"Prophetic" may best describe brothers Jacob and Daniel Seligmann, writers of "The Big Bank," a new musical comedy the Emerson Theatre Collaborative (ETC) in Mystic will present July 21 to 31.

The production is about a mortgage-lending bank that delights in foreclosing and repossessing people's properties. Their motto: "We repossess and make you wish you'd never taken a loan."

So what's so prophetic about that? The brothers wrote the play 16 years ago-well before the economy tanked and the current foreclosure frenzy began.

Jacob (composer, lyrics) and Daniel (book, lyrics) came up with the concept for the musical while they were both back in their hometown of Rye Brook, N.Y. Jacob had just finished his freshman year of college and Daniel had just graduated. Jacob was majoring in music and Daniel had majored in writing. They had starred together in their high school musical.

"Daniel didn't know what he was going to do with his life," Jacob recalls. "He saw his friends working ridiculous hours at investment banks. He thought of a business that does the worst thing you could think of-and came up with this idea of a bank that loves to foreclose. At some point he said to me, 'Why don't we write a musical (about this)?'"

And so they did; although the musical came close to being workshopped a number of times, it never quite made it to the stage.

Life went on. Jacob became a composer and music teacher in New York and Daniel became a screenwriter and director in Hollywood.

"When the economy went south and all the foreclosures started happening, we realized it was a good time to get this out," Jacob says. Luckily, he had the entire music score saved in his computer.

So, how did ETC end up producing the musical comedy?

Another fortuitous occurrence.

The Seligmanns' mother was in New York City a year and a half ago and asked if anyone wanted to share a cab with her. A woman who took her up on the offer happened to be Lisa Giordano, a playwright and the assistant director of ETC. By the end of the cab ride, Giordano knew all about Seligmann's sons and "The Big Bank."

After reading the script, a few months later, ETC's producer Camilla Ross was enthusiastically onboard to produce the musical's premiere; the play also is the theater collaborative's first musical.

"It's a completely zany, whacky, farcical, 'Guys and Dolls' kind of musical," Jacob says. "It also has very touching moments when it's very human, like when Iris's flower shop is foreclosed on and she sings this beautiful, transcendental song, 'Calm Company of Rain.'"

The message the Seligmanns hope to convey in the musical is to live life by giving and sharing and spending time with family and friends.

"The entire focus of our society is on money and work, right?" Jacob asks. "We got into this situation because of incredibly greedy people at the top, who make an incredible amount of money on other people's misery. It's real. It's scary. We wanted to address a (serious subject) like this but also have fun with it."

Director's take

The musical is being directed by Theresa Broach, who has produced, directed and/or stage-managed more than 30 theatrical productions in southeastern Connecticut, including ETC's most recent play, "Living in the Wind."

"I love doing musicals, and I'm very excited to be doing this one," Broach says. "It's a very funny, timely show and every one of the songs is great. They're funny, romantic and lyrical."

Broach notes that although auditions were held in New York City, ETC wound up casting all local actors that she's very happy to have in the show.

In leading roles Paul James Lang plays bank employee Stuart Stevens and Diane Foster plays Iris, his love interest and owner of the foreclosed-upon flower shop.

"They both have amazing voices and have elevated the show to an even higher level," Broach says.

Other actors include Tim Riley who plays Clarence, a hyper-Marxist conservationist, who Broach says "is an excellent actor and musician" and brings "huge comic relief" to the musical.

Two young local girls-Morgan Heller and Mackenzie Ackley split the role of Parsley Underwood (since there are 12 performances), a spunky, genius 10-year-old, who, through a comedy of errors, gets a job in the bank as an intern, Broach explains.

Bob Olson plays "The Boss" of the bank and Broach says he does a terrific job portraying the outrageous, greedy character.

The production is "pumped up," she says, by a dancing/singing chorus of bankers that "provide the spine and heart of the show and reflect what's going on in the bank with their energy and songs."

"I'm really enjoying working with all the actors, and Camilla Ross as the producer is doing a fantastic job," she adds.

Pawel Jura is the show's musical director, Christine Poland is the choreographer, Vic Panciera is costume designer, and Jeanette Drake is scene designer.

"This is a real stretch and a different thing for ETC to do, but I think they're up to the task," Broach says. "It will be a memorable show. If people don't see it, they'll be sorry."

If you go

What: ETC's "The Big Bank"

When: July 21-25, 27-30 at 8 p.m. Matinees: July 23 and 30 at 2 p.m. and July 24 and 31 at 4 p.m.

Where: First United Methodist Church, 23 Willow St, Mystic

How: Tickets are $30 ($25 for students and seniors) and can be purchased online at www.emersontheatercollaborative.org or by calling (860) 705-9711. A portion of profits will benefit the Jewish Federation of Eastern CT.