Seaway Bank and Trust Company is historical for Chicago’s Black community and its newly appointed president/CEO said he has big plans to not only uphold the legacy, but attract the next generation.
“I think there is a real opportunity with the right structure, the right systems and the right technology to really appeal to the next generation of people of color,” said Darrell Jackson, who has been with the company since the beginning of August.
“Their definition of convenience and customer service is very different from our traditional customers,” he said. He has plans to create mobile apps that will allow customers to access their accounts around the clock from anywhere with WiFi.
“We have some work to do in terms of creating that kind of client intimate platform for the next generation of customers,” said Jackson.
Almost five decades ago, Seaway Bank was established for African Americans because of the blatant racism and discrimination they experienced from other banks during that period. Today, it is recognized as one of the nation’s largest minority-owned banks. Jackson said there is still a need for the branch because some of the discriminatory lending practices still exist. There are also other reasons.
“Although there are a lot of institutions in our neighborhoods, I think we still can play a unique role because we obviously understand our community, probably better than some of the larger banks,” he said.
Jackson said Seaway’s 1% down mortgage program has really helped Black homeowners who may have had difficulty coming up with a down payment. Many churches use the institute for loans to help expand and Jackson said they play a large role in the Black community. Seaway also works with small businesses.
Being intune with the Black community and actively engaging with members of it is very important, said Jackson. In terms of community outreach, Seaway provides some of the following:
-Free financial education that addresses topics such as budgets, credit information and financing for businesses
-Farmers market, which features the Pembroke Township African-American Farmers. It promotes business opportunities for farmers. It’s sponsored by the City of Chicago and the Illinois Department of Human Services.
-Bank at School currently works with six schools. Between the 431 participating students, more than $14,000 has been saved from them opening bank accounts.
More information can be found on the website at Seawaybank.us.
Jackson has been exposed to the banking industry for more than 30 years. His cinematic climb to the top started in the mailroom at Shore Bank, which closed down in 2010. He was hired right after high school. Jackson held that position during his early years of college, until he became a management trainee with the company . Having felt that he learned all that he could there, he moved on to the next opportunity.
“I finally decided I wanted to have an opportunity to work in a larger bank so I went downtown to work for Harris Bank,” said Jackson.
He participated in the two-year college training program.
The experience was invaluable, he said. Jackson was able to learn more about the lending process. He eventually became a commercial lender.
He shared that the program through Harris Trust and Savings Bank was challenging at times and since it was the early 1980s, there were few minorities. There were only six out of a class of 25 he said.
“Only two of us made it through and so when I got to the other side and was placed in a lending division, I was the only person of color,” said Jackson.
Many of his colleagues attended Ivy League universities and Big Ten colleges, whereas he graduated from St. Xavier University and grew up on the South Side of Chicago. He didn’t let anything or anyone stop him from pursuing his goals
“I never viewed myself as less than, I always felt that I could compete, I was smart enough to compete with anybody,” said Jackson.
He left the commercial side and transitioned into the private banking side.
“I was dealing with major companies and wealthy people from all over the world,” said Jackson.
His experience on both sides and his connection to the African American community is what landed him his next job at Northern Trust Company, where he served as the executive vice president and president of the wealth management group.
“Even though you experience obstacles, when you’re passionate about something, you find ways to get around them or in some cases, knock them over,” said Jackson.
“Underneath, there is this burning desire and I’m a competitor,” he said.
Jackson said he has come a long way from where he first started, but he’s excited to be back at a community bank.
“Coming to a bank with such an historic background, it just has been a dream come true; it’s sort of like coming back home,” he said.
About Post Author
