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Indiana Business Bank swings to loss

September 12, 2008

Several major expenses caused Indiana Business Bancorp to report a $163,465 loss in the second quarter, the Indianapolis-based parent of Indiana Business Bank reported today.

The bank generated a $12,347 profit in the same period last year.

Contributing to the loss was the addition of four employees and ratcheting up its provision for loan losses as the bank's portfolio grew. The loss also was driven by writing down a repossessed commercial real estate property.

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