All deposit accounts. excluding certain brokered deposits, have been transferred to MB Financial Bank, National Association (N.A.), Chicago, IL (”assuming institution”) and will be available immediately. The former Broadway Bank locations will reopen as branches of MB Financial Bank, N.A. during regular business hours.
* Alexi Giannoulias plans to hold a press conference tonight at 7 at the Hotel Allegro. Check back. We may have live video.
* Amcore appears to be the biggest bank on today’s seizure list. From ABC7…
“Amcore is another bank on the ropes. It is 3 or 4 times bigger than Broadway. From a business perspective, Amcore is a way bigger story but the detail of a US Senate Candidate makes [Broadway] more interesting,” said Brian Battle, Performance Capital Partners.
Three other Chicago-area lenders — Lincoln Park Savings Bank, Citizens Bank & Trust of Chicago and Peotone Bank — are expected to fail Friday evening. They close at 7 p.m. and announcements of their buyers would take place after that, sources say.
Seven in one day. Well, isn’t Illinois special?
* Here are the costs to the FDIC’s bank-funded insurance fund for each of the seized institutions so far…
“While years of risky lending schemes, hot money investments and loans to organized crime led to today’s failure, it’s a sad day for Broadway Bank employees who may lose their jobs due to Mr. Giannoulias’ reckless business practices.”
* 7:29 pm - The Giannoulias campaign has updated its “The Truth About the Bank” website with info on how the FDIC insurance system is funded.