US regulators seized 7 Illinois banks, this Friday, with Amcore Bank being the largest among them. Broadway Bank in Chicago, which is closely associated with the Democratic candidate running for President Obama's previous Senate seat, is one of the seized banks.

The recent issue has brought the number of banks depicting a failure to 57 in US, this year, following the core of 140 in 2009. The Federal Deposit Insurance Corp. shared that the loss to deposit insurance fund topped $970 million on Friday.

Broadway Bank is now owned by the family of Alexi Giannoulias. His involvement in the scandal-plagued institution, having the total assets of about $1.2 billion, as observed in 2009 end, has crept up as the main issue.

"There was no bailout for my father's bank. It is an incredibly sad and heartbreaking day for me and for my family”, he said. 

He further said that Broadway has a record of helping a lot of people, including his own family in times of crisis.

MB Financial Bank is looking forward to buy Broadway Bank's deposits, as well as its entire assets.