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FDIC Shuts Down Bank Owned by Giannoulias Family
CHICAGO (AP) -- Federal regulators have shut down the bank owned by the family of Alexi Giannoulias, the Democrat running for President Barack Obama's former Senate seat.

The Federal Deposit Insurance Corp. made the announcement on its website after the close of business Friday.

Broadway Bank was heavy into real estate loans and lost $75 million last year. Regulators had given it until Monday to raise about $85 million in new capital.

Giannoulias is a first-term Illinois treasurer and a former bank loan officer. Giannoulias says the bank was financially healthy when he left but has suffered the same as other community banks.

But his GOP opponent has made it a central campaign issue.

Customers accounts are insured by the FDIC up to $250,000.

(Copyright 2010 by The Associated Press. All Rights Reserved.)
04 23 10 by Newsroom
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