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Banking & Finance
Omnicity making inroads among the dirt roads: Rural areas served by wireless broadband provider have grown nearly six-fold
November 7, 2005
Chris O\'malleyAn Indianapolis company that provides wireless broadband service from atop grain elevators, water towers or darned near anywhere
the warbler roosts is expanding at a rapid clip and plans to launch Internet-based phone service in early 2006. Omnicity Inc.
also plans another private offering to raise cash for its ambitious build-out in rural areas that are underserved by high-speed
Internet providers. Improving broadband access has economic development implications in Indianapolis' remote bedroom communities
and throughout sparsely populated areas. Now, even...
MoreBanks embrace checking reprieve: Growing program frees potential customers
October 31, 2005
Tracy DonhardtBanks and credit unions statewide will soon have a larger pool of customers to tap into when a central Indiana program that
helps people barred from opening checking accounts expands. Get Checking, a national program that began at the University
of Wisconsin-Milwaukee in 2001, is a way for people who have landed on the ChexSystem register-a list of consumers barred
from opening an account-to get off the list. People find themselves in ChexSystem due to bouncing too many checks, failing...
MoreSomerset enjoying freedom: Firm grew under First Indiana, but independence brings control, president says
October 31, 2005
Scott OlsonLeaders of Somerset CPAs PC are soaking in the single life, one year after they split from First Indiana Corp. Twenty-one
Somerset partners bought the assets of the accounting firm from the locally based public company on Oct. 25, 2004, ending
a four-year relationship in which bad timing contributed more to the breakup than bad karma. The corporation is the holding
company of First Indiana Bank. At a time when the Sarbanes-Oxley Act mandates auditor independence, Somerset President Patrick
Early,...
MorePublic markets are sometimes a double-edged sword: Many companies enjoy access to capital, but others complain regulatory
compliance costs are just too high
October 31, 2005
Peter SchnitzlerFor young and growing companies, initial public offerings are a bit like climbing a mountain: a long, harsh toil to reach
a distant summit. But planting a flag at the peak isn't enough. To make the journey worthwhile, companies must stay there.
The payoff can be enormous, in the form of ready access to capital. But operating at such a high altitude requires careful
footing. And the effort costs more than some can afford. "It's a double-edged sword," said George...
MoreBULLS & BEARS: Even after public dissing, analysts still too upbeat
October 3, 2005
Dave GilreathWhere can a retail investor go to get accurate recommendations and opinions on a stock? Back in the old, old days, an investor
would call a stockbroker, also called a "customer's man," and get a copy of a research report. Only good clients could get
the research reports so there was an air of exclusivity about them. Or if an investor were really diligent, he could go to
the public library and leaf through the super-thin pages of the giant...
MoreTexas group roaring for Indians stock: Lion Fund dangles 40-percent premium for ballclub's shares
October 3, 2005
Anthony SchoettleA San Antonio-based hedge fund's public solicitation of Indianapolis Indians stock is akin to a hostile takeover attempt,
industry observers said. It also brings into question the succession plan of the Indians' 72-year-old chairman, Max Schumacher,
who owns 39 percent of the company's stock. While officials for The Lion Fund LP said they aren't looking to take majority
control of the city's AAA baseball franchise, they're willing to pay a substantial premium over the Indians' last buyback
offer of $9,200...
MoreParents banking on storage of umbilical cord blood: Founder keeps research alive through Genesis Bank
October 3, 2005
Tracy DonhardtreporterBlood from the umbilical cord of a baby expected to be born in Indianapolis later this month will be collected after her birth
and saved for her 5-year-old sister, who has been diagnosed with cancer. The stem cells extracted from the baby's umbilical
cord blood might someday save the life of her sibling. While doctors at Riley Hospital for Children wait and see if the young
cancer patient responds to standard treatment over the next couple of years, the stem...
MoreDebtors hurry to file bankruptcy: Law that takes effect Oct. 17 makes filing harder, requires more to make restitution
September 26, 2005
Scott OlsonConsumers who have been contemplating bankruptcy are now flocking to file before more stringent regulations take effect Oct.
17. Federal lawmakers passed a bankruptcy reform measure in March to make it harder for people to wipe away unsecured debt
while keeping some protected assets. The aim is to curb perceived abuses of the system by shepherding more filers through
Chapter 13-instead of Chapter 7-which requires consumers to at least repay some debt. Indiana already has a high bankruptcy
rate. The...
MoreBULLS & BEARS: Conflict of interest arises when valuing companies
September 12, 2005
Ken SkarbeckWhen two companies engage in an acquisition, within the proxy documents delivered to shareholders a "fairness opinion" is
routinely provided. The fairness opinion is an analysis of the transaction typically conducted by an investment bank. Corporate
boards hire these "third-party" advisers to satisfy their fiduciary duty to shareholders and to protect against legal challenges
over a decision to do a deal. These opinions may be delivered by investment banking firms who have no other role in the deal.
But they...
MoreHoosier Salon paints its role in broad strokes: 81-year-old organization hangs on to popularity
September 12, 2005
Tammy LieberIn the art world, the Hoosier Salon is a true Indiana original. Founded in 1925 by a group called the Daughters of Indiana,
the Hoosier Salon blazed the trail for countless modern-day galleries and arts organizations seeking to spread the gospel
of Indiana artists. Today, the organization finds itself in friendly competition with younger organizations for artists and
patrons. It remains relevant, its leaders say, by constantly evolving while keeping the ideals that have given it prestige
among generations of...
MoreIndianapolis responds to Katrina devastation:
September 5, 2005
Andrea MuirraguiLocal philanthropic response to the epic disaster was almost immediate. Television and radio stations alike urged central
Indiana audiences to make donations at dozens of collection sites, and the Salvation Army's Indiana Division broke out its
red kettles to help. The corporate community also responded. Gifts made by IBJ's deadline include: Indianapolis-based Eli
Lilly and Co. said it will contribute $1 million to the American Red Cross and match all contributions made by its U.S. employees.
Lilly also will give...
MoreIndustry groups spar over audit proposal: Using parts of Sarbanes-Oxley Act to toughen financial reporting would be costly,
unnecessary, NAMIC says
August 8, 2005
Scott OlsonInsurance groups are choosing sides in a brewing battle over whether private insurance companies should be forced to adopt
elements of the controversial Sarbanes-Oxley Act. The Kansas City-based National Association of Insurance Commissioners has
proposed adding parts of the 2002 federal legislation to its audit rules. Public companies are already required to follow
the Sarbanes-Oxley Act, which imposes stricter financial disclosure rules. The NAIC represents insurance regulators from all
50 states and is working jointly on the amendment with the...
MoreTax credits aid blighted areas: Help open to firms targeting Center Township projects
July 25, 2005
Scott OlsonFederal tax credits supporting roughly $6 million in economic development projects are still available for small-business
owners considering expanding or locating in Center Township. The funds are administered through the New Markets Tax Credit
Program, which was established by Congress in 2000 to help revitalize blighted areas. In Indiana, the locally based Urban
Enterprise Association Inc. helped secure tax credits that can fund $50 million worth of projects, including $12.5 million
in Marion County. The tax credits already are supporting...
MoreWells Fargo sees city as ripe for expansion: Commercial banking, capital management key to Indianapolis plan
July 25, 2005
Scott OlsonWells Fargo & Co. took a couple of quiet but important steps earlier this year as part of a plan to build a major presence
in the Indianapolis banking and financial services market. The San Franciscobased corporation in March opened a local Commercial
Banking Division headed by longtime banking executive Lex Curry and a capital management office headed by well-known stock
manager Tom Pence. The moves, by the nation's fifth-largest bank in terms of assets, are part of a corporate...
MoreAn old-school approach: Woodley Farra Manion takes its large-cap strategy into the institutional market
July 25, 2005
Peter SchnitzlerCirca 1999, high-tech growth stocks were going up, up, up. Professional investment advisers hardly seemed necessary. And a
strategy focused on unadventurous large-cap value sounded downright old school. "There were clients at the cocktail parties,"
remembered Woodley Farra Manion Portfolio Management Inc. cofounder and principal George Farra. "They heard about their friends
who had [quickly] doubled their money, and it all looked pretty easy." But today, most investors still feel the sting of their
recession-induced losses. Ironically, the dot-com bust...
MoreWomen find niche leading credit unions: Unique nature of those financial institutions may explain why females thrive there
July 11, 2005
Kathy MaeglinKarla Salisbury started her career at a savings and loan that was later purchased by an out-of-state bank. After a few years,
she foresaw that she might have to relocate to advance in the company, "and that was not part of my plan," Salisbury said.
So she did some research to see where her best opportunities might be. One thing she investigated was how many women there
were in upper management in banks vs. credit unions. She found the top...
MoreRETURN ON TECHNOLOGY: Here's the secret to painless wireless hookups
July 11, 2005
Tim AltomLast time, in the June 27 issue, we explored the basics of data WiFi, which is often just called "wireless." This time, we'll
look at how you hook up your laptop or notebook to a wireless provider. Wireless works pretty much like a cell phone does,
except that you're exchanging data packets, not voice. Therefore, you need the computer equivalent of a cell phone. Most new
notebook computers come with built-in wireless hardware that you'll never physically see, because it's...
MoreCommunity banks struggle with regulatory demands: Sarbanes-Oxley, Banking Security Act prove costly
June 13, 2005
Peter SchnitzlerWho can blame small community banks for feeling boxed in? "The world has changed," said Jerry Engle, president and CEO of
Greenwoodbased First Bank. "I guess we'll have to get used to it." Far and away, it's the increasing cost of regulatory compliance
that keeps community bankers tossing and turning at night. In recent months, the Independent Community Bankers of America,
a small-bank advocacy group based in Washington, D.C., has stepped up its ongoing campaign against additional regulation by
asking...
MoreBusy session for insurance forces: Compact passage highlights plethora of industry-related legislation considered by the General
Assembly
May 30, 2005
Tom MurphyState lawmakers also killed a bill that offers "mandate lite" health coverage and kept the topic of vicious dogs at bay during
the 2005 legislative session. Insurance lobbyists and regulators say they just wrapped up one of the busiest sessions in recent
memory. Topics ran a wide gamut and crowded committee calendars. Last year, five industry-supported bills made it through
the General Assembly, according to Dan Tollefson, corporate counsel for the state Department of Insurance. This year, 15 did,
and...
MoreAfter 5 years, USTA ready to serve up 96th Street HQ: Raymond James, First Merchants sign on as tenants
May 23, 2005
Tammy LieberThe locally based Midwest division of the U.S. Tennis Association is preparing to break ground on a 25,000-square-foot headquarters
and hall of fame building on East 96th Street after five years of planning and courting tenants. The two-story office building
was first conceived in 2000, but has been held up more than four years by a search for other tenants during a soft office
market. The organization recently scored two tenants, Florida-based Raymond James & Associates Inc. and Muncie-based First...
MoreTOM HARTON Commentary: The twins that hold us back
May 23, 2005
Stubbornness and stupidity are twins. I've remembered that notion from Sophocles ever since a high school friend said it to
a teacher as they argued about the way she'd scored his test. He lost that fight, but went on to become a successful lawyer.
I don't know what happened to the teacher, but I'm reminded of the phrase as I observe the decisions made by our elected representatives.
Two examples come to mind, one recent and the other long ago....
MoreNew CEO's 'crash diet' tones up ailing bank: After cutting its expenses, Old National plans to grow in central Indiana markets
May 2, 2005
Peter SchnitzlerNow it's time for Old National to block and tackle. "Bob Jones has set forth a plan that makes good, sound fundamental sense.
Now it becomes about execution," said Joe Stieven, equity analyst with St. Louis-based Stifel Nicolaus & Co. Inc. "Execution
in banking is actually no different than in football. Your line has to do a lot of the work, and a lot of that work appears
mundane and boring." Formerly the CEO of Cleveland-based KeyCorp's McDonald Investments Inc.,...
MoreMortgage dip forces Irwin to make cuts: Lender closes 120 branches, trims workers as profits drop, housing market cools off
April 25, 2005
Peter SchnitzlerThe once-red-hot U.S. mortgage market has significantly cooled. So have the fortunes of Fishers-based Irwin Mortgage Corp.
Last year, Irwin Mortgage's profit dropped $57.8 million, or 74 percent. Then, on April 4, the company revealed it expects
to take a "small" loss in this year's first quarter. As a result, Irwin Mortgage has reduced its number of branch offices
around the country from 169 to 49. The company is also cutting its local headquarters staff by 100, to 488 employees....
MoreBanker fits bill at art museum: Ex-Bank One CEO O'Connor leads facility through final stages of $74M expansion
April 11, 2005
Tammy LieberJust over a year after retiring from the top position at central Indiana's largest bank, former Bank One of Indiana CEO Lawrence
A. O'Connor Jr. found himself giving up his newfound freedom to run another big business-the Indianapolis Museum of Art. Making
the jump from financial services to arts and culture might seem unlikely, but O'Connor, who's been serving as IMA's interim
executive director since November, finds himself at home running Indianapolis' largest arts-related not-for-profit. "This
is a wonderful place,"...
MoreBULLS & BEARS: Derivatives' linking nature worries analysts, investors
April 11, 2005
Ken SkarbeckBerkshire Hathaway's chairman, Warren Buffett, has described derivatives as "time bombs" and "financial weapons of mass destruction."
Charlie Munger, Berkshire's vice chairman, labeled the accounting used in derivative transactions as "sewage." What is it
about these mysterious financial instruments that evoke such ominous warnings from highly sophisticated investment minds?
First, derivatives cover a wide range of financial instruments. The word describes their function, since the future value
of a derivative contract is derived from the movement of one or more...
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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.