Federal regulators shut down a bank owned by the family of Illinois Treasurer and Democrat candidate for US Senate Alexi Giannoulias Friday afternoon. Chicago-based MB Financial bank has taken over the deposits of Broadway, whose four branches will open up next week under MB Financial's control.
While running for Illinois state Treasurer in 2006, Giannoulias touted his experience at his family's bank as qualifying him for the office. The troubled bank made loans worth no less than $22 Million to at least two different organized crime figures while Alexi was the chief loan officer.
No word on how this will affect his Senate campaign, but some Chicago papers are already describing an 'emotional' Alexi Giannoulias 'fighting back tears'. C2's 3Wood is reporting that the Giannoulias family saw this coming and aparently helped themselves to about $70 Million in dividends before regulators closed down Broadway Bank.