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Banking & Finance
Church caught up in nightmare after life insurance scheme sours
October 27, 2012
Kathleen McLaughlinThe Lindberg Road Church of Christ in Anderson has filed for bankruptcy protection because of a failed plan to finance construction
on its properties. The plan involved buying life insurance on elderly members, with the intent to sell the policies later
on the secondary market.
MoreRapid rise of ExactTarget uplifting for young techies
October 27, 2012
Greg AndrewsIn just over a decade, the interactive marketer has rocketed from bootstrapped startup to New York Stock Exchange-listed company
with a market value of $1.5 billion.
MoreReport tallies local government debt loads
October 27, 2012
Kathleen McLaughlinA new reporting requirement on local governments gives taxpayers unprecedented access to debt information, but the data is
also likely to raise many questions.
MoreFlorida payroll provider moving to Indianapolis, adding 59 jobs
October 26, 2012
Beyond Payroll LLC, which said it will add the jobs by 2106, is leasing 2,000 square feet of space in the downtown Stutz Building.
MoreU.S. sues Bank of America for $1B-plus in mortgage fraud
October 24, 2012
Associated PressThe top federal prosecutor in Manhattan sued Bank of America for more than $1 billion on Wednesday for mortgage fraud against
Fannie Mae and Freddie Mac during the years around the financial crisis.
MoreStocks hammered by weak earnings reports
October 23, 2012
Associated PressStocks sank sharply Tuesday morning, driving major indexes to their lowest point since early September, after big-name companies
reported weak quarterly earnings and lowered their expectations for the rest of the year.
MoreScale Computing lands $12 million in VC funding
October 23, 2012
Chris O'MalleyScale Computing, a maker of data-storage devices that recently launched a “datacenter in a box,” has landed another
$12 million in venture funding.
MoreState going after underwriter of $5M Estridge offering
October 20, 2012
Greg AndrewsThe regulatory action is an outgrowth of a falling-out between Indiana Securities owner Frank Neese and Bank of Indiana, which
lost its entire $1 million investment when The Estridge Cos. collapsed.
MoreLegal fees nearing $9M in Fair Finance bankruptcy
October 17, 2012
Cory SchoutenThe trustee in the Fair Finance bankruptcy case and his law firm have run up legal bills approaching $9 million, nearly double
the recoveries they've achieved to date for investors victimized by convicted fraudster Tim Durham.
MoreLender forecloses on Uptown Business Center
October 15, 2012
Cory SchoutenA lender has filed to foreclose on the Uptown Business Center, a neighborhood retail building at the southwest corner of 49th
Street and College Avenue that a local developer had hoped to use as a springboard to revitalize the intersection.
MoreBanks eager to loan, but small firms hold back
October 13, 2012
Kathleen McLaughlinIndiana banks can tout more success in small-business lending since the recession ended, but the success is hard-won because
the masses of entrepreneurs remain cautious about borrowing.
MoreHIATT: Political campaign puts private equity in the spotlight
October 13, 2012
Tom Hiatt / Special to IBJIn the current political campaign, private equity, the industry in which I have spent much of my career, finds itself in the
spotlight. But in my conversations with other intelligent people, I often find they are curious about what private equity
funds do.
MoreRetailers await decision on $7.2B 'swipe-fee' settlement
October 13, 2012
Scott OlsonIn what could be the largest antitrust settlement in U.S. history, the agreement would resolve dozens of lawsuits filed by
retailers against Visa Inc., MasterCard Inc. and the banks that issue their credit cards.
MoreMany banks still digging out from Great Recession trauma
October 13, 2012
The following statistics reflect performance of the 10 banks with the largest market shares in the Indianapolis Metropolitan
Statistical Area.
MoreBanks' market rankings stable despite deposit shifts
October 13, 2012
IBJ StaffBMO Harris and PNC lost some deposits, but the biggest local banks by market share remained the same.
MoreSmall law firm sees faith in WellPoint class-action suit pay off
October 13, 2012
Greg AndrewsA federal judge in June granted preliminary approval to a deal under which WellPoint Inc. would pay $90 million to settle
a lawsuit charging it undercompensated policyholders when it converted into a public company in 2001.
MoreM&I-BMO Harris changeover leaves some customers in lurch
October 10, 2012
Scott OlsonBMO Harris Bank’s expansion in Indianapolis and other markets via its acquisition of M&I Bank is off to a rocky
start as many customers still are unable to access their online banking accounts.
MoreJudge tosses out lawsuit blasting Irwin executives
October 6, 2012
Greg AndrewsA judge dismissed a lawsuit filed by Irwin Financial Corp.'s bankruptcy trustee, saying the only party with the right
to bring suit was the bank’s receiver, the Federal Deposit Insurance Corp. It didn't do so by last month's deadline.
MoreT2 Systems might tap cash hoard for acquisitions
October 6, 2012
Chris O'MalleyFast-growing T2 Systems has been biding its time since scoring a $28 million equity infusion a year ago, but the maker of
parking management software could soon be towing competitors out of its space.
MoreMainSource making most of prime downtown spot
October 6, 2012
Part of former Borders bookstore space is marketing opportunity for Greensburg-based bank. The other half could be turned
into lobby for Barnes & Thornburg.
MoreCreditor could take ownership of downtown Comfort Suites
October 5, 2012
Scott OlsonThe owner of the hotel, an affiliate of Dora Brothers Hospitality Corp. in Fishers, filed for Chapter 11 bankruptcy in February.
German American Capital Corp., which is owed $12 million, could own the property by the end of the year.
MoreWellpoint raises $1.35B in first convertible offering since '99
October 3, 2012
Indianapolis-based WellPoint Inc. sold its first convertible securities in more than 13 years with a $1.35 billion offering
of 30-year bonds.
MoreBernanke: Economy growing much too slowly to put people back to work
October 1, 2012
J.K. WallFederal Reserve Chairman Ben Bernanke told a local lunch crowd that he expects the economy to keep growing, but he said the
growth is so slow that it could create a "permanent group" of underemployed Americans.
MoreBernanke makes strong defense of Fed rate policies
October 1, 2012
Associated PressIn a speech in Indianapolis, Chairman Ben Bernanke offered a sharp defense Monday of the Federal Reserve's bold policies
to stimulate the weak economy, while cautioning Congress to respect its private discussions.
MoreReceiver appointed to manage troubled Century Building
October 1, 2012
Scott OlsonA Marion Superior Court judge has appointed a receiver to manage the seven-story building in downtown Indianapolis that is
facing foreclosure. A lender to the building's owner claims it is owed $10.5 million.
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these guys only skill was to steal from other's hard earned savings.
I voted for him last time and it WAS the LAST time. He needed to to quit running around the world on useless trips, and giving our $$ away to sports teams. I'll vote for anyone but Ballard next time. BTW...we gave $40M to the Pacers and cannot even watch the games on TV.
For the people concerned about traffic, you should know that mixed-use projects (like the one being proposed), actually allows for and encourages more people to walk and bike, thereby mitigating additional automobile traffic. If we continue to design and build suburban-type projects in the City (i.e. automobile-oriented projects), we are not offering anything different from what the suburbs offer, which means we will continue to lose jobs/people to the suburbs. The reason Broad Ripple is somewhat successful today is that people want to live in a place that offers the convenience of being able to walk/bike to restaurants, retail, nightlife, the Monon, etc. Why would you not want to support a project that is complimentary to what already makes the area desirable? The real argument with this project should be its lack-luster design and layout, not the density.
It is unfortunate that there is a perception that celebrities validate an event. The Indy 500 stands on its own, especially for those coming in from out of town. It was always so disturbing to read the gushing descriptions of Ashley Judd threaded throughout the local coverage. Very happy that era is at an end.
Good ole' Obamacare. Thanks liberals and those who didn't bother to vote.