Banking & Finance

Lawmakers approve big Wall Street revamp

June 25, 2010
Bloomberg News
Bill headed for Obama's desk would reform financial regulation in effort to protect consumers, curb risks, boost surveillance of threats to markets, and give regulators more emergency powers to avoid future bank bailouts.
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OneAmerica to acquire McCready and Keene

June 23, 2010
J.K. Wall
McCready and Keene Inc. is the fifth-largest employee benefits firm in the Indianapolis area. It employs 95 people nationally, 82 of them in Indianapolis, according to IBJ research.
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Sale of local funeral home, cemetery business finalized

June 23, 2010
Pennsylvania-based StoneMor Partners could pay up to $32 million for Memory Gardens Management Co. after trust-fund and debt obligations are made.
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Schrenker auction expected to fall well short of claims

June 22, 2010
Associated Press
More than $30 million in claims have been filed against Marcus Schrenker, but a court-appointed receiver expects an auction of the financier's property on Saturday to bring in less than $1 million.
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Study of local mortgage defaults shows benefit of counseling

June 22, 2010
Peter Schnitzler
A study by the Federal Reserve Bank of Chicago finds a strong correlation between pre-mortgage credit counseling and loan performance after comparing Indianapolis Neighborhood Housing Partnership clients with other low-income Marion County borrowers.
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Durham poised to turn over proceeds of mansion sale

June 21, 2010
Greg Andrews
Beleaguered financier Tim Durham acknowledges owing millions to Fair Finance and is turning over artwork and selling assets to reduce the loan, according to an attorney overseeing the company's bankruptcy.
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Indiana's biggest private companies majored in the basics in 2009Restricted Content

June 19, 2010
Martha P. Allan
Health care, plastics, other fundamental consumer needs kept some companies on upswings.
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Home Loan Bank CEO dashes talk of impending mergerRestricted Content

June 19, 2010
Greg Andrews
The recent chatter followed the bank board’s decision to award CEO Milton J. Miller II a severance agreement entitling him to extra pay in the event of a merger.
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HICKS: Four recommendations for your reading listRestricted Content

June 19, 2010
Mike Hicks
Though I am no slave to fashion, summertime is a long occasion for the reading of good books.
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Katz Sapper caught up in Simon estate battle

June 18, 2010
Greg Andrews, Cory Schouten
The longtime accounting firm for Simon family interests objected to subpoenas it received from Melvin Simon's daughter Deborah, saying the information requested was far too broad.
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Shelbyville man sentenced for ripping off employer

June 17, 2010
John K. Branam was sentenced to 57 months in prison after pleading guilty to embezzling $1.6 million over four years from King’s Title & Abstract Co.in Shelbyville.
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Auction to sell items from former money manager

June 14, 2010
Associated Press
The court-ordered auction includes a motorboat, jet ski and a $30,000 diamond ring, as well as a motorcycle that Marcus Schrenker used to flee police.
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Whopping dividend puts obscure oil refiner in spotlightRestricted Content

June 12, 2010
Greg Andrews
The financial underpinnings for the current quarterly dividend—45.5 cents per share—seem less than sturdy.
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SKARBECK: Municipal bond defaults might be next crisisRestricted Content

June 12, 2010
Ken Skarbeck
for decades, politicians have regularly boosted public pension benefits to score election gains, while neglecting the long-term costs to municipal budgets. Now the bills are coming due.
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HICKS: Derivatives don't deserve their scary reputationRestricted Content

June 12, 2010
Mike Hicks
One major part of the legislation will target derivatives. This is an arena where the financial services industry does itself no good from a public relations sense.
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Deadline approaching for mortgage lenders to pass exam

June 11, 2010
Lenders must pass the test by July 1, or their licenses will be revoked. So far, just 58 percent of more than 1,000 in the state have passed.
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For PNC, there's much riding on smooth transition

June 10, 2010
Peter Schnitzler
Pittsburgh-based bank starts converting former National City operations in central Indiana to its brand this weekend. But any snags could create opportunities for competitors to pounce on customers.
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Miller brothers who shared in fortune fighting over $3 million

June 5, 2010
Kathleen McLaughlin
J. Irwin Miller’s two sons have been battling for years over who should have paid expenses on the wealthy Columbus family’s homes and businesses, but their fight isn’t about the money—especially after they inherited at least $20 million apiece.
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Indiana Seed Fund nearing end of $6 million stashRestricted Content

June 5, 2010
Chris O'Malley
Having invested in 10 companies since 2005 and with its $6 million pot of money running low, the Indiana Seed Fund is nearing a crossroads.
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City Securities rebounds quickly from recession

June 5, 2010
 IBJ Staff
Indiana's oldest and largest investment banking firm expects its revenue to increase 20 percent to 25 percent this year.
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EnerDel's potential luring backers despite steep lossesRestricted Content

June 5, 2010
Peter Schnitzler
The parent of locally based lithium-ion battery maker EnerDel is putting together hundreds of millions of dollars in financing to fund a business plan that could bring revenue to nearly $1 billion within five years.
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HICKS: State both good, bad in human-capital gameRestricted Content

June 5, 2010
Mike Hicks
Suppose we lived in a perfectly flat world that is a vast, featureless plain of identical square counties.
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Battered banks don't see light at end of tunnelRestricted Content

May 29, 2010
Greg Andrews
Credit problems continue to bedevil banks big and small, many of them caused by soured commercial real estate loans.
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Grameen Bank might open here, providing small loans that add up

May 29, 2010
Peter Schnitzler
Bangladesh-based Grameen Bank, the Nobel Peace Prize-winning financial institution that developed the concept of life-changing micro loans for the poor, is contemplating opening its third U.S. branch in Indianapolis.
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Private companies struggle to raise funds once reaching critical massRestricted Content

May 29, 2010
Peter Schnitzler
Several Indiana companies are in a position, or soon will be, to launch an initial public offering. But don't expect a wave of new Indiana public companies. In the recession, with both revenue and profits down, companies may choose to wait until they have better numbers to report.
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