Banking & Finance

City Securities' strategy: Stay true to your roots: State's oldest investment bank avoided Wall St. woesRestricted Content

September 22, 2008
Peter Schnitzler
In recent days, as some of Wall Street's most storied institutions teetered, the mood at Indiana's largest and oldest investment firm was almost serene. City Securities Corp. managers tracked news tickers and consulted CEO Mike Bosway, who was on vacation in Ireland, via his BlackBerry. But their biggest concern wasn't the financial underpinnings of their own company. It was tumbling stock prices, which depressed the value of the portfolios of their 15,000 clients. Bosway saw no need to rush home...
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Tough economy touching all industries, but some are hurting more than othersRestricted Content

September 22, 2008
Anthony Schoettle, Cory Schouten

Stock markets are falling, jobs are disappearing, and the outlook for the economy seems grim. Banks, real estate developers, retailers and manufacturers are taking the worst hits, but all types of businesses in central Indiana are hurting. From health care to technology, education to philanthropy, every industry is trying to take the setbacks in stride.


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Experts: Building boom not over: Big projects wind down, but new ones fill pipelineRestricted Content

September 8, 2008
Scott Olson
The completion of $2 billion in city construction projects has left a gaping hole in contractor job schedules-as wide as when the roof opens at Lucas Oil Stadium. Even so, industry leaders remain optimistic about staying busy despite the combination of a tepid economy and the end of a local boom that stretched the limits of the labor pool. The $1.1 billion airport midfield terminal project, the $715 million stadium and $150 million Central Library expansion helped to create so...
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VIEWPOINT: Advancing manufacturing is key to futureRestricted Content

September 1, 2008
Joseph Hornett
We've all heard it: Our economy is creeping to a crawl. Skyhigh oil prices, a weak housing market and the struggling U.S. dollar are discouraging consumers and business owners alike. Fears about our nation's fiscal health are shaking broader confidence in the banking industry, the system of global trade, and even our public image abroad. In the face of such adversity, it's helpful to remember that Americans have faced daunting challenges in the past. In tougher times, such as the...
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BEHIND THE NEWS: Banker ready to make Salin a force in state's largest cityRestricted Content

August 25, 2008
Greg Andrews
Alvin "Kit" Stolen is back atop an Indianapolisbased bank, albeit one many locals have never heard of. But Salin Bank & Trust Co. has big plans to get noticed-and get customers-here. After establishing strong market positions in south-central and northern Indiana, it finally has its sights on the center of the state. For now, Salin has just one Indianapolis-area branch, its headquarters near Keystone at the Crossing. But plans are in motion for two Hamilton County locations. And while bank...
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Developer pegs Plainfield for spec office building: Local real estate brokers question potential demandRestricted Content

August 18, 2008
Scott Olson
Now a developer is banking on a new roadway and airport terminal to attract office tenants, although some brokers familiar with the area aren't sold on the idea. The local office of Chicago-based Verus Partners LLC finished purchasing 200 acres along the east side of the Reagan Parkway and plans to build a 60,000-square-foot, two-story speculative office building. Verus' mixed-use office and industrial park is called GreenParke at Airwest and could be ready for occupancy by next summer. Infrastructure work...
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Murky motive adds intrigue to Old National loan saga

August 18, 2008
Greg Andrews
In the buttoned-down world of banking, it doesn't get much stranger than this: An Indianapolis loan officer with a strong reputation is suddenly dismissed after his employer charges he falsified lending documents. The bank says the fraud exposes it to potential losses approaching $20 million. And here's the kicker: The employer hasn't accused the banker of committing the wrongdoing for personal gain.
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BEHIND THE NEWS: Murky motive adds intrigue to Old National loan sagaRestricted Content

August 18, 2008
Greg Andrews
In the buttoneddown world of banking, it doesn't get much stranger than this: An Indianapolis loan officer with a strong reputation is suddenly dismissed after his employer charges he falsified lending documents. The bank says the fraud exposes it to potential losses approaching $20 million. And here's the kicker: The employer hasn't accused the banker of committing the wrongdoing for personal gain. There are no allegations, for instance, of setting up fictitious borrowers to scoop up bank cash on his...
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Developer pegs Plainfield for spec office building: Local real estate brokers question potential demandRestricted Content

August 18, 2008
Scott Olson
Now a developer is banking on a new roadway and airport terminal to attract office tenants, although some brokers familiar with the area aren't sold on the idea. The local office of Chicago-based Verus Partners LLC finished purchasing 200 acres along the east side of the Reagan Parkway and plans to build a 60,000-square-foot, two-story speculative office building. Verus' mixed-use office and industrial park is called GreenParke at Airwest and could be ready for occupancy by next summer. Infrastructure work...
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Stadium scores Colts 30-percent sponsorship increase: Entertainment in 14 themed areas starts four hours before kick-off; strategy gains notice from other NFL teamsRestricted Content

August 11, 2008
Anthony Schoettle
The Indianapolis Colts will score almost $18 million annually through their new stadium's title sponsorship and deals with 14 founding sponsors, each of which has its own themed area of the stadium's interior. Including sponsor agreements for two massive video boards at each end of the stadium, a narrower video board circling the upper reaches of the lower bowl, and other in-stadium deals, the Colts should bring in $20 million, 30 percent more than in the RCA Dome, according to...
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SURF THIS: Finding a stray $500-a hint of what Mint can do

August 4, 2008
Jim Cota
I received an email the other day offering some suggestions to save about $500 a year through a variety of basically painless financial moves. Most consisted of suggestions like "move this account, which is making next to nothing, to this bank where they'll pay you 4 percent." The email also recommended that I build an emergency fund, provided a list of all my account balances (everything from banking to credit cards to investments), pointed out the top purchases of the...
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BEHIND THE NEWS: News from the front lines: More tough times aheadRestricted Content

August 4, 2008
Greg Andrews
The past 12 months have been hard to take, with all the gloom-anddoom headlines about the weak housing market, subprime credit crisis and softening economy. We're all ready for some good news. Unfortunately, I can't provide it here. That's because executives on the front lines of Indiana business-those most tuned in to the twists and turns of the state's economy-aren't ready to call a turnaround yet. In second-quarter conference calls with analysts, the executives are trumpeting their firms' ability to...
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SPORTS: NASCAR: Good for the city, not so fun to watchRestricted Content

July 28, 2008
Bill Benner
Depending upon when IBJ lands in your hands, the 15th Allstate 400 at the Brickyard will be either coming to or going from the Indianapolis Motor Speedway. So let's talk racin'. Let me begin by saying how pleased I am that Tony George took that giant leap in 1994 and welcomed NASCAR to the hallowed openwheel grounds of IMS. By most accounts, the Brickyard 400 instantly became the second-most-coveted prize on the NASCAR circuit and it has remained in that...
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Going mobile: Local executive carves niche as national expert on fast-growing banking-industry technology trendRestricted Content

July 28, 2008
Scott Olson
Move over home computer, the more nimble mobile phone and competing handheld devices have taken the helm as the hippest ways to conduct banking business online. What's more, an Indianapolis banking executive is at the forefront of the mobile-banking information movement and is promoting the benefits on a blog he created that is attracting scores of new viewers each month from around the world. Brandon McGee, 34, may keep bankers' hours at the downtown office of the Columbus, Ohio-based Huntington...
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Bank-run scenes create concerns: IndyMac situation unlikely in Indiana, but customers should check out stability of their banks, experts warnRestricted Content

July 28, 2008
Cory Schouten
It was a scary scene, reminiscent of the Great Depression: Customers lined up outside California's IndyMac Bank branches to withdraw deposits after a bank run led to the bank's failure. The images have driven some central Indiana customers-businesses and individuals-to take a more critical look at the strength of their banks and the safety of their deposits. Even as financial stocks rallied in mid-July, the risk remains for more bank failures. Dismal earnings reports and massive write-downs continued in recent...
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INVESTING: Why Anheuser-Busch bid resonates in IndianapolisRestricted Content

June 30, 2008
Ken Skarbeck
One of our sister Midwestern cities is locked in a fight for its corporate identity. A n h e u s e r- B u s c h , maker and distributor of Budweiser brand beers-and the corporate icon of St. Louis-is engaged in a $46.3 billion takeover battle for its survival as a U.S.-based company. The would-be acquirer is Belgium-based InBev, the second-largest brewer by volume in the world. London-based SABMiller, who in 2002 bought Miller Brewing in Milwaukee,...
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Commentary: Wishing Nat City a speedy recoveryRestricted Content

June 30, 2008
Mickey Maurer
On June 19, The New York Times business section led with an article titled, "Regional Banks are Rocked." The accompanying graphic indicated that National City Bank lost 86 percent of its market value since the beginning of this year. No wonder. The news has not been good. On June 10, Peter Raskind, chairman and CEO of National City, acknowledged publicly that on Feb. 5, the bank had been placed under a memorandum of understanding by the comptroller of the currency....
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Networks help practices extend their reach:Restricted Content

June 30, 2008
Scott Olson
Outside of Indiana, the local law firm of Bose McKinney & Evans LLP has a nominal presence in Washington, D.C., and Raleigh, N.C. Yet, the midsize practice with roughly 130 lawyers in Indianapolis is handling an immigration issue for a fellow firm in India and is encouraged about prospects in Argentina, Colombia and Puerto Rico. Global gigs typically are reserved for larger rivals with an international scope. But scores of firms that want to expand their reach, without the risk...
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Conseco wins $29M judgment in latest round of legal warRestricted Content

June 23, 2008
J.K. Wall
Conseco Inc. has won another round in court against former Merchants National Bank CEO James D. Massey this month, ringing up a $29 million judgment against him in a court in Illinois. But Massey shows no sign of throwing in the towel in the years-long litigation over millions he borrowed to buy Conseco stock. Massey was a director of Conseco from 1994 to 2000.
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Director pay rising with demands on corporate boards: Some members manage to serve multiple Indiana public companies; median compensation exceeds $59,000Restricted Content

June 23, 2008
Peter Schnitzler
Joe Ruffolo learned a great deal over 35 years as an executive at PepsiCo., Squibb Corp., Reynolds Aluminum and North American Van Lines. Now running his own investment banking company, Fort Wayne-based Ruffolo Benson LLC, Ruffolo also holds seats on a halfdozen company boards. Executive compensation experts say that's too much on one plate. Ruffolo is one of a handful of Hoosiers who serve as independent board directors of more than one Indiana-based public company. Experts say it's an increasingly...
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More manufacturing? Maybe Butler did it: University's accelerator helps plants boost businessRestricted Content

June 16, 2008
Scott Olson
Ten years ago, Bob McAfee bought SaniServ, an 80-year-old Mooresville institution that pioneered the making of softserve ice cream machines for restaurants. Despite the manufacturer's longevity, a handful of competitors-one of them much larger and two roughly the same size-had cut into market share, causing SaniServ's annual revenue to stall at about $10 million. Determined to improve upon the figure, but unsure how to go about it, McAfee turned to the Butler Business Accelerator. The 2-year-old consultancy on the Butler...
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BEHIND THE NEWS: Steak n Shake roadblock sends dissident on detourRestricted Content

June 9, 2008
Greg Andrews
Since he began scooping up shares of The Steak n Shake Co. last year, dissident investor Sardar Biglari has been forthright about his intentions. Perhaps to a fault. The Texan's investor group in January laid out its strategy in a 10-page letter. First, it would push to elect two of its representatives to the nine-member board at the annual meeting. Then, it would ask shareholders to call a special meeting, where he hoped they would replace the majority of the...
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VOICES FROM THE INDUSTRY: One man's trash is a gold mine for privacy violationsRestricted Content

May 19, 2008
Joan Antokol
National pharmacy chains such as CVS and Walgreens are not the only ones to experience "dumpster-diving" by investigative reporters. These drugstores were merely the first to be featured in media reports about customers' personal information being disposed of without being destroyed first, a violation of state and federal privacy laws. Diving in Local reporters have since rummaged through the trash of mortgage brokers, title insurance companies, fitness centers, banks, law firms, hospitals and government organizations. While searching through the trash,...
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Symphony Bank results keep hitting sour notes: CEO hopes to succeed by taking bank 'to the people'Restricted Content

May 19, 2008
Cory Schouten
Symphony Bank's palatial branch along East 96th Street-outfitted with a copper roof, towering domed ceiling and heated parking lot-was designed to telegraph wealth and stability. But instead, the $5 million Taj Mahal became the most prominent symbol of the bank's excesses and one reason the startup has lost money every year since its founding in June 2005. The bank, which has no other branches, has torn through two management teams and piled up annual losses of $2 million or more...
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Land banking: Banks grab top sites for branches, often years before they buildRestricted Content

May 19, 2008
Cory Schouten
Many of central Indiana's banks are filling their own safe-deposit boxes, but they're not stuffing them with jewelry, legal documents or blackmail material. They're banking parcels of land. The sites often are in fast-growing suburbs or redevelopment areas that hold potential for new brickand-mortar bank branches, sometimes several years down the road. Competition can be fierce for the prime sites, and other financial institutions aren't the only nemesis for banks: Walgreens and CVS also are fighting over the best ground,...
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  1. If what you stated is true, then this article is entirely inaccurate. "State sells bonds" is same as "State borrows money". Supposedly the company will "pay for them". But since we are paying the company, we are still paying for this road with borrowed money, even though the state has $2 billion in the bank.

  2. Andrew hit the nail on the head. AMTRAK provides terrible service and that is why the state has found a contractor to improve the service. More trips, on-time performance, better times, cleanliness and adequate or better restrooms. WI-FI and food service will also be provided. Transit from outlying areas will also be provided. I wouldn't take it the way it is but with the above services and marketing of the service,ridership will improve and more folks will explore Indy and may even want to move here.

  3. They could take the property using eminent domain and save money by not paying the church or building a soccer field and a new driveway. Ctrwd has monthly meetings open to all customers of the district. The meetings are listed and if the customers really cared that much they would show. Ctrwd works hard in every way they can to make sure the customer is put first. Overflows damage the surrounding environment and cost a lot of money every year. There have been many upgrades done through the years to help not send flow to Carmel. Even with the upgrades ctrwd cannot always keep up. I understand how a storage tank could be an eye sore, but has anyone thought to look at other lift stations or storage tanks. Most lift stations are right in the middle of neighborhoods. Some close to schools and soccer fields, and some right in back yards, or at least next to a back yard. We all have to work together to come up with a proper solution. The proposed solution by ctrwd is the best one offered so far.

  4. Fox has comments from several people that seem to have some inside information. I would refer to their website. Changed my whole opionion of this story.

  5. This place is great! I'm piggy backing and saying the Cobb salad is great. But the ribs are awesome. $6.49 for ribs and 2 sides?! They're delicious. If you work downtown, head over there.

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