Banking & Finance

State sues S&P over flawed ratings of securities

June 28, 2013
 IBJ Staff
Securities Commissioner Chris Naylor accuses S&P of “systematically and intentionally” misrepresenting its analysis of securities backed by commercial or residential mortgages in order to “maximize revenue and market share.”
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Slower U.S. growth might lead Fed to keep up stimulus

June 27, 2013
Associated Press
The U.S. economy may not be strong enough for the Federal Reserve to slow its bond purchases later this year. That's the takeaway from economists after the government cut its estimate of growth in the January-March quarter to a 1.8-percent annual rate.
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Moody's revises NCAA credit outlook to negative

June 24, 2013
Associated Press
The NCAA's credit outlook has been downgraded by ratings agency Moody's as the governing body of college sports deals with an anti-trust lawsuit about the use of athletes' images and likenesses.
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Salin saves cash with video tellers

June 22, 2013
Chris O'Malley
In what might be the strangest twist in banking technology in years, Indianapolis-based Salin Bank is the first financial institution in the state to install sophisticated, interactive video tellers.
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Feud with Hilberts stinging Menard on many levels

June 22, 2013
-Greg Andrews
Throwing the sexual-extortion allegations into the public domain must be a nightmare for Menard, who for decades has doggedly avoided scrutiny of his personal life—even as he built his chain into the nation’s No. 3 home improvement retailer and built his net worth to an estimated $7 billion.
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Fair Finance trustee to continue pursuit into 2014

June 21, 2013
 IBJ Staff
The attorney charged with recovering some $200 million for the 5,300 investors bilked by Tim Durham’s Fair Finance Co. plans to continue filing lawsuits for reparations into next year.
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REITs tumble most since 2011 on concern of rising rates

June 19, 2013
Associated Press
Shares in U.S. real estate investment trusts fell the most in 19 months Wednesday. Three major REITs, all based in Indianapolis, saw their shares drop on Wednesday.
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World looks to Bernanke to clarify stimulus plans

June 17, 2013
Associated Press
Financial markets have been gyrating in the 3½ weeks since Bernanke told Congress the Fed might scale back its effort to keep long-term rates at record lows within "the next few meetings"— earlier than many had assumed.
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Hilbert puts MH management company into Chapter 11

June 15, 2013
Greg Andrews
The move, the latest fallout from the executive's feud with hardware king John Menard, puts on hold a Wisconsin lawsuit that sought millions of dollars from the company.
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Most of Indiana's largest public companies enjoyed strong 2012Restricted Content

June 15, 2013
Angie's List turned a profit for the first time in nearly two decades.
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Suit: Menard pressured Tomisue Hilbert for sexual favors

June 15, 2013
J.K. Wall
The lawsuit charges Tomisue Hilbert's rejection of the billionaire is the real reason he launched a bitter battle to remove her husband, Steve Hilbert, as CEO of the Indianapolis-based private-equity funds the three of them started in 2005.
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Estate of Financial Center's former CEO seeks death benefit

June 14, 2013
Chris O'Malley
The widow of former Financial Center CEO Roger Youngs alleges in a lawsuit that the Indianapolis credit union owes his estate $936,162, per his retirement agreement.
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Top 6 ExactTarget officers reap $92.5M in option gains in sale

June 13, 2013
Dan Human
The gains for top brass represent about one-third of the $277 million in option gains that the company's 1,700-person work force will rack up, regulatory filings show.
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Agency: Opting for overdrafts means higher fees

June 11, 2013
Associated Press
A U.S. agency says consumers who opt for overdraft coverage on their checking accounts pay higher fees and are more likely to have their accounts closed than those who decline it.
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ExactTarget option gains approach $300MRestricted Content

June 8, 2013
Dan Human
xactTarget Inc.’s sale will swell the value of employee stock options to nearly $300 million—a windfall local tech experts expect will launch a wave of entrepreneurship over the next several years.
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Upstate bank headed for FishersRestricted Content

June 8, 2013
A Warsaw-based bank will build in Fishers its second Indianapolis-area office.
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Stocks swoon after weak economic reports

June 5, 2013
Associated Press
Companies like miners, banks and chemical makers, whose fortunes are most closely tied to the prospects for growth, fell the most. That's a sign investors are becoming less confident in the U.S. economy.
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National mortgage settlement checks in the mail

June 4, 2013
Associated Press
Indiana Attorney General Greg Zoeller says checks totaling more than $26 million will be mailed to more than 18,000 Indiana consumers this month containing shares of the National Mortgage Settlement.
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IEDC rolling out $1M diversity investment fund

June 4, 2013
Greg Andrews
Fund managers will seek to invest in companies owned by minorities, women and veterans that have sustainable competitive advantages, scalable business models and the potential for meaningful job creation.
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Bank seeks to foreclose on architectural firm’s HQ

June 3, 2013
Scott Olson
KeyBank has filed a lawsuit against A2SO4 Architecture and is asking a judge to appoint a receiver to manage the property at 540 N. College Ave. The bank says it is owed nearly $1 million.
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Average household far from regaining wealth, study says

May 31, 2013
Associated Press
The average U.S. household has regained less than half the wealth it lost to the Great Recession, a report released Thursday by the Federal Reserve Bank of St. Louis concluded.
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Old National to close 13 Indy bank branches

May 29, 2013
Mason King
The move, part of a statewide effort to streamline operations and save money, will leave 27 Old National branches in the nine-county area.
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First Merchants accused of overdraft fee violations

May 29, 2013
Chris O'Malley
A lawsuit seeking class-action status alleges that the Muncie-based bank manipulated the timing of customers' transactions to cause their checking accounts to bounce more frequently, generating millions of dollars in overdraft fees.
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Former bookkeeper pleads guilty to stealing $680K

May 29, 2013
Associated Press
Fifty-three-year-old Karen Armacost of Franklin admitted to forging hundreds of checks between 2007 and 2012 from the Greenwood Orthopaedics surgical group.
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Horizon Bank gains access to Mass Ave with building purchase

May 28, 2013
Scott Olson
Michigan City-based Horizon Bank bought the two-story building at 302 N. Alabama St. for $1.5 million and is embarking on a "substantial" investment in the property.
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  1. If I were a developer I would be looking at the Fountain Square and Fletcher Place neighborhoods instead of Broad Ripple. I would avoid the dysfunctional BRVA with all of their headaches. It's like deciding between a Blackberry or an iPhone 5s smartphone. BR is greatly in need of updates. It has become stale and outdated. Whereas Fountain Square, Fletcher Place and Mass Ave have become the "new" Broad Ripples. Every time I see people on the strip in BR on the weekend I want to ask them, "How is it you are not familiar with Fountain Square or Mass Ave? You have choices and you choose BR?" Long vacant storefronts like the old Scholar's Inn Bake House and ZA, both on prominent corners, hurt the village's image. Many business on the strip could use updated facades. Cigarette butt covered sidewalks and graffiti covered walls don't help either. The whole strip just looks like it needs to be power washed. I know there is more to the BRV than the 700-1100 blocks of Broad Ripple Ave, but that is what people see when they think of BR. It will always be a nice place live, but is quickly becoming a not-so-nice place to visit.

  2. I sure hope so and would gladly join a law suit against them. They flat out rob people and their little punk scam artist telephone losers actually enjoy it. I would love to run into one of them some day!!

  3. Biggest scam ever!! Took 307 out of my bank ac count. Never received a single call! They prey on new small business and flat out rob them! Do not sign up with these thieves. I filed a complaint with the ftc. I suggest doing the same ic they robbed you too.

  4. Woohoo! We're #200!!! Absolutely disgusting. Bring on the congestion. Indianapolis NEEDS it.

  5. So Westfield invested about $30M in developing Grand Park and attendance to date is good enough that local hotel can't meet the demand. Carmel invested $180M in the Palladium - which generates zero hotel demand for its casino acts. Which Mayor made the better decision?

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