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Banking & Finance
BULLS & BEARS: Marsh, Suros deals a study in how to value businesses
May 8, 2006
Ken SkarbeckTwo recent Indianapolis business deals have provided local investors with excellent case studies in business valuation. What
is truly instructive is that these acquisitions are polar opposites based on the valuation methods employed and in the future
expectations the buyers have for these two businesses. They are the announced purchase of Marsh Supermarkets Inc. for $88
million by Florida-based Sun Capital Partners and the acquisition of Suros Surgical Systems for $240 million by Massachusetts-based
Hologic Inc. In the Marsh acquisition,...
MoreTech acquisitions are bittersweet: Investors win, but state loses headquarters
April 24, 2006
Peter SchnitzlerIn the past two weeks, central Indiana's two fastest-growing high-tech companies have announced their sales to larger out-of-state
firms. Local leaders are of two minds about it. On the one hand, there's the enormous payday for investors. Massachusetts-based
Hologic Inc. is buying Indianapolis-based medical-device maker Suros Surgical Systems Inc. for at least $240 million. And
St. Louis-based TALX Corp. scooped up Carmelbased Internet testing firm Performance Assessment Network Inc. for $75 million.
Optimists hope to see much of that money...
MoreBank's price fell $100M: Union Federal buyer cut offer as negotiations dragged on; investors pushed for liquidity
April 17, 2006
Greg AndrewsNo wonder word leaked early this year that Union Federal Bank was about to be sold. A new federal filing reveals that a deal
had been brewing since early last year-spawned largely by mounting frustration among investors that they were unable to turn
their stake in the bank's privately held parent, Fort Wayne-based Waterfield Mortgage Co., into cash. "The concerns over liquidity
were voiced by many shareholders at Waterfield Mortgage's annual shareholders' meeting in the spring of 2004," according to...
MoreRepairs to tower may take months: Tenants scramble for other arrangements
April 10, 2006
Peter SchnitzlerIt was a symbol of his success. For the last three years, environmental attorney Robert Clark has relished the view from his
corner office in One Indiana Square, high above the streets of Indianapolis. But on Sunday, April 2, tornadoforce winds left
it in tatters. His family photos are gone. Likewise his case files and the many gifts he'd received over the years from friends
or clients. "I understand there are no exterior walls," he said. "My desk is still...
MoreEvent planner builds business on big-city experience: Award-winning firm grows into all-around performer
April 3, 2006
Scott OlsonIndianapolis might not be as glamorous as Los Angeles or New York City, but Midwestern life seems to be suiting Gene Huddleson
just fine. Nearly 10 years after returning to his Hoosier roots, the event planner has found a niche within the industry that
builds upon his past travels. He and his colleagues at Detail + Design, in the Stutz II building across the street from the
original Stutz building, accompany corporate clients who may be hosting activities throughout the...
MoreMore students seek degree online: Working, career-hopping adults drawn by flexible degree format
March 20, 2006
Chris O\'malleyITT Educational Services Inc. may nearly double by the end of this year the number of degree programs it offers entirely through
online instruction as the school seeks to enroll students who can't make class because of work or family obligations. Six
online bachelor degree programs and two online associate degree programs are in various stages of regulatory and accreditation
review, according to the Carmel-based technical education provider, which has 38,800 students enrolled at schools in 28 states.
President and...
MoreFederal farm lending could shrivel under latest budget: Banking associations oppose proposed fee increases
March 13, 2006
Scott OlsonBrent Kerns likes to compare the U.S. Department of Agriculture's lending program to that of the Small Business Administration's.
In short, the USDA helps farmers the way the SBA assists small-business owners. But if a proposal to cut the budget of the
farm loan program is approved, it could become as expensive to use as the SBA's offering. Supporters fear a hike in user fees
would hurt those who need the money the most. "That cost goes straight to the...
MoreYou can take it to the bank: Financial experts say state's economy is rising, merger mania isn't over and regulatory laws
could take a toll
March 13, 2006
On Feb. 24, IBJ Publisher Chris Katterjohn, Managing Editor Greg Andrews and banking reporter Matt Kish sat down with four
leaders from Indianapolis' banking and finance sector: Judith Ripley, director of the Indiana Department of Financial Institutions;
Kit Stolen, CEO of Union Federal Bank of Indianapolis; Steve Beck, president and CEO of the Indiana Venture Center; and Keith
Slifer, senior vice president of LaSalle Bank. Among the topics of conversation: How's the state's economy doing? Are more
bank mergers on...
MoreFederal deposit insurance reform beefs up coverage: Retirement savings accounts stand to benefit most
March 13, 2006
Scott OlsonFederal deposit insurance reforms signed into law by President Bush last month boost coverage of some retirement accounts
and will raise coverage for other bank accounts beginning in 2010. The legislation, debated by lawmakers for the past six
years, is significant because it offers the first increase in deposit insurance coverage in more than 25 years, and just the
seventh rise since 1935. Federal deposit insurance currently covers as much as $100,000 per depositor. Starting no later than
November, depositors...
MoreBEHIND THE NEWS: Bank plays the 'local' card, but will it succumb to sale?
March 6, 2006
Greg AndrewsAn in-your-face ad campaign that First Indiana Corp. rolled out last month highlights the Indianapolisbased bank's local roots
and leaves the distinct impression it won't be accepting a buyout offer anytime soon. Rhetoric or reality? Time will tell.
"If you run an Indiana business, you need an Indiana bank," reads one of the ads. It continues: "Remember when your local
bank was actually local?" First Indiana executives and directors are savoring the sale of Union Federal Bank, which leaves
First...
MoreAyres stores may be razed: Smaller shops likely replacements at Castleton, Greenwood
March 6, 2006
Matthew KishSimon Property Group Inc. wants to take the wrecking ball to the soon-to-be-vacant L.S. Ayres stores at Castleton Square and
Greenwood Park malls, clearing the way for development of a collection of smaller stores and restaurants, sources familiar
with the plans say. "There have been numerous site plans circulated showing redevelopment with the existing structures removed,"
said Bill French, a local retail broker with St. Louis-based Colliers Turley Martin Tucker. Mark Perlstein, a partner with
The Linder Co., an Indianapolis-based...
MoreBank profit see-sawed before sale: Union Fed investors may have tired of volatile performance
February 13, 2006
Matthew KishUnion Federal Bank's profits have gone up and down like an electrocardiogram since a group of elite investors bought a major
stake in the privately held institution in 1999. That wildly inconsistent performance likely played a role in the decision
by investors to sell the bank, experts say. On Feb. 3, both the bank and its parent company were sold to Bowling Green, Ohio-based
Sky Financial Group Inc. for $330 million. The bank had been the thirdlargest in town. After...
MoreSarbanes-Oxley spreads beyond public companies: Hospitals, other not-for-profits consider tightening rules
February 6, 2006
Tom MurphyFew topics might kill a cocktail conversation faster than the Sarbanes-Oxley Act, unless the dinner party includes hospital
administrators, university presidents or other not-for-profit leaders. A desire to boost credibility-coupled with prodding
from bond-rating ratings agencies-has broadened interest in the 4-year-old federal law far beyond the public companies it
actually targets. Sarbanes-Oxley-passed by Congress in the wake of high-profile scandals at Enron, WorldCom and elsewhere-was
intended to enhance financial disclosure and eliminate arrangements that could undermine the independence of auditors....
MoreLanding ad revenue: Airport charged up over sponsorship of electrical outlets
January 30, 2006
Chris O\'malleyAdvertisements for mutual funds, watches and kolaches. Now as you wait at the gate for your flight, you'll even see ads on
electrical outlets. The Indianapolis Airport Authority on Jan. 20 was expected to approve a $65,000 marketing partnership
with Chase in what is the latest and certainly the most electrifying of all advertising schemes at Indianapolis International
Airport. These are desperate times for marketers. Too many ads are getting lost in the shuffle. And barraged consumers have
figured out...
MoreFirm retools after CEO exit: Norwood gives up on sale, to close 2 plants
January 30, 2006
Anthony SchoettleIn recent months, Norwood Promotional Products has settled a lawsuit with its distributors, lost its CEO, put itself up for
sale, and then taken itself off the block. Last week, the 2,000-employee company announced plant closings in Iowa and Pennsylvania.
The swirl of activity is no cause for concern, according to Norwood officials, who say the No. 2 player in the promotional
products industry is doing fine and will stay in Indianapolis. The privately held company-known for making customized products...
MoreFirm retools after CEO exit: Norwood gives up on sale, to close 2 plants
January 23, 2006
Anthony SchoettleIn recent months, Norwood Promotional Products has settled a lawsuit with its distributors, lost its CEO, put itself up for
sale, and then taken itself off the block. Last week, the 2,000-employee company announced plant closings in Iowa and Pennsylvania.
The swirl of activity is no cause for concern, according to Norwood officials, who say the No. 2 player in the promotional
products industry is doing fine and will stay in Indianapolis. The privately held company-known for making customized products...
MoreLanding ad revenue: Airport charged up over sponsorship of electrical outlets
January 23, 2006
Chris O\'malleyAdvertisements for mutual funds, watches and kolaches. Now as you wait at the gate for your flight, you'll even see ads on
electrical outlets. The Indianapolis Airport Authority on Jan. 20 was expected to approve a $65,000 marketing partnership
with Chase in what is the latest and certainly the most electrifying of all advertising schemes at Indianapolis International
Airport. These are desperate times for marketers. Too many ads are getting lost in the shuffle. And barraged consumers have
figured out...
MoreBanking players on rise: Despite flood of mergers, area competition heats up
January 16, 2006
Matthew KishBig-ticket bank mergers grabbed plenty of headlines in the past two years. Just don't let the splashy news stories fool you.
The number of players in the Indianapolis banking market is expanding, even amid consolidation in the industry nationwide.
Over the past 10 years, the number of banks taking deposits in the metropolitan area has grown from 41 to 56, according to
annual data from the Federal Deposit Insurance Corp. Analysts attribute much of the growth to smaller banks and...
MoreBig bank heading for sale?: Union Fed, parent firm mum as talk of mergers intensifies
January 9, 2006
Matthew KishOfficials with the companies in Fort Wayne and here aren't saying one way or the other. "We have nothing to announce," said
Alvin "Kit" Stolen, CEO of Union Federal since 2002. "We officially wouldn't comment or address those kinds of rumors or speculation."
The privately held companies are among the largest financial firms headquartered in Indiana. Union Federal has more than $3.4
billion in assets and ranks as the city's third-largest bank. Waterfield ranked 51st nationwide in mortgage originations in...
MoreNew ATA shares harder to land: Public offering not expected as airline exits bankruptcy
January 2, 2006
Chris O\'malleyYou probably wouldn't want to buy shares of the first discount airline in recent years to file bankruptcy reorganization-not
unless you're a short-seller or a relative of Norman Vincent Peale. Not in this airline climate. But even they won't have
a chance to buy shares being issued in ATA Holdings Corp. after the Indianapolis airline emerges from Chapter 11 as early
as next month. ATA was delisted from Nasdaq shortly after it filed for bankruptcy in October 2004. Old shares...
MoreIrwin Financial rebounds from loss: Impressive third quarter puts Columbus mortgage lender back on track
November 28, 2005
Matthew KishThe signs were ominous. Profits had turned to losses. Key executives were leaving. Financial statements were being rewritten.
In the middle of the turmoil, Columbus, Ind.-based Irwin Financial Corp. pulled an interesting rabbit out of its hat. After
posting a second-quarter loss of $3.4 million, Irwin this month surprised Wall Street with an impressive thirdquarter profit
of $18.5 million. The $6.5-billion-in-assets financial services company expects similar results this quarter. Company leaders
are pointing to a somewhat straightforward fix. "The quarter-over-quarter...
MoreOmnicity making inroads among the dirt roads: Rural areas served by wireless broadband provider have grown nearly six-fold
November 7, 2005
Chris O\'malleyAn Indianapolis company that provides wireless broadband service from atop grain elevators, water towers or darned near anywhere
the warbler roosts is expanding at a rapid clip and plans to launch Internet-based phone service in early 2006. Omnicity Inc.
also plans another private offering to raise cash for its ambitious build-out in rural areas that are underserved by high-speed
Internet providers. Improving broadband access has economic development implications in Indianapolis' remote bedroom communities
and throughout sparsely populated areas. Now, even...
MoreBanks embrace checking reprieve: Growing program frees potential customers
October 31, 2005
Tracy DonhardtBanks and credit unions statewide will soon have a larger pool of customers to tap into when a central Indiana program that
helps people barred from opening checking accounts expands. Get Checking, a national program that began at the University
of Wisconsin-Milwaukee in 2001, is a way for people who have landed on the ChexSystem register-a list of consumers barred
from opening an account-to get off the list. People find themselves in ChexSystem due to bouncing too many checks, failing...
MoreSomerset enjoying freedom: Firm grew under First Indiana, but independence brings control, president says
October 31, 2005
Scott OlsonLeaders of Somerset CPAs PC are soaking in the single life, one year after they split from First Indiana Corp. Twenty-one
Somerset partners bought the assets of the accounting firm from the locally based public company on Oct. 25, 2004, ending
a four-year relationship in which bad timing contributed more to the breakup than bad karma. The corporation is the holding
company of First Indiana Bank. At a time when the Sarbanes-Oxley Act mandates auditor independence, Somerset President Patrick
Early,...
MorePublic markets are sometimes a double-edged sword: Many companies enjoy access to capital, but others complain regulatory
compliance costs are just too high
October 31, 2005
Peter SchnitzlerFor young and growing companies, initial public offerings are a bit like climbing a mountain: a long, harsh toil to reach
a distant summit. But planting a flag at the peak isn't enough. To make the journey worthwhile, companies must stay there.
The payoff can be enormous, in the form of ready access to capital. But operating at such a high altitude requires careful
footing. And the effort costs more than some can afford. "It's a double-edged sword," said George...
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Saw the Indy Men's Chorus "Music of Gilbert & Sullivan" at the Indiana Historical Society on Sunday evening.
Temporary workers are not "tools" they are people and companies that keep large amounts of temp staff are cheating.
I miss having them around. I hope one of their stores is in the general Meridian/86th Street area. I will make good use of it.
The Fringe! Plus, the simple fact that there are so many local faves in such close proximity to each other.
I remenber, watching the toll road, being built, through South Bend, when I was 10 years old. I believe, back then that it was estimated, that the toll road, would be paid for in 20 years and then it would be free. I am now 71, what happened? Since the power is in the people, by that, I mean that, we the people are in total control of everything. I, suggest that no one ever use the toll road again, let it go broke. We the people can control the price of everything, from groceries to gas, if we would just do it. If we don't pay the asking price, the sellers will lower the price and if we wait awhile, they will lower the price to what we accept as reasonable. I would like to know why a highway like interstate 94, is so well maintained, a much better highway, than the toll road, but has no tolls. I would also like to know why, a sitting governor, with a term limit, maximum of eight years, can lease, public property, for 75 years. Even though I have transponders in both of my trucks and will not be affected by the increase, I have been and will contine to avoid using the toll road. I make many trips from northern Indiana to Chicago, every year, and I prefer the better highway, I94!