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Indiana Business Bank swings to profit

March 17, 2008

Indiana Business Bancorp, the Indianapolis-based parent of Indiana Business Bank, reported $14,159 in profit for 2007. That compares with a $675,954 loss of a year earlier.

Growth in loan and investment portfolios pushed net interest income up 29 percent, to $2.6 million. Service charges and other fee income increased nearly three-fold, to $180,289.

The bank, founded in November 2004, avoided the subprime mortgage exposures and other problems that older, less-conservative banks encountered, said CEO James S. Young.

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