Banking & Finance

Major stock indexes climb to yearly highs

November 9, 2009
Associated Press
Major stock indexes rose as much as 2 percent, including the Dow Jones industrial average, which jumped 203 points.
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Failed Charlotte skyscraper brings Indianapolis developer back to earth

November 7, 2009
Greg Andrews
The Flaherty & Collins project—dubbed 210 Trade—would have been the tallest residential building in the Carolinas, with more floors than any building in the region except the Charlotte headquarters of Bank of America Corp.
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Huntington National Bank's assets fell because partnership ended

November 7, 2009
 IBJ Staff
Last week’s front-page story “Shuffling the deck” pointed out the significant gains midsize banks have made in the Indianapolis market over the last year. The one glaring exception was Columbus, Ohio-based Huntington National Bank, which had lost $56.3 million in local deposits as of June 30, according to the FDIC. A closer look explains why.
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Loan losses contribute to First Internet's poor earnings

November 4, 2009
Indianapolis-based First Internet Bancorp on Wednesday said it lost $208,806 in the third quarter, as loan losses continued to increase.
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Blue River posts loss on poor loan climate

November 4, 2009
Shelbyville-based Blue River Bancshares Inc. on Tuesday night said mounting loan losses contributed to a third-quarter loss of $356,000.
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First Merchants posts quarterly loss on bad loans

November 2, 2009
Muncie-based First Merchants Corp. said Monday afternoon that loan charge-offs contributed to a loss of $6.4 million in the third quarter.
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Economic turmoil hasn't shaken up local banks' market sharesRestricted Content

October 31, 2009
Peter Schnitzler
One of the toughest runs for the finance industry since the Great Depression didn’t lead to a major shakeup in Indianapolis’ banking landscape. Substitute PNC’s brand for National City’s, and the top eight positions remain unchanged.
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Steak n Shake's Biglari adds intrigue by buying stake in insurer

October 31, 2009
Greg Andrews
The Indianapolis-based company's CEO revealed earlier this year that he intends to use Steak n Shake as a holding company that will pursue purchases “either related or unrelated to its ongoing business activities.”
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HICKS: Recession results in 'great deleveraging'Restricted Content

October 31, 2009
Mike Hicks
On virtually every meaningful measure, this recession stacks up as only the third or fourth worst post-World War II recession, but its effects are much more profound in a few areas. One area that will be most apparent is the changes the economy has wrought on consumer credit.
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SKARBECK: Lenders still not serious about serious reformRestricted Content

October 31, 2009
Ken Skarbeck
The early signs point to meek efforts by the Obama administration to address gaping regulatory issues.
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Old National reports earnings well below expectations

October 26, 2009
 IBJ Staff
Evansville-based Old National Bancorp on Monday morning reported a third-quarter profit of $4 million, or 6 cents per diluted share, missing consensus analyst expectations by about 5 cents per share.
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Related-party loans pile up at Durham-owned finance firm

October 24, 2009
Greg Andrews
Indianapolis businessman Tim Durham has treated Ohio-based Fair Finance Co. almost like a personal bank since buying it seven years ago, and now he, his partners and related firms owe it more than $168 million, records show.
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First Financial gets sweet deal on Irwin Financial's bank assetsRestricted Content

October 24, 2009
Greg Andrews
It’s good to be among the favored few, those blessed by the Federal Deposit Insurance Corp. to scoop up the remnants of failed banks. Because it was on the FDIC list of approved buyers, Cincinnati-based First Financial Bancorp was able to acquire Columbus, Ind.-based Irwin Financial Corp.’s banking operations under terms that would make any deal-maker proud.
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Local lenders support small-biz loan initiative

October 22, 2009
Scott Olson
Small business lenders in Indianapolis are supporting a proposal announced by President Obama Wednesday that would increase the size of government-backed loans.
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Second developer facing foreclosure on Fishers property

October 20, 2009
Scott Olson
The developer of the proposed $80 million project is facing foreclosure on the property at the same time adjoining land critical to the project's development has been scheduled for liquidation by a lender.
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KALSCHEUR: Doctors eye precautions as reform gains steamRestricted Content

October 17, 2009
Michael Kalscheur
Doctors are considering their options as health care reform gains momentum.
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SKARBECK: Market a bright spot amid worrisome economyRestricted Content

October 17, 2009
Ken Skarbeck
The financial media have the corks ready to pop as the Dow Jones industrial average re-crosses what pundits claim is the â??psychologically importantâ?? 10,000 level.
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Dow Jones industrials close above 10,000

October 14, 2009
Associated Press
The Dow Jones industrial average is back above 10,000 for the first time in a year.
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Study: Taxing services could yield state $6.8B

October 12, 2009
Peter Schnitzler
The non-partisan Indiana Fiscal Policy Institute this morning released a new study exploring the ramifications of expanding the state's sales tax to include services.
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Securities firm Stifel Nicolaus balks at fraud charge

October 10, 2009
Peter Schnitzler
Transactions cited in the complaint involved advisers scattered across the firm’s seven Indiana offices, though two-thirds were clients of Jeff Cohen.
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Economist: Recovery at hand, but barriers exist

October 9, 2009
Scott Olson
Leading indicators show that an economic recovery likely will take hold in 2010, although several challenges remain that could delay a solid rebound from the worst recession in a generation, an economist said Friday morning at IBJ's annual Economic Forecast.
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FDIC fee hitting small banks particularly hardRestricted Content

October 3, 2009
Scott Olson
Fees imposed on U.S. banks to rebuild a Federal Deposit Insurance Corp. fund nearly depleted by scores of bank failures is expected to sap profits of small financial institutions. Community banks with less income than their larger counterparts are particularly at risk of having their 2009 earnings erased by the charges after an emergency fee on banks took effect June 30.
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A pair of community banks see loan woes escalateRestricted Content

October 3, 2009
Greg Andrews
Community Bank of Noblesville and Blue River Bancshares Inc. of Shelbyville have seen loans sour at a rate that might have seemed unimaginable before the housing market tanked and the recession set in.
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Stock-market rebound lifts hopes of Hoosier mutual fundsRestricted Content

October 3, 2009
Peter Schnitzler
The economic downturn walloped all three of the mutual funds headquartered in Indiana. But they've each enjoyed significant recoveries this year. And the smallest of the bunch has big plans to break away from the pack.
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Exterior work on bank tower wraps up with Regions sign

October 3, 2009
 IBJ Staff
The Regions Bank name and logo are joining the city’s skyline atop One Indiana Square, also known as Regions Bank Tower.
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