Banking & Finance

Feds probe whether HDG Mansur took millions from clientRestricted Content

May 10, 2014
Scott Olson
HDG Mansur has divulged in court documents that it’s the target of a federal criminal probe for allegedly skimming millions of dollars from a client.
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Indiana bank expands reach with branch acquisitions

May 9, 2014
Chris O'Malley
First Farmers Financial Corp. said Thursday it is assuming deposits of nine BMO Harris Bank branches in Indiana. It will acquire seven of the nine branch buildings and employees of all nine branches.
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Mortgage rates sink to 2014 low

May 8, 2014
Associated Press
Warmer weather has yet to boost home-buying as it normally does. Rising prices and higher rates have made affordability a problem for would-be buyers, while many homeowners are reluctant to list their properties for sale.
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Ex-felon fighting denial of mortgage loan license

May 8, 2014
Chris O'Malley
The state’s authority to license mortgage loan originators is at stake in a case pending at the Indiana Court of Appeals.
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CNO takes big earnings hit to dispose of old business

April 28, 2014
 IBJ Staff
Excluding the cost of finally shedding a block of business from predecessor Conseco Inc., CNO's operations were on the upswing in the first quarter.
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ITT student-loan bet stings Lilly's credit union

April 26, 2014
Chris O'Malley
A default-prone portfolio of loans to ITT Educational Services students has come back to haunt Eli Lilly Federal Credit Union, a full-service but otherwise conservative institution.
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Mortgage originators proliferating in IndianaRestricted Content

April 26, 2014
Chris O'Malley
Numbers surge after elimination of state-specific test; impact on competition, borrowers remains to be seen
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First Internet profit slides in first quarter

April 24, 2014
 IBJ Staff
A big decline in income from mortgage banking, linked to the national slowdown in home refinancing, carved a chunk from earnings.
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City controller floats idea to change retirement plans

April 23, 2014
Kathleen McLaughlin
If the plan is carried out, new city employees wouldn't be eligible for pensions through the Indiana Public Retirement System. Instead, they would have a defined-contribution plan similar to the 401(k) plans offered by private-sector employers.
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Removing false homestead exemptions to yield bonanza

April 22, 2014
Kathleen McLaughlin
Marion County stands to receive tens of millions of dollars from property owners who’ve been claiming false homestead deductions when this spring’s tax bills are collected.
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Mainstreet aims to help finance nursing home through crowdfundingRestricted Content

April 19, 2014
J.K. Wall
Mainstreet Property Group LLC plans to launch a new round of private placement fundraising on April 21 using a website run by Oregon-based CrowdStreet Inc. and a mix of traditional advertising in central Indiana.
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Banks whittle down Indy-area branches

April 18, 2014
Chris O'Malley
Since January 2013, banks have closed 35 branches in Marion County and surrounding counties but have opened only six new ones.
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Wal-Mart jumps into the money-transfer biz, loudly

April 18, 2014
Associated Press
The world's largest retailer introduced a new money-transfer service Thursday that it says will cut fees for its low-income customers by up to 50 percent compared with similar services elsewhere.
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Insurer acquires Indy-based StreetLinks for $60 million

April 16, 2014
Bloomberg News
StreetLinks, which sells real estate appraisal management services and software, will retain its brand name and remain headquartered in Indianapolis, according to the statement.
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Local private equity firm unveils $316M investment fund

April 16, 2014
Dan Human
Hammond Kennedy Whitney & Co. plans to use its biggest-ever fund to target mid-sized companies in the medical, infrastructure and energy sectors.
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Deca Financial to wind down after trustee opts for liquidation

April 15, 2014
Chris O'Malley
The Fishers debt collection agency had been forced into bankruptcy by creditors. On Monday, a judge approved a request to terminate the once-promising firm.
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Hot market for IPOs could be cooling off

April 14, 2014
Associated Press
IPOs are having their best start to a year since 2000. But signs of weakness have appeared recently as stocks became more volatile.
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Feds sue Indianapolis man over fictional credit union

April 14, 2014
Chris O'Malley
An arrest warrant has been issued for Tim Coughlin, who has been accused of running a Ponzi scheme that collected $12.8 million from investors. In 2008, he proposed creating a 20-story balloon ride at White River State Park.
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Tech startup Gusto lands $1.3M in venture capital

April 14, 2014
Dan Human
Elevate Ventures, which manages the federally backed Indiana Angel Network Fund, led the financing round.
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Chances of getting audited by IRS lowest in years

April 14, 2014
Associated Press
Budget cuts and new responsibilities are straining the Internal Revenue Service's ability to police tax returns. This year, the IRS will have fewer agents auditing returns than at any time since at least the 1980s.
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Dora Brothers affiliate loses downtown hotel in bankruptcy

April 14, 2014
Scott Olson
The Fishers-based company lost the Comfort Suites City Centre near Lucas Oil Stadium in a bankruptcy reorganization filed by one of its affiliates, which owed a creditor about $12 million.
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Savers beware: Fees may be shrinking your 401(k)

April 11, 2014
Associated Press
A new study finds that the typical 401(k) fees — adding up to a modest-sounding 1 percent a year — would erase $70,000 from an average worker's account over a four-decade career compared with lower-cost options.
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Trailer parks lure ex-traders eyeing double-wide returns

April 10, 2014
Bloomberg News
Former hedge-fund executives who left Wall Street are finding new ways to milk profits from old trailer parks, including one in Indianapolis.
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MainSource strengthens Cincinnati foothold with acquisition

April 8, 2014
Jeff Newman
Greensburg-based MainSource Financial Group agreed Monday to pay $34 million in cash and stock for MBT Bancorp, the parent of Merchants Bank and Trust Co.
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Lilly stock shows little impact from $3B court award

April 8, 2014
Eli Lilly and Co.’s stock showed little change Tuesday morning in the wake of a federal court decision that saw jurors order the company to pay a massive damage award related to its Actos diabetes medicine.
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  1. Why not take some time to do some research before traveling to that Indiana town or city, and find the ones that are no smoking either inside, or have a patio? People like yourself are just being selfish, and unnecessarily trying to take away all indoor venues that smokers can enjoy themselves at. Last time I checked, it is still a free country, and businesses do respond to market pressure and will ban smoking, if there's enough demand by customers for it(i.e. Linebacker Lounge in South Bend, and Rack and Helen's in New Haven, IN, outside of Fort Wayne). Indiana law already unnecessarily forced restaurants with a bar area to be no smoking, so why not support those restaurants that were forced to ban smoking against their will? Also, I'm always surprised at the number of bars that chose to ban smoking on their own, in non-ban parts of Indiana I'll sometimes travel into. Whiting, IN(just southeast of Chicago) has at least a few bars that went no smoking on their own accord, and despite no selfish government ban forcing those bars to make that move against their will! I'd much rather have a balance of both smoking and non-smoking bars, rather than a complete bar smoking ban that'll only force more bars to close their doors. And besides IMO, there are much worser things to worry about, than cigarette smoke inside a bar. If you feel a bar is too smoky, then simply walk out and take your business to a different bar!

  2. As other states are realizing the harm in jailing offenders of marijuana...Indiana steps backwards into the script of Reefer Madness. Well...you guys voted for your Gov...up to you to vote him out. Signed, Citizen of Florida...the next state to have medical marijuana.

  3. It's empowering for this niche community to know that they have an advocate on their side in case things go awry. http://www.youtube.com/watch?v=Lrst9VXVKfE

  4. Apparently the settlement over Angie's List "bundling" charges hasn't stopped the practice! My membership is up for renewal, and I'm on my third email trying to get a "basic" membership rather than the "bundled" version they're trying to charge me for. Frustrating!!

  5. Well....as a vendor to both of these builders I guess I have the right to comment. Davis closed his doors with integrity.He paid me every penny he owed me. Estridge,STILL owes me thousands and thousands of dollars. The last few years of my life have been spent working 2 jobs, paying off the suppliers I used to work on Estridge jobs and just struggling to survive. Shame on you Paul...and shame on you IBJ! Maybe you should have contacted the hundreds of vendors that Paul stiffed. I'm sure your "rises from the ashes" spin on reporting would have contained true stories of real people who have struggled to find work and pay of their debts (something that Paul didn't even attempt to do).

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