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Salin Bank President Kit Stolen resigns

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One of Indiana’s best-known bankers is stepping down as president of Salin Bank.

Alvin “Kit” Stolen joined the Indianapolis-based bank in August 2009 with big plans to boost the family-owned institution's presence in the center of the state. The bank, with $750 million in assets, has a significant presence in south-central and northern Indiana. The major Indianapolis expansion never materialized.

“While we’ll certainly miss Kit and the leadership he provided, Salin Bank is in a prime position to continue its extraordinary momentum and growth,” said William Salin II, the bank's chairman and CEO. Salin said he will assume Stolen’s duties.

Stolen is best known as the former CEO of Indianapolis-based Union Federal Bank. He spent five years there before helping orchestrate its $321 million sale to Ohio-based Sky Financial Group in the fall of 2006. Just a few months later, another Buckeye bank, Huntington Bancshares Inc., gobbled up Sky.

Salin operates 23 branches serving Burlington, Columbus, Delphi, Edinburgh, Fishers, Flora, Fort Wayne, Galveston, Gas City, Indianapolis, Kokomo, Lafayette, Logansport, Marion, Walton and West Lafayette.
 

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  • Salin Bank
    CEO-COB and now prez. I know there's a really funny acronym in this. Class...any help? Buller?
  • Stolen
    A guy named "Stolen" working for a bank, just doesn't sound right....
  • Overbanked and underserved
    We have WAY too many banks in the Indianapolis area; yet the ability to borrow money remains small. Each bank wants low-interest deposits, makes its credit decisions out-of-town or out-of-state (NBofI being probably the only exception) and spends millions advertising "we're the bank for you." It simply can not continue, the model can't support itself.

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