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Banking & Finance
VOICES FROM THE INDUSTRY: Looking back in history to understand this mess
September 29, 2008
Paul CoanWhere is the stock market headed next? It may help to look where it has been. My clients may have grown tired of hearing how
the bull market of the 1990s mirrored the Roaring Twenties-maybe because they knew what came after the Roaring Twenties? You
remember the history books and your parents talking about the Great Depression. The more articles you read concerning the
recent market turmoil, the more this phrase appears: "Worst (fill in blank) since the Great Depression."...
MoreVC firm raises $116M for second fund after knocking first one out of park
September 29, 2008
Peter SchnitzlerThanks to hefty 35-percent gross returns on its $60 million first fund, locally based Centerfield Capital Partners LP has raised nearly twice as much for its second. This month, the venture capital firm closed on $116 million from a variety of investors. As before, Centerfield's 50 limited partners include major Hoosier institutions. But this time, numerous big banks, insurance companies and pension funds from outside state lines were also investors.
ECONOMIC ANALYSIS: Ignorance, not greed, soured soup at Lehman Brothers
September 22, 2008
Mike HicksThe collapse of Lehman Brothers and the widespread stock sell-off it engendered is a bit scary. It shows those of us on Main
Street that more than a year after the subprime mess became daily news, significant and sophisticated financiers still grapple
with the effect on their firms. They are now far less significant and sophisticated than they once believed. I'm still uncertain
as to how this will end. The U.S. and world economies will emerge stronger, more vibrant and...
MoreCity Securities' strategy: Stay true to your roots: State's oldest investment bank avoided Wall St. woes
September 22, 2008
Peter SchnitzlerIn recent days, as some of Wall Street's most storied institutions teetered, the mood at Indiana's largest and oldest investment
firm was almost serene. City Securities Corp. managers tracked news tickers and consulted CEO Mike Bosway, who was on vacation
in Ireland, via his BlackBerry. But their biggest concern wasn't the financial underpinnings of their own company. It was
tumbling stock prices, which depressed the value of the portfolios of their 15,000 clients. Bosway saw no need to rush home...
MoreTough economy touching all industries, but some are hurting more than others
September 22, 2008
Anthony Schoettle, Cory SchoutenStock markets are falling, jobs are disappearing, and the outlook for the economy seems grim. Banks, real estate developers, retailers and manufacturers are taking the worst hits, but all types of businesses in central Indiana are hurting. From health care to technology, education to philanthropy, every industry is trying to take the setbacks in stride.
Experts: Building boom not over: Big projects wind down, but new ones fill pipeline
September 8, 2008
Scott OlsonThe completion of $2 billion in city construction projects has left a gaping hole in contractor job schedules-as wide as when
the roof opens at Lucas Oil Stadium. Even so, industry leaders remain optimistic about staying busy despite the combination
of a tepid economy and the end of a local boom that stretched the limits of the labor pool. The $1.1 billion airport midfield
terminal project, the $715 million stadium and $150 million Central Library expansion helped to create so...
MoreVIEWPOINT: Advancing manufacturing is key to future
September 1, 2008
Joseph HornettWe've all heard it: Our economy is creeping to a crawl. Skyhigh oil prices, a weak housing market and the struggling U.S.
dollar are discouraging consumers and business owners alike. Fears about our nation's fiscal health are shaking broader confidence
in the banking industry, the system of global trade, and even our public image abroad. In the face of such adversity, it's
helpful to remember that Americans have faced daunting challenges in the past. In tougher times, such as the...
MoreBEHIND THE NEWS: Banker ready to make Salin a force in state's largest city
August 25, 2008
Greg AndrewsAlvin "Kit" Stolen is back atop an Indianapolisbased bank, albeit one many locals have never heard of. But Salin Bank & Trust
Co. has big plans to get noticed-and get customers-here. After establishing strong market positions in south-central and northern
Indiana, it finally has its sights on the center of the state. For now, Salin has just one Indianapolis-area branch, its headquarters
near Keystone at the Crossing. But plans are in motion for two Hamilton County locations. And while bank...
MoreDeveloper pegs Plainfield for spec office building: Local real estate brokers question potential demand
August 18, 2008
Scott OlsonNow a developer is banking on a new roadway and airport terminal to attract office tenants, although some brokers familiar
with the area aren't sold on the idea. The local office of Chicago-based Verus Partners LLC finished purchasing 200 acres
along the east side of the Reagan Parkway and plans to build a 60,000-square-foot, two-story speculative office building.
Verus' mixed-use office and industrial park is called GreenParke at Airwest and could be ready for occupancy by next summer.
Infrastructure work...
MoreMurky motive adds intrigue to Old National loan saga
August 18, 2008
Greg AndrewsIn the buttoned-down world of banking, it doesn't get much stranger than this: An Indianapolis loan officer with a strong
reputation is suddenly dismissed after his employer charges he falsified lending documents. The bank says the fraud exposes
it to potential losses approaching $20 million. And here's the kicker: The employer hasn't accused the banker of committing
the wrongdoing for personal gain.
MoreBEHIND THE NEWS: Murky motive adds intrigue to Old National loan saga
August 18, 2008
Greg AndrewsIn the buttoneddown world of banking, it doesn't get much stranger than this: An Indianapolis loan officer with a strong reputation
is suddenly dismissed after his employer charges he falsified lending documents. The bank says the fraud exposes it to potential
losses approaching $20 million. And here's the kicker: The employer hasn't accused the banker of committing the wrongdoing
for personal gain. There are no allegations, for instance, of setting up fictitious borrowers to scoop up bank cash on his...
MoreDeveloper pegs Plainfield for spec office building: Local real estate brokers question potential demand
August 18, 2008
Scott OlsonNow a developer is banking on a new roadway and airport terminal to attract office tenants, although some brokers familiar
with the area aren't sold on the idea. The local office of Chicago-based Verus Partners LLC finished purchasing 200 acres
along the east side of the Reagan Parkway and plans to build a 60,000-square-foot, two-story speculative office building.
Verus' mixed-use office and industrial park is called GreenParke at Airwest and could be ready for occupancy by next summer.
Infrastructure work...
MoreStadium scores Colts 30-percent sponsorship increase: Entertainment in 14 themed areas starts four hours before kick-off;
strategy gains notice from other NFL teams
August 11, 2008
Anthony SchoettleThe Indianapolis Colts will score almost $18 million annually through their new stadium's title sponsorship and deals with
14 founding sponsors, each of which has its own themed area of the stadium's interior. Including sponsor agreements for two
massive video boards at each end of the stadium, a narrower video board circling the upper reaches of the lower bowl, and
other in-stadium deals, the Colts should bring in $20 million, 30 percent more than in the RCA Dome, according to...
MoreSURF THIS: Finding a stray $500-a hint of what Mint can do
August 4, 2008
Jim CotaI received an email the other day offering some suggestions to save about $500 a year through a variety of basically painless
financial moves. Most consisted of suggestions like "move this account, which is making next to nothing, to this bank where
they'll pay you 4 percent." The email also recommended that I build an emergency fund, provided a list of all my account balances
(everything from banking to credit cards to investments), pointed out the top purchases of the...
MoreBEHIND THE NEWS: News from the front lines: More tough times ahead
August 4, 2008
Greg AndrewsThe past 12 months have been hard to take, with all the gloom-anddoom headlines about the weak housing market, subprime credit
crisis and softening economy. We're all ready for some good news. Unfortunately, I can't provide it here. That's because executives
on the front lines of Indiana business-those most tuned in to the twists and turns of the state's economy-aren't ready to
call a turnaround yet. In second-quarter conference calls with analysts, the executives are trumpeting their firms' ability
to...
MoreSPORTS: NASCAR: Good for the city, not so fun to watch
July 28, 2008
Bill BennerDepending upon when IBJ lands in your hands, the 15th Allstate 400 at the Brickyard will be either coming to or going from
the Indianapolis Motor Speedway. So let's talk racin'. Let me begin by saying how pleased I am that Tony George took that
giant leap in 1994 and welcomed NASCAR to the hallowed openwheel grounds of IMS. By most accounts, the Brickyard 400 instantly
became the second-most-coveted prize on the NASCAR circuit and it has remained in that...
MoreGoing mobile: Local executive carves niche as national expert on fast-growing banking-industry technology trend
July 28, 2008
Scott OlsonMove over home computer, the more nimble mobile phone and competing handheld devices have taken the helm as the hippest ways
to conduct banking business online. What's more, an Indianapolis banking executive is at the forefront of the mobile-banking
information movement and is promoting the benefits on a blog he created that is attracting scores of new viewers each month
from around the world. Brandon McGee, 34, may keep bankers' hours at the downtown office of the Columbus, Ohio-based Huntington...
MoreBank-run scenes create concerns: IndyMac situation unlikely in Indiana, but customers should check out stability of their
banks, experts warn
July 28, 2008
Cory SchoutenIt was a scary scene, reminiscent of the Great Depression: Customers lined up outside California's IndyMac Bank branches to
withdraw deposits after a bank run led to the bank's failure. The images have driven some central Indiana customers-businesses
and individuals-to take a more critical look at the strength of their banks and the safety of their deposits. Even as financial
stocks rallied in mid-July, the risk remains for more bank failures. Dismal earnings reports and massive write-downs continued
in recent...
MoreINVESTING: Why Anheuser-Busch bid resonates in Indianapolis
June 30, 2008
Ken SkarbeckOne of our sister Midwestern cities is locked in a fight for its corporate identity. A n h e u s e r- B u s c h , maker and
distributor of Budweiser brand beers-and the corporate icon of St. Louis-is engaged in a $46.3 billion takeover battle for
its survival as a U.S.-based company. The would-be acquirer is Belgium-based InBev, the second-largest brewer by volume in
the world. London-based SABMiller, who in 2002 bought Miller Brewing in Milwaukee,...
MoreCommentary: Wishing Nat City a speedy recovery
June 30, 2008
Mickey MaurerOn June 19, The New York Times business section led with an article titled, "Regional Banks are Rocked." The accompanying
graphic indicated that National City Bank lost 86 percent of its market value since the beginning of this year. No wonder.
The news has not been good. On June 10, Peter Raskind, chairman and CEO of National City, acknowledged publicly that on Feb.
5, the bank had been placed under a memorandum of understanding by the comptroller of the currency....
MoreNetworks help practices extend their reach:
June 30, 2008
Scott OlsonOutside of Indiana, the local law firm of Bose McKinney & Evans LLP has a nominal presence in Washington, D.C., and Raleigh,
N.C. Yet, the midsize practice with roughly 130 lawyers in Indianapolis is handling an immigration issue for a fellow firm
in India and is encouraged about prospects in Argentina, Colombia and Puerto Rico. Global gigs typically are reserved for
larger rivals with an international scope. But scores of firms that want to expand their reach, without the risk...
MoreConseco wins $29M judgment in latest round of legal war
June 23, 2008
J.K. WallConseco Inc. has won another round in court against former Merchants National Bank CEO James D. Massey this month, ringing
up a $29 million judgment against him in a court in Illinois. But Massey shows no sign of throwing in the towel in the years-long
litigation over millions he borrowed to buy Conseco stock. Massey was a director of Conseco from 1994 to 2000.
MoreDirector pay rising with demands on corporate boards: Some members manage to serve multiple Indiana public companies; median
compensation exceeds $59,000
June 23, 2008
Peter SchnitzlerJoe Ruffolo learned a great deal over 35 years as an executive at PepsiCo., Squibb Corp., Reynolds Aluminum and North American
Van Lines. Now running his own investment banking company, Fort Wayne-based Ruffolo Benson LLC, Ruffolo also holds seats on
a halfdozen company boards. Executive compensation experts say that's too much on one plate. Ruffolo is one of a handful of
Hoosiers who serve as independent board directors of more than one Indiana-based public company. Experts say it's an increasingly...
MoreMore manufacturing? Maybe Butler did it: University's accelerator helps plants boost business
June 16, 2008
Scott OlsonTen years ago, Bob McAfee bought SaniServ, an 80-year-old Mooresville institution that pioneered the making of softserve ice
cream machines for restaurants. Despite the manufacturer's longevity, a handful of competitors-one of them much larger and
two roughly the same size-had cut into market share, causing SaniServ's annual revenue to stall at about $10 million. Determined
to improve upon the figure, but unsure how to go about it, McAfee turned to the Butler Business Accelerator. The 2-year-old
consultancy on the Butler...
MoreBEHIND THE NEWS: Steak n Shake roadblock sends dissident on detour
June 9, 2008
Greg AndrewsSince he began scooping up shares of The Steak n Shake Co. last year, dissident investor Sardar Biglari has been forthright
about his intentions. Perhaps to a fault. The Texan's investor group in January laid out its strategy in a 10-page letter.
First, it would push to elect two of its representatives to the nine-member board at the annual meeting. Then, it would ask
shareholders to call a special meeting, where he hoped they would replace the majority of the...
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Good ole' Obamacare. Thanks liberals and those who didn't bother to vote.
Yes. Blame those who were too lazy to go vote Obama out and those who voted him in again. That's my take on it. I know folks won't get it on the left. OK. Start berating me now!
Serioulsy, people are AGINST this project? Most communities would be salivating over a project like this. You'd rather have an empty eye-sore gas station and shacks posing as apartments? This project is exactly what BR needs. BUILD IT MR MAYOR. And yes, I am a BR resident, and have been for 20 years.
As a St. Vincent employee of over 20 years, I am saddened and disheartened by this announcement. Unfortunately, as the healthcare "industry" continues on this political and corporate path, all that St. Vincent Hospital has stood for spiritually for its employees and this community is being sucked dry. I know it truly has no choice. It is not just Obamacare or just competition or just any single thing. This trend started long before I was even born when the government became involved in healthcare and it became an "industry." I grieve for those who will lose their jobs, one of whom may be me, but I also grieve for this hospital which I have served for over 20 years. May God give us and it the grace to withstand the future of healthcare.
Why do people constantly harp on this issue and act ignorant about what a city population measures? A city's population is the city's population. There is no argument or debate about it. If you want to measure the density of a city--measure it. If you want to measure the size of a metropolitan area, then measure the metropolitan population. City boundaries cover different sized areas--and they always have (though the disparity has probably increased since about 1900 or so when more cities began annexing their surrounding communities). For example, San Francisco only covers 49 square miles while Houston cover nearly 600 square miles. No one argues about the population rankings of either city even though they clearly cover extremely different sized areas. Indianapolis is the 13 largest city by population in the U.S. That is a fact. While the population of a metropolitan area may give you a better sense of how large a community is, as noted, even metro areas can vary widely in the size of geographic area they cover--so that is not a perfect comparison either.