WASHINGTON (Dow Jones)--U.S. regulators closed seven Illinois banks on Friday, including a Chicago bank closely tied to the Democratic candidate running for President Barack Obama's former Senate seat.
Friday's failures bring to 57 the number of U.S. banks that have failed already this year, after 140 failures in 2009. The FDIC said the total cost to its deposit insurance fund from Friday's failures topped $970 million.
State banking regulators shuttered Chicago's Broadway Bank, owned by the family of Alexi Giannoulias, who is locked in a fierce midterm election battle with U.S. Rep. Mark Kirk (R., ...
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