Banking & Finance

Leader of fraud scheme pleads guilty to 20 counts

January 17, 2013
Scott Olson
Michael Russell faces between 57 and 71 months in prison for defrauding an Indianapolis investor of $1.7 million. Two associates, Paul Bateman, a former City-County councilor, and Manuel Gonzalez, have pleaded not guilty and are set for trial Feb. 11.
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Indiana liberal arts colleges strategize to survive perfect stormRestricted Content

January 12, 2013
J.K. Wall
Colleges are experimenting with business models at a time when the ability of students and their families to pay are dropping dramatically, and endowments and scholarship funds remain depressed.
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Farmers seek rescue from unexpected property tax hitRestricted Content

January 12, 2013
Kathleen McLaughlin
New soil-productivity factors issued by the Department of Local Government Finance last year would have raised tax collections an average 18.5 percent this year.
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Emmis' well-paid CEO signs on for 3 more yearsRestricted Content

January 12, 2013
Greg Andrews
CEO Jeff Smulyan's supporters praise him for repositioning Emmis during a harrowing stretch for the media industry. Detractors complain about his hefty compensation.
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Analyst cuts Cummins rating, citing rise in shares

January 11, 2013
Associated Press
Analyst Stephen Volkmann lowered his rating on the engine maker's stock to "Hold" from "Buy," noting that the shares have risen 30 percent from their October lows and are now just 10 percent below all-time highs.
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BioCrossroads seed fund makes first investments

January 10, 2013
Local startups Esanex Inc. and Algaeon Inc. have received $500,000 and $250,000, respectively, from Indiana Seed Fund II, BioCrossroads' second fund to help fledgling life sciences companies.
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Old National buying 24 branches from Bank of America

January 9, 2013
Bloomberg News
Bank of America Corp. plans to sell 24 branches in northern Indiana and southwest Michigan with about $779 million in deposits to Old National Bancorp.
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U.S. banks to pay $8.5B in mortgage settlement

January 8, 2013
Associated Press
Hundreds of thousands of Americans stand to benefit from the latest mortgage-abuse settlement, but consumer advocates say U.S. banks may be getting the best of the deal.
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Investment strategists confront shrinking interest ratesRestricted Content

January 5, 2013
Kathleen McLaughlin
You know the investing climate is unusual when a stock’s dividend yields more than bonds issued by the same company.
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Columbus-based mutual fund shines in 2012Restricted Content

January 5, 2013
Scott Olson
Kirr Marbach's 'mid-cap blend' outpaces similar Indiana-based investments.
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PROXY CORNER: Horizon Bancorp

January 5, 2013
 IBJ Staff
Horizon Bancorp, 515 Franklin Square, Michigan City, Ind. 46360, operates as Horizon Bank and Heartland Community Bank.
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CNO's Bonach has insurance firm back on offenseRestricted Content

January 5, 2013
Chris O'Malley
CNO Financial Group’s stock price has nearly doubled since Ed Bonach took the helm in October 2011. Some analysts that follow the successor to Conseco Inc., which a decade ago was the nation’s third-largest Chapter 11 bankruptcy reorganization, now regard CNO as an attractive value play.
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Microlenders aim to help businesses grow, survive

January 5, 2013
Andrea Muirragui Davis
Indiana has three certified, not-for-profit SBA microloan intermediaries, which not only make short-term microloans—as any lender can—but also use the SBA grants they receive to offer business coaching along with the financing.
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Stock buyback continues at CNORestricted Content

January 5, 2013
 IBJ Staff
The Carmel-based owner of Bankers Life and other insurance companies has seen its stock rise as it restructures debt.
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'Cliff' deal sends stocks up, but problems lurk

January 2, 2013
Associated Press
The "fiscal cliff" compromise, even with all its chaos, controversy and unresolved questions, was enough to send the stock market shooting higher Wednesday, the first trading day of the new year.
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Despite deal, taxes to rise for most Americans

January 2, 2013
Associated Press
While the tax package that Congress passed New Year's Day will protect 99 percent of Americans from an income tax increase, most of them will still end up paying significantly more federal taxes in 2013.
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After cutting debt, Emmis lines up $100M refinancing

December 28, 2012
Greg Andrews
The Indianapolis-based media company had been carrying debt far above market rates, some as high as 23 percent. It also was facing tens of millions of dollars in debt maturities in 2013 and 2014.
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Developer loses fraud appeal

December 28, 2012
Scott Olson
The Indiana Court of Appeals affirmed Christopher White's 2009 conviction, resulting from a $500,000 bad check he wrote as he tried to save his real estate development firm.
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Former Lifestyle gym building target of foreclosure

December 28, 2012
Scott Olson
The owner of the building at 4225 E. 82nd St. owes $4.9 million on a $7.4 million loan, according to the suit. The tenant, Lifestyle Family Fitness, closed the location in November 2011.
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Former brokerage VP suing for sex, age discrimination

December 27, 2012
Dan Human
Attorneys for Dana Hurst say in a Dec. 20 court filing that David A. Noyes & Co. didn't grant her pay increases or year-end bonuses during her last 15 years on the job, while male counterparts were better rewarded.
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REWIND: IBJ's top 10 business stories of 2012

December 26, 2012
Top 10 business stories of 2012 Watch
                           VideoThe state's labor landscape changed, and the housing market improved. Indianapolis basked in the glow of a flawless Super Bowl, and big-name CEOs were shown the door. IBJ's reporters and editors recall the year's biggest stories.
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Women’s physician building targeted for foreclosure

December 21, 2012
A lawsuit from the lender claims that Women's Physician Group still owes $8.7 million on a $9 million loan it received for a northwest-side building.
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Slinky maker’s owner buys bankrupt Fundex for $1.7M

December 20, 2012
Scott Olson
Private equity firm Propel Equity Partners is acquiring Fundex following a court-ordered auction in which a surprise bidder surfaced, driving up the price of the company.
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Former country club controller gets 2 years for fraud

December 19, 2012
Associated Press
Officials say Denise Abrell defrauded the Country Club of Indianapolis of $400,000 by writing checks to herself and using the club's credit card without its knowledge.
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Auditors: Tech issues, worker rush led to state tax errors

December 17, 2012
Associated Press
Auditors investigating Indiana's Department of Revenue are saying outdated technology and a work culture that sacrificed accuracy for speed led to $526 million in tax errors from the state.
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  1. The east side does have potential...and I have always thought Washington Scare should become an outlet mall. Anyone remember how popular Eastgate was? Well, Indy has no outlet malls, we have to go to Edinburgh for the deep discounts and I don't understand why. Jim is right. We need a few good eastsiders interested in actually making some noise and trying to change the commerce, culture and stereotypes of the East side. Irvington is very progressive and making great strides, why can't the far east side ride on their coat tails to make some changes?

  2. Boston.com has an article from 2010 where they talk about how Interactions moved to Massachusetts in the year prior. http://www.boston.com/business/technology/innoeco/2010/07/interactions_banks_63_million.html The article includes a link back to that Inside Indiana Business press release I linked to earlier, snarkily noting, "Guess this 2006 plan to create 200-plus new jobs in Indiana didn't exactly work out."

  3. I live on the east side and I have read all your comments. a local paper just did an article on Washington square mall with just as many comments and concerns. I am not sure if they are still around, but there was an east side coalition with good intentions to do good things on the east side. And there is a facebook post that called my eastside indy with many old members of the eastside who voice concerns about the east side of the city. We need to come together and not just complain and moan, but come up with actual concrete solutions, because what Dal said is very very true- the eastside could be a goldmine in the right hands. But if anyone is going damn, and change things, it is us eastside residents

  4. Please go back re-read your economics text book and the fine print on the February 2014 CBO report. A minimum wage increase has never resulted in a net job loss...

  5. The GOP at the Statehouse is more interested in PR to keep their majority, than using it to get anything good actually done. The State continues its downward spiral.

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