All big banks pass latest Federal Reserve ‘stress tests’
All 23 of the nation’s biggest banks are healthy enough to withstand a sudden economic catastrophe, the Federal Reserve said Thursday.
Banking
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Bank sues former Carmel staffers who left for rival
Busey Bank says it has lost more than $100 million in loans to a competitor because of “brazen and systematic poaching” of its employees.
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Old National Bank merging with Chicago-based bank to create $45B firm
The deal is the largest to date by far for Old National, which has grown dramatically over the past decade through a series of acquisitions.
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Banks say they’ll give commercial borrowers extra time
But the bankers also say it’s unclear how the pandemic might affect commercial customers—and the banks themselves—in the longer term.
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IBJ Podcast: Pete the Planner on the magic of a 15-year mortgage
Peter Dunn talks to guest host Lesley Weidenbener about all things home buying, including mortgages, determining how much house you can afford, why you shouldn’t put down less than 10% and why the idea of starter homes and family homes is silly.
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Articles
Ohio-based CFBank entering Indianapolis market
Indianapolis is the first non-Ohio market and the fourth market overall, for CFBank. The company has hired a market president and is currently scouting for office space.
Banks use PPP loans to find new customers, offer other services
In helping borrowers secure vital funding that helped them weather the pandemic, banks say the PPP program has helped them build relationships that could lead to a lot of new business.
First Internet Bank beefs up small-business lending division with new hires
Fishers-based First Internet Bank began assembling its Small Business Administration lending division in late 2018.
Are cryptocurrencies on the verge of going mainstream?
The Office of the Comptroller of the Currency, which regulates federally chartered U.S. banks, has recently given banks the go-ahead to engage in certain types of cryptocurrency transactions.
First Internet Bank reports record quarterly, annual profits
Fishers-based First Internet saw its stock price climb to a one-year high in after-hours trading after the bank released its financial report Wednesday.
Mortgage rates slide to historic lows for third time this month
The 30-year fixed-rate average, the most popular mortgage product, sank to 2.66% with an average 0.7 point, according to the latest data released Thursday by Freddie Mac.
Memory Bank: State Bank of Advance in 1910
The Boone County bank featured equipment that was modern at the time, including model screw door safes with triple-time locks and substantial vaults.
First Merchants to close 17 bank branch locations
The company said it would use the savings from the closures to beef up its digital banking and in-branch technology initiatives.
First Merchants to acquire Indianapolis-based Hoosier Trust Co.
Muncie-based First Merchants plans to acquire Hoosier Trust for $3.2 million in a deal that is expected to close early next year.
Bank deposits soar as customers save instead of borrow
High levels of uncertainty, along with other pandemic-related factors, have pushed U.S. commercial bank deposits to record highs since the beginning of the year.
First Internet Bancorp reports record quarterly profit
The Fishers-based parent of First Internet Bancorp had a milestone quarter thanks to a boom in mortgage activity, the company reported Wednesday afternoon.
Chase remains Indy’s biggest bank
PNC and Fifth Third rank as the second and third largest area bank by deposits.
Study finds inequities in lending in majority-Black neighborhoods
Although redlining—discrimination in banking and lending based on someone’s race or where they live—has been illegal since the Fair Housing Act passed in 1968, analysts at Indiana University’s Public Policy Institute found that inequities in home-loan lending still exist.
Banks adding branches in Hamilton, Hendricks counties
State Bank will also move its Danville branch to 8589 Rockville Road in Avon, near the Hendricks Regional Health YMCA. That location is set to open Nov. 9.
U.S. consumer spending experiences $7.2 billion monthly drop
Consumer borrowing is closely followed for signals it can send about households’ willingness to take on more debt to support their spending, which accounts for 70% of economic activity.
First Merchants CEO Rechin stepping down after 13 years
Mike Rechin, who has served as the bank’s president and CEO since 2007, plans to retire at the end of the year. His departure will trigger several promotions among the bank’s other executives.
Chase to close three Indianapolis bank branches
The three branches, all of them in Indianapolis, will close on different dates in October and November. Even after the closures, though, Chase will still have three dozen or so locations around the city.
Consumer borrowing shows second straight monthly gain
U.S. consumer borrowing rose by a solid 3.6% in July, the second monthly gain after the coronavrius pandemic had sent consumer borrowing down sharply in the previous three months.
Fifth Third Bank announces market president change
Kevin Hipskind, Fifth Third’s Indianapolis-based market president since 2018, has been promoted. His successor comes from Louisville, where he has been market president since 2015.