[3] Its financial situation and history of questionable loans were a factor in the campaign of Alexi Giannoulias in the 2010 U.S. Senate election in Illinois.
[1] Among people with bank accounts at Broadway were Barack Obama, Illinois Secretary of State Jesse White, and Chicago alderman Walter Burnett, Jr.[1] In 2006, Broadway Bank was considered very successful, and less than 0.5% of its loan portfolio was 90 days overdue.
[1] Alexi Giannoulias left Broadway Bank in 2006 when he was elected Illinois State Treasurer.
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 million to its reserves, raising another $50 million within 90 days to achieve its promised capital ratio, and adopting a less risky investment strategy.
"[3] At the end of business on Friday, April 23, 2010 (2010-04-23), the Illinois Department of Financial and Professional Regulation, Division of Banking, seized Broadway Bank and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver.