Marshall & Ilsley to close back-office site

The Milwaukee bank that announced in July that it would acquire First Indiana Bank plans to close First Indiana’s longtime operations center at 1253 N. Emerson Ave. in Greenwood by Jan. 2, according to a filing with the state.

Marshall & Ilsley will lay off 121 workers in conjunction with the closure, the filing said.

First Indiana had about 500 employees when the acquisition was announced. Marshall & Ilsley said it anticipated cutting costs by about 20 percent through merging back-office operations and cutting positions.

Marshall & Ilsley paid $529 million for First Indiana, one of the last major locally owned banks.