Illinois and Federal Regulators Close 6 Banks After Seizeing Obama’s Friend Alexi Giannoulias’Broadway Bank in Chicago

On Friday, Federal and Illinois regulators closed and taken over six banks in addition to  seizing Chicago’s Broadway Bank. Broadway Bank owned by the family of Illinois Treasurer Alexi Giannoulias. Giannoulias is running to  replace US Senator Rolland Burris  who was selected by Former Illinois Governor Rod Blagojevich(D-IL) to replace Senator Barack Obama(D-IL) who was elected to the Presidency in 2008.

The Six other Illinois bank are New Century Bank with $485.6 million in assets and Citizens Bank and Trust with$77.3million in assets; Lincoln Park Savings Bank with $199.9 million in assets; these banks are based in Chicago.

The FDIC also took over Amcore Bank of Rockford which $3.8 billion in assets; Peotone Bank and Trust Company in Peotone with $130.2 million in assets Wheatland Bank of Naperville with$437.2 million in assets.

MB Financial Bank agreed to acquire the deposits of both Broadway bank and  New Century Bank. Republic Bank of Chicago agreed to assume Citizens Deposits, while Chicago Harris National Association agreed to acquire Amcore Bank’s Deposits.

Northbrook Bank and Trust Company of Northbrook agreed to the deposits of Lincoln Park Savings Bank. First Midwest Bank of Itsaca agreed to assume Peotone Bank and Trust’s deposits. Wheaton Bank and Trust will acquire the deposits of Wheatland Bank.

AP via My Way News has the rest of the story.

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