Broadway Bank, the banking institution owned by the family of Alexi Giannoulias, has been shut by federal authorities after collapsing. Giannoulias is the Democratic nominee for US Senate in Illinois.

The notice, posted by the FDIC, reads in part:

On Friday, April 23, 2010, Broadway Bank, Chicago, IL was closed by the Illinois Department of Financial and Professional Regulation, Division of Banking. Subsequently, the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed.

All deposit accounts, excluding certain brokered deposits, have been transferred to MB Financial Bank, National Association, Chicago, IL. For more information on MB Financial Bank, National Association, visit us at www.mbfinancial.com.

Giannoulias, who previously served in senior positions at the bank founded by his father, has also come under fire for the bank’s decision to lend $20 million to individuals they knew to be felons. The bank has a history of approving mob loans.

How did the collapse come about? Well, the fact that the Giannoulias family took $70 million from the institution didn’t help. Neither did the bank’s extensive investments in the real estate market, which cost it about $75 million last year.

Watch as Illinois elects this dolt anyway.

If you feel so obliged, you can support his Republican opponent here. You could help defeat Democrats in the race for Barack Obama’s old seat.