John Letzing, MarketWatch
SAN FRANCISCO (MarketWatch) -- Seven U.S. banks were closed by regulators Friday, bringing the total number of bank failures for the year to 57. The seven banks are all based in Illinois, and include Wheatland Bank, Peotone Bank and Trust Company, Lincoln Park Savings Bank, New Century Bank, Citizens Bank & Trust Company of Chicago, Amcore Bank and Broadway Bank. Broadway Bank is run by the family of U.S. Senate candidate Alexi Giannoulias. The seven bank failures combined will cost the federal deposit insurance fund $973.9 million, according to the Federal Deposit Insurance Corp.