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Fort Wayne-based Tower Financial Corp. said today that second-quarter profit tumbled to $217,000 from $912,000 a year earlier because of costs to build loan loss reserves and a decision to retreat from plans to start a bank in the Indianapolis area. Tower announced in October that it would enter the Indianapolis market by opening a […]
North-siders are set to get even more shopping and dining options in the coming months. Several new retailers have filed plans to open new stores in the Fashion Mall at…
Russell Investment Group has included Indianapolis-based Interactive Intelligence Inc. in its Russell 2000 Index of small-cap companies. Interactive, a local business-communication software developer, said being added to the index offers exposure to mutual funds and other buyers that might be interested in its stock. Interactive shares trade on NASDAQ. The company regained its footing after […]
Check out the new look for the former Junior Achievement building at 21 Virginia Ave. The office building is getting a new name, 500 Festival Building, along with a renovation in…
France Cordova, who took over as Purdue University’s new president this week, said she plans to stress communication while trying to boost faculty salaries, research funding and student financial aid. In some of her first public remarks about her goals, Cordova said she will assemble committees to fix problems on campus, the Journal & Courier […]
Whirlpool Corp. is closing a 150-worker warehouse in Milan, Tenn., and moving the operations to an existing Maytag Corp. warehouse in Plainfield, according to The Jackson Sun of nearby Jackson, Ala. Whirlpool, which has 400 workers at the Plainfield site, told Milan Mayor George Killebrew that a larger pool of available workers in the Plainfield […]
Downtown’s historic Canterbury Hotel apparently has been sold. An announcement of the deal for the 12-story hotel at 123 S. Illinois St. is scheduled for Monday. At a gathering of Wholesale District…
Allison Transmission has sold $1.1 billion of unsecured notes to help pay for Carlyle Group and Onex Corp.’s acquisition of the transmission maker from General Motors Corp., according to Bloomberg. General Motors said June 28 that it would sell Indianapolis-based Allison for $5.6 billion to Carlyle, based in Washington, D.C., and Onex, of Toronto. Allison […]
Gov. Mitch Daniels today ordered that all residential and commercial property in Marion County be reassessed. Daniels said tax bills will be frozen at 2006 levels, and that a big part of the county’s property tax calamity appeared to be that business assessments were not done or were performed inaccurately. Marion County property taxes increased […]
The economy will improve slightly in 2008 and inflation will edge down slightly, Federal Reserve Bank Chairman Alan Bernanke told Congress this morning. Growth will rise 2.25 percent to 2.5 percent this year, according to a forecast issued today by fed governors and presidents of district banks. Next year, the economy will expand 2.5 percent […]
Karstadt Reed Cleaners, an institution on North Illinois Street since 1898, will close later this month. Steve Stevenson, the owner for 45 years, says business has been “pretty bad.” The company is known…
Jim Alling, a 1983 graduate of DePauw University in Greencastle, has been named president of Starbucks Coffee International, the Seattle company announced today. Alling takes over for Martin Coles, who was promoted to chief operating officer of the Starbucks parent company. Alling, who jumped to Starbucks from Nestle USA in 1997, most recently was president […]
Odds of house prices in the Indianapolis area dropping further in the next two years are low, according to a report by PMI Mortgage Insurance Co. The metro area has an 8.4 percent chance of seeing its average sale price decline by the middle of 2009, the Walnut Creek, Calif., company said. That’s optimistic compared […]
The Department of Metropolitan Development is seeking two independent appraisals of Old City Hall, the historic building that has housed the State Museum and now houses the interim Central Library. In…
Four months have passed since neighborhood pressure helped defeat a second proposal to develop 70 acres at the north end of Crown Hill Cemetery. A partnership of environmental groups including Indy…
First Indiana Corp. said today it would delay its second-quarter earnings release because BKD LLP has withdrawn as its auditor. The release had been scheduled on July 19. BKD was hired June 4 when First Indiana announced it had booted KPMG LLP as auditor. On July 9, Milwaukee-based Marshall & Ilsley Corp. said it would […]
A proposal by Indianapolis developer Paul Kite to build a retail center anchored by a Target in McCordsville has been rejected by the community’s town council because it’s in an area zoned residential. The 63-acre project would have been built at the southeast corner of county roads 1000 North and 600 West in Hancock County, […]
Dow Jones & Co., which publishes The Wall Street Journal, and News Corp. have agreed to sale terms, the newspaper reported late last night. Dow Jones’ board will meet this evening, although the newspaper said it is unclear how the Bancroft family, which owns 64 percent of Dow Jones’ voting power, will react. The price […]
