Broadway was chartered as an insured state nonmember bank on May 7, 1979 and was controlled by one or more members of the Giannoulias family. In 1997, members of the Giannoulias family acquired 100 percent of the issued and outstanding voting stock of the bank. In June 2007, Broadway Bancorp, Inc., Chicago, Illinois, acquired 100 percent of the bank’s stock, becoming a one-bank holding company. To effect the acquisition, the previous shareholders of the bank exchanged all their bank shares for an equal number of shares of Broadway Bancorp. Accordingly, Broadway’s holding company was controlled by the same stockholders that formerly controlled the bank. Broadway Bancorp provided capital contributions to, and received dividends from, Broadway resulting in a net outflow of $1.6 million from the bank to the holding company.