Self-Help to Acquire Selected Branches of Former Seaway Bank in Chicago Mar 13, 2017 Contact: David Beck, 919-956-4495, firstname.lastname@example.org Chicago, IL — Self-Help Federal Credit Union (Self-Help) has reached an agreement with the State Bank of Texas (SBT) to acquire selected branches and deposits of its recently acquired Seaway Bank, headquartered in Chicago’s South Side. Once the largest African-American owned bank in the Midwest, Seaway had served communities in south and west Chicago as well as Milwaukee for many years. Financial losses caused by the foreclosure crisis and recent recession led the Federal Deposit Insurance Corporation to take control of the bank in late January and sell its assets and operations to SBT. Self-Help now has an agreement with SBT to assume management of a subset of Seaway's branch network and deposits, effective May 1, 2017. While plans for the organization are still under development, Self-Help is committed to preserving Seaway's legacy and continuing its mission. "Seaway built a long history of financial service to families and businesses of modest means. We seek to carry Seaway's torch forward," said Self-Help CEO Martin Eakes. Self-Help is one of the nation's largest community development financial institutions, with a 36-year history of creating and protecting economic opportunity in communities underserved by traditional financial institutions. Seaway will operate as a division of Self-Help Federal Credit Union and will be led initially by Al Bass, a Self-Help Executive Vice President and former senior executive with two African-American banks in North Carolina. Currently, Self-Help's Second Federal division serves over 12,000 members in the Little Village, Archer Heights, and Cicero communities in Chicago. "Self-Help's experience of serving people in Chicago's West Side suggests that they will be able to continue Seaway's work of providing banking services in the South Side," said Norman Williams, retired Chairman of the Board and Chief Executive Officer of Illinois Service Federal Savings and Loan (ISF Bank). ISF Bank has served African-American communities in Chicago since 1934. "Our neighborhoods were severely impacted by the economic recession, and I hope Self-Help can partner with others in the community to bring about the much-needed recovery." Terms of the transaction are not being disclosed at this time. The transaction is subject to approval by banking regulators and certain closing conditions, and is expected to close on May 1, 2017. See below for additional information about Self-Help, Seaway Bank, and the State Bank of Texas. # # # About Self-Help Founded in 1980, Self-Help is a $2 billion community development financial institution, whose mission is to create and protect ownership and economic opportunity for all. To date, Self-Help has provided over $7 billion in financing to more than 120,000 first-time homebuyers, small businesses, nonprofits, community facilities and schools, and residential and commercial real estate projects. This includes $477 million in loans in the Chicago area. Through its two credit unions and 40+ branches, Self-Help offers a full range of financial products and services to almost 130,000 members in North Carolina, California, Chicago and Florida. Self-Help's Center for Responsible Lending advocates for policy solutions that encourage responsible lending and an end to abusive financial practices. For more information, visit www.self-help.org and http://community.sh/2mFBI1a About Seaway Bank Seaway Bank and Trust Company was a Chicago-based community bank serving families, nonprofits and businesses in diverse neighborhoods. The bank was established in 1965 to counter discriminatory lending. Its founders, a group of local businessmen, sold shares door to door throughout the community to raise the $1 million in capital needed to secure a federal bank charter. By the end of its first year, Seaway's assets had climbed to over $5 million. When SBT purchased it in January 2017, Seaway had approximately $361 million in total assets and $307 million in total deposits. Like many other small banks and credit unions, Seaway was forced to close after being hit hard by losses from foreclosures and the housing crash. From 2006 to 2012, home prices in Chicago plunged 39% and have only recovered about half of their value since then.* About State Bank of Texas SBT is a full-service commercial bank based in Dallas, Texas that specializes in lending to the hospitality industry. Chan Patel founded the family-owned bank in 1987 to serve the immigrant community, especially those in the hospitality industry. For more information, visit https://www.statebnk.com/ * Based on S&P Core Logic Case-Shiller Chicago Home Price NSA Index from November 2006 through December 2016, available at https://us.spindices.com/indices/real-estate/sp-corelogic-case-shiller-chicago-home-price-nsa-index ### 2020 News Releases 10/12/20 - Donnetta Collier is the new Financial Capabilities Coach for Self-Help Credit Union in Charlotte 09/18/20 - Self-Help Credit Union Awards 27k in Scholarships 07/17/20 - Seaway, a division of Self-Help Federal Credit Union and Guaranteed Rate, Inc.,. Partner to Expand Mortgage Loan Products To More Chicago Residents 6/12/20 - Self-Help Federal Credit Union names Rafael Morales as Senior Manager, Development Policy and Impact 06/04/20 - A Message from Self-Help CEO Martin Eakes to our Members, Partners and Communities 02/28/20 - Self-Help Credit Union Invests in Students Who Give Back to our Community 02/26/20 - Self-Help, NCC Development Initiative Partnership for Affordable Housing in Rocky Mount 02/05/20 - Self-Help Credit Union Announces Merger with First Legacy Community Credit Union 01/21/20 - Self-Help Credit Union Raleigh Branch Set To Open January 23 2019 News Releases 12/17/19 - Self-Help Credit Union Announces Merger with Turbine Federal Credit Union 11/04/19 - Free 'Know Your Rights' Event for People with Disabilities 10/14/19 - Self-Help Federal, Fresno, Grand Reopening 10/11/19 - Self-Help Credit Union is coming to Raleigh 09/19/19 - Affordable housing loan fund launches in Durham 08/13/19 - Trump Administration’s New “Public Charge” Rule Could Harm Low-Income Immigrants 07/29/19 - Self-Help Credit Union Announces 2019 Scholarship Winners 07/15/19 - Grand Opening Celebration Self-Help Credit Union, Charlotte 04/01/19 - Self-Help Offers Scholarships for Students Who Give Back To Our Community 03/27/19 - Imagine: the future of homegrown entrepreneurship 03/25/19 - March 30: Grand Opening, Angier Business and Children’s Center 02/11/19 - Self-Help Apopka Grand Opening Continues Legacy of Community Trust 02/11/19 - Free Disability Rights, Assistive Technology Event in Asheville, Feb 27 02/11/19 - Free Disability Rights, Assistive Technology Event in Morganton, Feb 26 01/31/19 - Black History, Black Entrepreneurship: Couple Launches Independent Pharmacy in Historic East Durham 01/24/19 - National Baptist Convention Embarks on National Campaign 01/14/19 - Self-Help Offers Hardship Loans to Furloughed Federal Employees 2018 News Releases 12/13/18 - New Video Explores Legacy of Bakersfield Credit Union First Founded by Cesar Chavez 09/25/18 - CommunityWorks Federal Credit Union Joins Self-Help To Benefit Members, CommunityTo Benefit Members, Community 08/24/18 - The MacArthur Foundation invests in Seaway, a division of Self-Help Federal Credit Union 08/07/18 - Newell Named President of Seaway, a Division of Self-Help Federal Credit Union 05/23/18 - Self-Help Credit Union, Mangum Street Grand Rededication (Durham) 2017 News Releases 09/19/17 - Self-Help Announces Third Annual "Bringing It Home" Conference in Asheville, NC 06/29/17 - In Senate Committee Hearing, CRL Lays Out Consumer Plan For GSE, Housing Finance Reform 06/13/17 - Florida’s Jax Metro Credit Union Merges with Self-Help Credit Union effective June 1 03/13/17 - Self-Help to Acquire Selected Branches of Former Seaway Bank in Chicago 2016 News Releases 09/13/16 - Family Federal Credit Union in Wilmington, CA Merges with Self-Help Federal Credit Union 07/13/16 - Self-Help Credit Union Announces 2016 Education Scholarships Winners 06/27/16 - Self-Help Announces DTC-eligible Term Certificates for SRI Investors 04/19/16 - Revolution Mill Media Event on Major New Tenant Thursday April 21, 8.30 am 04/14/16 - Self-Help Credit Union Announces 2016 Community Education Scholarships 04/13/16 - Self-Help Credit Union and Greater Piedmont Credit Union Announce Merger 03/10/16 - Lease Signing Ceremony Tuesday, 3pm March 14 between Renaissance Community Co-op and Self-Help 02/23/16 - Study: Self-Help “Fresh Start” Product Improves Credit Scores 02/03/16 - Florida’s Community Trust Federal Credit Union Merges with Self-Help Federal Credit Union 2015 News Releases 12/02/15 - CDFIs Craft3, Self-Help Complete Second On-Bill Repayment (OBR) Loan Sale 11/19/15 - Self-Help Credit Union Report: Racial Disparities in Marijuana Enforcement Undercut Durham Progress 11/17/15 - Grand Opening Thursday for Fresno’s Self-Help Federal Credit Union Branch 10/14/15 - Revolution Mill Hosting Media Tour Tuesday, October 20 at 10 am 10/01/15 - Self-Help’s Choice Community Credit Union Adopting Self-Help Credit Union Name 09/15/15 - National Cooperative Bank, Self-Help Federal Credit Union Team Up to Finance Los Angeles’ With Love Market & Café 09/14/15 - Self-Help Credit Union Hosts Brevard Branch Open House 08/24/15 - Self-Help Closes $4.6 Million Loan to Minneapolis’ Eastside Food Co-Op 08/17/15 - Statement on Julian Bond’s Passing by Self-Help CEO Martin Eakes 08/06/15 - Self-Help Credit Union “Adopt a Backpack” Drive Up and Running 07/28/15 - Self-Help Ventures Fund Ramps Up Construction On 45-Acre Revolution Mill SIte 07/14/15 - Self-Help Ventures Fund Ramps Up Construction on 45-Acre Revolution Mill Site 07/09/15 - Self-Help Credit Union Announces Education Scholarships Winners 06/11/15 - Renaissance Shops Groundbreaking Tuesday, June 16 at 10:30 am 04/09/15 - Durham Co-op Market Ribbon Cutting at 2pm Saturday 03/17/15 - Grocers on Wheels, Self-Help Credit Union Borrower, in Durham Today! 02/13/15 - Self-Help Credit Union Hosting New Economy Conference on March 18th About Self-Help Self-Help is a leading national community development financial institution headquartered in Durham, NC. Since 1980, Self-Help has provided over $8.5 billion in financing to 150,000 families, individuals and businesses. It helps drive economic development and strengthen communities by providing responsible financial services; lending to individuals, small businesses and nonprofits; developing real estate; and promoting fair financial practices across the nation. Through its credit union network, Self-Help serves over 150,000 people in California, Florida, Illinois, North Carolina, South Carolina, Virginia, and Wisconsin. The nonprofit Center for Community Self-Help is the umbrella organization for the Self-Help family of nonprofit organizations, which includes Self-Help Credit Union, Self-Help Federal Credit Union, Self-Help Ventures Fund and the Center for Responsible Lending.