As Senate campaign heats up, Giannoulias family races to avoid collapse of its bank

The Chicago Tribune reports:

Of Broadway's more than $240 million in seriously delinquent loans and foreclosed real estate, Demetris Giannoulias said, 9 percent of the value of those deals originated during Alexi Giannoulias' tenure as the bank's chief loan officer from 2002 through 2006, when he left to successfully run for state treasurer.

Since 2007, Broadway Bank has filed dozens of foreclosures on various properties, including several to Michael Giorango, a convicted bookmaker and prostitution ring promoter who has become a political albatross in Alexi Giannoulias' campaigns.

During Alexi Giannoulias' tenure at Broadway, the bank approved loans to Giorango for various real estate deals. Alexi Giannoulias has acknowledged he serviced some Giorango loans and went to Miami to inspect Giorango property the bank financed.

The community bank that makes big loans to a mobster several states away from the community: the world of Alexi Giannoulias.