Bridgeport bank failure cost millions more than feds have said: Where did all the money go?

The old Washington Federal Bank for Savings, 2869 S. Archer Ave., which was shut down in December 2017 for “unsafe or unsound practices” days after John F. Gembara, its president and chief executive officer, was found dead at a bank customer’s home. A federal audit uncovered massive fraud at the bank. (Google Street View)

It’s been more than five years since federal regulators shut down a tiny bank in Chicago, in the process exposing deep connections to the Daley family and its political army.

Federal officials still haven’t been able to account for all of the money that they’ve said was looted from Washington Federal Bank for Savings, the century-old Bridgeport institution that the Gembara family ran for three generations.