Giannoulias' Bank Needs $50 Million

Regulatory order comes less than a week before election

Wednesday, Jan 27, 2010  |  Updated 2:30 PM CDT
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Broadway Bank, the troubled Chicago lender owned by the family of Illinois Treasurer and U.S. Senate candidate Alexi Giannoulias, has been ordered to raise $50 million within the next 90 days, according to Crain's.

The regulatory order, while not unexpected by the Giannoulias family, will likely draw more attention to Giannoulias' business acumen, and comes with only six days left before the primary election.

Giannoulias has faced criticism from former city inspector general David Hoffman, who's running against him, for his role at the bank and the $70 million in dividends the family withdrew from the bank as the real estate crisis deepened.

In an emailed response, Giannoulias attempted to distance himself from the bank.

"In the midst of a deep recession brought on by bad decisions in Washington and lax oversight on Wall Street, hundreds of community banks are struggling and Broadway Bank is no exception," Giannoulias said in a statement. "I have not been there for nearly four years. My understanding is today’s agreement gives the business a plan for moving forward.”


 

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