Broadway Bank, a bank owned by Giannoulias family, shut down by FDIC.

Alexi Giannoulias

 Federal regulators have shut down the bank owned by the family of Alexi Giannoulias (jeh-NOO'-lee-ehs), the Democrat running for President Barack Obama's former Senate seat.

The Federal Deposit Insurance Corp. made the announcement on its website after the close of business Friday.

Broadway Bank was heavy into real estate loans and lost $75 million last year. Regulators had given it until Monday to raise about $85 million in new capital.

Giannoulias is a first-term Illinois treasurer and a former bank loan officer. Giannoulias says the bank was financially healthy when he left but has suffered the same as other community banks.

But his GOP opponent has made it a central campaign issue.

Customers accounts are insured by the FDIC up to $250,000.

CHICAGO (AP) — U.S. Sen. Dick Durbin says he thinks the Democrat running for President Barack Obama's old Senate seat can still win despite the troubles at his family's bank.

And it looks like Alexi Giannoulias (jeh-NOO'-lee-ehs) could get a boost from the White House.

Obama's deputy press secretary says the president intends to help Democratic candidates in Illinois "up and down the ballot."

That would be good news for Giannoulias who is running in a tight race and whose campaign has been marred by financial struggles at his family's bank.

Durbin said Friday that the White House inquired about the state of Giannoulias' campaign, asking about organization and fundraising. Durbin also defended Giannoulias and says he believes he can win the race against Rep. Mark Kirk.

Associated Press Writer Henry C. Jackson contributed to this report from Washington