Chicago-based Amalgamated Bank of Chicago completed its acquisition of the now-defunct Seaway Bank and Trust Co.'s corporate trust accounts from Dallas-based State Bank of Texas.

State Bank of Texas assumed all deposits, as well as $309.0 million in assets, of Seaway Bank, after the Illinois Department of Financial and Professional Regulation – Division of Banking closed the bank on Jan. 27.

Prior to the acquisition, Amalgamated Bank of Chicago's corporate trust division managed around 2,000 taxable and tax-exempt debt instruments representing over $35 billion in principal amount of securities and escrows representing roughly $1.5 billion in assets. Senior Vice President Christine Linde will continue to head the bank's corporate trust division, according to the press release.

Amalgamated Bank of Chicago is a unit of Amalgamated Investments Co., while State Bank of Texas is a unit of SBT Bancshares Inc.