Skip to main content
U.S. flag
An official website of the United States government
Dot gov
The .gov means it’s official. 
Federal government websites often end in .gov or .mil. Before sharing sensitive information, make sure you’re on a federal government site.
Https
The site is secure. 
The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely.
Bank Failures

Failed Bank Information for Legacy Bank, Milwaukee, WI

On Friday, March 11, 2011, Legacy Bank was closed by the State of Wisconsin Department of Financial Institutions, Division of Banking. The FDIC was named Receiver. Seaway Bank and Trust Company, Chicago, IL acquired all deposit accounts.

The FDIC as Receiver for Legacy Bank, Milwaukee, WI has taken all actions necessary to terminate the Receivership Estate. The Receiver published a legal notice of intent to terminate the receivership on March 30, 2022 and has made all dividend distributions required by law.

Effective September 1, 2022, the Receiver was discharged and the Receivership Estate was terminated and ceased existence as a legal entity.

Receivership Status: TERMINATED

Icon for Notice of Termination

Notice of Termination

Effective Date: September 1, 2022
Icon for Notice of Intent to Terminate

Notice of Intent to Terminate

Publication Date: March 30, 2022
Icon for Dividend Information

Dividend Information

Report on dividends paid
Icon for Press Release

Press Release

Official press release

Beware of scams!


Please be advised you will not receive any email notification to claim/unlock/suspend your account or to provide any private information. Please be aware of any phishing scams to obtain information from you.

ACQUIRING INSTITUTION: SEAWAY BANK AND TRUST COMPANY

About Seaway Bank and Trust Company

All deposit accounts, excluding certain brokered deposits, were transferred to Seaway Bank and Trust Company, Chicago, IL ("assuming institution"). Former Legacy Bank locations reopened as branches of Seaway Bank and Trust Company.

Your transferred deposits were separately insured from any accounts you may have already had at Seaway Bank and Trust Company for at least six months after the failure of Legacy Bank.

You may withdraw your funds from any transferred account without an early withdrawal penalty until you enter into a new deposit agreement with Seaway Bank and Trust Company as long as the deposits are not pledged as collateral for loans.

Contacting Seaway Bank and Trust Company

On 01/27/2017, Seaway Bank and Trust Company merged with State Bank of Texas.

You can contact State Bank of Texas:

State Bank of Texas
11950 Webb Chapel Road
Dallas, TX 75234

State Bank of Texas (statebnk.com)

Transaction Documentation

Purchase & Assumption Agreement - PDF (10.37 Mb)
Agreement between FDIC and acquiring institution

Bid Summary
Report on the bids to purchase the failed bank

Last Updated: September 9, 2022