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Former Union Federal exec joins Indianapolis startup

April 11, 2007
Former Union Federal Bank of Indianapolis President and CEO Alvin “Kit” Stolen III has taken a position as vice president of consulting at Achievant LLC.

The Indianapolis company, launched in September with funding from the 2005 sale of the Carmel banking software firm Baker Hill, sells consulting services and software to help financial institutions with human resource issues ranging from recruiting to leadership development to succession planning.

Stolen, 51, will work with senior managers of customer banks to train them on Achievant’s approach to best practices and how to use the software. Included with the position was an equity stake in the company.

Collina Ventures, the investment fund started by Baker Hill founder Mark Hill, has invested $2 million in Achievant.

Stolen’s last day with Union Federal was Jan. 31. He stayed with the bank after it finished merging operations with Sky Financial Group Inc. of Bowling Green, Ohio. However, in December last year, Sky agreed to sell the bank to Huntington Bancshares Inc., which is headquartered in Columbus, Ohio.

Before taking the Union Federal position in 2002, Stolen was president of Bank One in Lexington, Ky.
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