Banking & Finance

HICKS: Card check folly and the demise of unionsRestricted Content

September 5, 2009
Mike Hicks
This Labor Day sees the American labor movement in serious decline. In fact, U.S. private-sector union membership has been in serious decline for three decades.
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Oak Street Funding raises $50 million in new capital

September 5, 2009
 IBJ Staff
German group invests in Carmel-based company that specializes in financial services for insurance agencies.
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Star biz columnist leaving to lead Indiana Fiscal Policy Institute

September 2, 2009
 IBJ Staff
Indianapolis Star business columnist John Ketzenberger is leaving the newspaper to become president of the Indiana Fiscal Policy Institute, the organization said today.
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Former business owner Hockett sentenced for bank fraud

August 31, 2009
Scott Olson
A federal judge this morning sentenced a former Indianapolis business owner to 18 months in prison after he pleaded guilty to bank fraud in May.
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Fitch strips Indianapolis of prized AAA bond rating

August 29, 2009
Peter Schnitzler
Fitch and other rating agencies are concerned that the phase-in of property tax caps will further strain the city's finances.
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First Indiana deals stemmed from broader probe

August 25, 2009
Greg Andrews
The insider-trading settlements announced by the Securities and Exchange Commission this week were an outgrowth of a broader inquiry into trading in First Indiana Corp. by dozens of people before its sale two years ago, according to a former director of the bank.
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SKARBECK: For numerous banks, times still troubling

August 24, 2009
Ken Skarbeck
Every Friday after the markets have closed, my e-mail starts getting dinged by the FDIC. That is when the government agency publicly announces the names of banks that failed during the past week.
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Locals settle First Indiana insider-trading case

August 24, 2009
Greg Andrews
The Securities and Exchange Commission said today that it has settled insider-trading charges against three local residents who bought shares in First Indiana Corp. immediately before the July 9, 2007, announcement that it was being acquired by a Milwaukee bank for a 42-percent premium.
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Sallie Mae rallies over jobs in Fishers

August 21, 2009
Scott Olson
Sallie Mae CEO Al Lord visited the company's Fishers office this morning in his latest effort to get the word out that his business and his employees' jobs are threatened by a government proposal.
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BREAKING: Schrenker sentenced to 51 months in prison

August 19, 2009
 IBJ Staff and Associated Press
Indiana money manager Marcus Schrenker was sentenced to 51 months in federal prison today in Florida on charges that he deliberately crashed his plane to fake his own death and flee financial ruin, according to the Pensacola News Journal.
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Schrenker faces nine more charges in Indiana

August 19, 2009
 IBJ Staff
An Indiana money manager scheduled to be sentenced today in Florida on charges he deliberately crashed his plane to fake his death and flee financial ruin now faces more charges in his home state.
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Dodson Group CFO to plead guilty to wire fraud

August 18, 2009
Scott Olson
A former chief financial officer for The Dodson Group has agreed to plead guilty to wire fraud after admitting to stealing $422,539 from the Indianapolis-based firm.
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Loan defaults could cost David Marsh his Geist homeRestricted Content

August 17, 2009
Cory Schouten
David A. Marsh, the former supermarket executive and current president of the Crystal Flash convenience store chain, could lose his 11,800-square-foot mansion on Geist Reservoir over three defaulted loans.
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SKARBECK: Tax-haven crackdown starts getting serious

August 10, 2009
Ken Skarbeck
If you never got around to opening that Swiss bank account, you might want to wait a bit longer—at least until after Sept. 23. That is the date the IRS has set for any tax-evading American to come forward regarding 52,000 accounts held at Swiss banking giant UBS under a Voluntary Disclosure program.
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Lilly reorganizes venture capital unitRestricted Content

August 10, 2009
Peter Schnitzler
Eli Lilly and Co. has reorganized its venture capital division and simultaneously poured in an additional $25 million.More

Credit unions to pay hefty tab for bailoutsRestricted Content

August 10, 2009
Peter Schnitzler
Local credit unions largely avoided putting toxic assets on their own balance sheets. Even so, they’re going to have to pay millions of dollars to clean up their industry’s books.
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First Merchants posts larger loss on fraud charge

August 6, 2009
Scott Olson
Muncie-based First Merchants Corp. disclosed this week that the bank lost $31.2 million in the second quarter, including $10.2 million it blamed on fraudulent financial statements provided by a large commercial borrower.
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Irwin Financial narrows losses, continues restructuring

August 5, 2009
Scott Olson
Irwin Financial Corp. narrowed its losses in the second quarter, as the company continued to restructure or face the possible suspension of its business.
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White River Capital's profit drops 33 percent

August 4, 2009
White River Capital Inc. today reported its profit in the second quarter fell 33 percent compared to the same period last year, due primarily to expenses associated with its canceled merger.
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Cemetery owner to plead guilty to theft, fraud

July 30, 2009
Scott Olson
A cemetery owner set to go on trial Monday has agreed to plead guilty to theft and securities fraud.
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Carmel's Dormir raises $12M from venture capital firms

July 29, 2009
J.K. Wall
Carmel-based Dormir Inc., which operates sleep study centers and sleep equipment stores around the country, raised $12 million in venture capital from three out-of-state firms. The company plans use the proceeds to acquire six to 10 companies this year and more next year, according to CEO Tim Miller.
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Conseco says profit in line with estimates

July 28, 2009
J.K. Wall
Conseco Inc. said it would meet analysts’ expectations for the second quarter by posting earnings of at least 22 cents per share, before investment losses. The Carmel-based health insurer announced the preliminary financial results today after the market closed.
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Grain Dealers Mutual merges with Florida firm

July 28, 2009
Scott Olson
Indianapolis-based Grain Dealers Mutual Insurance Co., one of the largest property-casualty insurers in the state, will become part of The Main Street America Group, the Jacksonville, Fla.-based company said this morning.
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Regulators hike Irwin Union's capital requirements

July 27, 2009
Peter Schnitzler
Regulators have told Irwin Union Bank FSB that it must boost its capital by the end of next month or face the possible suspension of its business.
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Old National profit falls, but beats expectations

July 27, 2009
Scott Olson
Second-quarter profit for Old National Bancorp fell 50 percent from the same period a year ago, but the company still managed to exceed analysts’ expectations.
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