U.S. Senate candidate Alexi Giannoulias, the Democratic candidate seeking the seat once held by President Barack Obama in Illinois, vowed to press on with his campaign after regulators seized the bank his family owns.
“My campaign for the United States Senate goes forward, with a renewed determination to turn Illinois’s economy around and to fix what’s broken in Washington, D.C.,” Giannoulias said.
Broadway Bank had been operating since January under terms of a consent order with the Federal Deposit Insurance Corp. because of commercial real-estate loan losses.
“Unlike the big Wall Street banks, there was no bailout for my father’s bank,” Giannoulias said, fighting back tears at a news conference at a Chicago hotel yesterday. “It is an incredibly sad and heartbreaking day for me and for my family."