Candidate for Obama's Old Senate Seat Undeterred By Family's Bank Failure

Illinois Treasurer Alexi Giannoulias appears undaunted by the shuttering of his family's bank, saying his bid to keep President Obama's old Senate seat in Democratic hands will move forward with renewed purpose.

Regulators shut down Broadway Bank on Friday when it became clear that the failing institution would not raise about $85 million in new capital by a Monday deadline.

Thirty-four-year-old Giannoulias has blamed the bad economy, saying the bank was financially healthy when he left his job there as a senior loan officer to become treasurer four years ago.

His Republican opponent, U.S. Rep. Mark Kirk, has made the bank's finances a central issue in their Senate race.

Giannoulias' campaign and Democratic insiders maintain he can beat Kirk.