Broadway Bank Seizure Not Political Move, Watchdog Says

August 25, 2010  |  

(Chicago Business) — 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.

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