Broadway Bank's failure tied to high-risk loans outside Chicago: FDIC report

Crain's Chicago Business reports:

The Federal Deposit Insurance Corp.'s report on the cause of failure at the Giannoulias family's Broadway Bank, which briefly became an issue when its release was delayed past Election Day as Alexi Giannoulias was vying for an Illinois' U.S. Senate seat, didn't add much to what's already known about the bank's demise when it was released late Tuesday.

The bank failed largely because it concentrated too much on commercial real estate and lent more outside its home base of Chicago than inside it, the report said.

Here's the FDIC report on the "community bank" making loans( to mobsters several states) away from the community.