Broadway Bank, the family-run lender that helped launch U.S. Senate candidate Alexi Giannoulias' political career, was one of seven Chicago-area institutions seized by the U.S. government Friday and sold to healthier companies.
The failure of Broadway, which was unable to raise the $85 million it needed to remain independent, will cost the Federal Deposit Insurance Corp. $394.3 million.
Giannoulias worked for his father at Chicago-based Broadway before entering politics, and the bank's struggles in recent years with real estate loans gone bad have weighed on Giannoulias' Democratic bid for Barack Obama's old Senate seat.
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