Inside these posts: Alexi Giannoulias

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Report: Aggressive lending doomed Broadway Bank

Signage gets changed in the window at Broadway Bank at 5960 N. Broadway. The bank was seized by the FDIC on Friday, Apr. 21, 2010. (Phil Velasquez/Chicago Tribune)

A regulatory autopsy into the April failure of Chicago’s Broadway Bank, which was owned by the family of failed U.S. Senate candidate Alexi Giannoulias, faulted management for pursuing an aggressive growth strategy in commercial real estate.

A heavy emphasis on such lending was “exacerbated by the bank’s significant emphasis on out-of-territory lending and large borrower relationships,” according to a report released Tuesday by the Federal Deposit Insurance Corp.’s Office of Inspector General.

Although not a primary reason for its failure, the FDIC also cited Broadway’s investments in higher-risk collateralized debt obligations. Get the full story »

FDIC: MB Financial only Broadway Bank bidder

Broadway Bank, the lender once owned by the family of  losing U.S. Senate candidate Alexi Giannoulias, attracted only one bidder when it failed in April, newly released records from the Federal Deposit Insurance Corp. show. Get the full story »

Boston Blackie’s closing some locations

Chicago-area restaurant chain Boston Blackie’s is closing some of its locations almost a year after the company filed for Chapter 11 bankruptcy protection.

An employee who answered the phone at the chain’s River East location said it was closing effective immediately. He declined to comment further. The Boston Blackie’s next to the Doubletree Hotel in Skokie also closed on Sunday, according to a hotel employee. Phone numbers listed on the company’s Web site for locations in Lincoln Park, Glencoe and Naperville were disconnected or out of service on Tuesday afternoon. Get the full story »

Report: Politics not behind Broadway Bank seizure

There is no evidence that politics played a role in the government seizure of a Chicago bank owned by the family of the Democratic nominee running for the U.S. Senate seat once held by President Barack Obama, a government watchdog said this week.

On April 23, bank regulators seized Broadway Bank, a community bank with $1.2 billion in assets, and the Federal Deposit Insurance Corp arranged for MB Financial Inc. to assume its deposits.

The move then became embroiled in this year’s campaign season because the bank was owned by the family of Alexi Giannoulias, the first-term Illinois state treasurer and the Democratic nominee in this year’s U.S. Senate race. Get the full story »

GOP criticizes Ill. Senate candidate for bank loan

Republicans accused Democratic Senate candidate Alexi Giannoulias of lending money to a corrupt political insider, although Giannoulias said he left his family’s bank before the loan was issued and the insider wasn’t listed on loan documents.

The Chicago Sun-Times reported Monday that Broadway Bank lent $22.75 million to a development company in 2006. One of the company’s owners was Antoin “Tony” Rezko, who was then tied up in a corruption probe that ultimately led to his conviction for shaking down people who wanted to do business with the state.

State offers low-interest loans to flood victims

The state of Illinois is offering low-interest disaster recovery loans for residents and businesses in northern Illinois that suffered damage from last weekend’s severe storms.

On Monday, Gov. Pat Quinn declared 12 northern Illinois counties disaster areas, after heavy storms on Saturday led to major flooding and property damage to many buildings and homes. The declaration means residents and business owners are eligible for below-market interest rates through participating lenders that they can use to finance repairs.

As of Tuesday, loan rates would be no more than 3.5 percent, according to Illinois State Treasurer Alexi Giannoulias, whose office oversees the loan program. Get the full story »

Giannoulias claims $2.7 million loss on tax forms

Democratic U.S. Senate candidate Alexi Giannoulias lost about $2.7 million last year in the collapse of his family’s Broadway Bank, according to tax returns his campaign released Friday.

Giannoulias fixes claim of being director

Associated Press | A banking group says Democrat Alexi Giannoulias didn’t serve on its board of directors like he’s claimed on his Senate campaign website. The Community Banks Association of Illinois said Wednesday that Giannoulias served on its Committee on Legislation and Regulation.

Get the full story: Giannoulis fixes claim of being director.