Banking & Finance

BULLS & BEARS: Marsh, Suros deals a study in how to value businessesRestricted Content

May 8, 2006
Ken Skarbeck
Two 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,...
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Tech acquisitions are bittersweet: Investors win, but state loses headquartersRestricted Content

April 24, 2006
Peter Schnitzler
In 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...
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Bank's price fell $100M: Union Federal buyer cut offer as negotiations dragged on; investors pushed for liquidityRestricted Content

April 17, 2006
Greg Andrews
No 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...
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Repairs to tower may take months: Tenants scramble for other arrangementsRestricted Content

April 10, 2006
Peter Schnitzler
It 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...
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Event planner builds business on big-city experience: Award-winning firm grows into all-around performerRestricted Content

April 3, 2006
Scott Olson
Indianapolis 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...
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More students seek degree online: Working, career-hopping adults drawn by flexible degree formatRestricted Content

March 20, 2006
Chris O\'malley
ITT 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...
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Federal farm lending could shrivel under latest budget: Banking associations oppose proposed fee increasesRestricted Content

March 13, 2006
Scott Olson
Brent 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...
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You 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 tollRestricted Content

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...
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Federal deposit insurance reform beefs up coverage: Retirement savings accounts stand to benefit mostRestricted Content

March 13, 2006
Scott Olson
Federal 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...
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BEHIND THE NEWS: Bank plays the 'local' card, but will it succumb to sale?Restricted Content

March 6, 2006
Greg Andrews
An 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...
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Ayres stores may be razed: Smaller shops likely replacements at Castleton, GreenwoodRestricted Content

March 6, 2006
Matthew Kish
Simon 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...
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Bank profit see-sawed before sale: Union Fed investors may have tired of volatile performanceRestricted Content

February 13, 2006
Matthew Kish
Union 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...
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Sarbanes-Oxley spreads beyond public companies: Hospitals, other not-for-profits consider tightening rulesRestricted Content

February 6, 2006
Tom Murphy
Few 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....
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Landing ad revenue: Airport charged up over sponsorship of electrical outletsRestricted Content

January 30, 2006
Chris O\'malley
Advertisements 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...
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Firm retools after CEO exit: Norwood gives up on sale, to close 2 plantsRestricted Content

January 30, 2006
Anthony Schoettle
In 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...
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Firm retools after CEO exit: Norwood gives up on sale, to close 2 plantsRestricted Content

January 23, 2006
Anthony Schoettle
In 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...
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Landing ad revenue: Airport charged up over sponsorship of electrical outletsRestricted Content

January 23, 2006
Chris O\'malley
Advertisements 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...
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Banking players on rise: Despite flood of mergers, area competition heats upRestricted Content

January 16, 2006
Matthew Kish
Big-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...
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Big bank heading for sale?: Union Fed, parent firm mum as talk of mergers intensifiesRestricted Content

January 9, 2006
Matthew Kish
Officials 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...
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New ATA shares harder to land: Public offering not expected as airline exits bankruptcyRestricted Content

January 2, 2006
Chris O\'malley
You 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...
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Irwin Financial rebounds from loss: Impressive third quarter puts Columbus mortgage lender back on trackRestricted Content

November 28, 2005
Matthew Kish
The 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...
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Omnicity making inroads among the dirt roads: Rural areas served by wireless broadband provider have grown nearly six-foldRestricted Content

November 7, 2005
Chris O\'malley
An 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...
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Banks embrace checking reprieve: Growing program frees potential customersRestricted Content

October 31, 2005
Tracy Donhardt
Banks 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...
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Somerset enjoying freedom: Firm grew under First Indiana, but independence brings control, president saysRestricted Content

October 31, 2005
Scott Olson
Leaders 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,...
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Public markets are sometimes a double-edged sword: Many companies enjoy access to capital, but others complain regulatory compliance costs are just too highRestricted Content

October 31, 2005
Peter Schnitzler
For 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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  1. I had read earlier this spring that Noodles & Co was going to open in the Fishers Marketplace (which is SR 37 and 131st St, not 141st St, just FYI). Any word on that? Also, do you happen to know what is being built in Carmel at Pennsylvania and Old Meridian? May just be an office building but I'm not sure.

  2. I'm sorry, but you are flat out wrong. There are few tracks in the world with the history of IMS and probably NO OTHER as widely known and recognized. I don't care what you think about the stat of Indy Car racing, these are pretty hard things to dispute.

  3. Also wondering if there is an update on the Brockway Pub-Danny Boy restaurant/taproom that was planned for the village as well?

  4. Why does the majority get to trample on the rights of the minority? You do realize that banning gay marriage does not rid the world of gay people, right? They are still going to be around and they are still going to continue to exist. The best way to get it all out of the spotlight? LEGALIZE IT! If gay marriage is legal, they will get to stop trying to push for it and you will get to stop seeing it all over the news. Why do Christians get to decide what is moral?? Why do you get to push your religion on others? How would legalizing gay marriage expose their lifestyle to your children? By the way, their lifestyle is going to continue whether gay marriage is legalized or not. It's been legal in Canada for quite a while now and they seem to be doing just fine. What about actual rules handed down by God? What about not working on Sundays? What about obeying your parents? What about adultery? These are in the 10 Commandments, the most important of God's rules. Yet they are all perfectly legal. What about divorce? Only God is allowed to dissolve a marriage so why don't you work hard to get divorce banned? Why do you get to pick and choose the parts of the Bible you care about?

  5. Look at the bright side. With the new Lowe's call center, that means 1000 jobs at $10 bucks an hour. IMS has to be drooling over all that disposable income. If those employees can save all their extra money after bills, in five years they can go to the race LIVE. Can you say attendance boost?

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