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By 2009, Broadway Bank had become burdened with bad loans. On
January 26, 2010, the bank agreed to restrictions from state and federal banking regulators: ending dividend payments to the Giannoulias family without regulatory approval, hiring outsiders to evaluate the senior management, adding $ 19
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Kaushik
Pancholi, noting that Broadway has previously "been one of the most profitable banks in Illinois", noted "certain investments that were rated triple-A by rating agencies when purchased, but have lost significant value over the past year." At the end of business on Friday,
155:. Broadway Bank was one of seven Illinois banks that were closed on the same day; the others were Chicago banks Citizens Bank & Trust Co., Lincoln Park Savings Bank, and New Century Bank; Amcore Bank in
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as the institution receiving
Broadway Bank's deposit accounts. The FDIC announced that it and MB Financial Bank would share $ 878.4 million in losses, for a cost of $ 394.3 million to the federal
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49:, were also heavily involved in the bank. Demetris eventually became a senior officer, and Alexi was a vice president and senior loan officer from 2002 to 2006. By 2010, Demetris was
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In 2002, Broadway Bank made a one million dollar loan to Loren
Billings, using her building on West Washington Street in Chicago as
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205:"Alexi's Albatross: Can Alexi Giannoulias shake off the problems plaguing his family's bank to win Obama's old Senate seat?"
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In 2006, Broadway Bank was considered very successful, and less than 0.5% of its loan portfolio was 90 days overdue.
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million to its reserves, raising another $ 50 million within 90 days to achieve its promised
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that existed from 1979 to 2010, and was owned by the
Giannoulias family.
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Alexi
Giannoulias left Broadway Bank in 2006 when he was elected
171:— details about Alexi Giannoulias' involvement in the bank
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105:. While state treasurer, he won the Democratic primary in the
139:, Division of Banking, seized Broadway Bank and appointed the
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Illinois
Department of Financial and Professional Regulation
269:"Regulators clamp down on Giannoulias' Broadway Bank"
122:, and adopting a less risky investment strategy.
84:Among people with bank accounts at Broadway were
175:United States Senate election in Illinois, 2010
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299:"Information for Broadway Bank, Chicago, IL"
233:"The Feds Take Action Against Broadway Bank"
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303:Federal Deposit Insurance Corporation
141:Federal Deposit Insurance Corporation
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365:2010 disestablishments in Illinois
355:Defunct companies based in Chicago
345:Defunct banks of the United States
340:Bank failures in the United States
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41:, a Greek immigrant. His sons,
360:1979 establishments in Illinois
169:Alexi Giannoulias#Broadway Bank
88:, Illinois Secretary of State
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335:Banks disestablished in 2010
213:. Chicago: Creative Loafing
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231:Dumke, Mick (2010-01-27).
203:Dumke, Mick (2009-12-03).
147:. The FDIC in turn named
330:Banks established in 1979
274:Crain's Chicago Business
127:April 23, 2010
103:Illinois State Treasurer
92:, and Chicago alderman
350:Banks based in Chicago
153:Deposit Insurance Fund
29:It was founded in 1979
279:Crain Communications
75:Museum of Holography
43:Demetris Giannoulias
94:Walter Burnett, Jr.
246:: Creative Loafing
39:Alexis Giannoulias
149:MB Financial Bank
55:Alexi Giannoulias
47:Alexi Giannoulias
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305:. 2010-04-23
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65:21st century
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90:Jesse White
324:Categories
309:2010-04-24
284:2010-04-24
250:2010-04-24
240:: The Blog
217:2010-04-24
181:References
143:(FDIC) as
131:2010-04-23
71:collateral
163:See also
157:Rockford
145:receiver
113:Collapse
79:dementia
244:Chicago
129: (
57:in the
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