The civil suit alleges River City Firearms should have noticed red flags when the shooter bought the gun six days before killing five Old National Bank co-workers..
IBJ Podcast: Internet banking pioneer Becker has bucket list but isn’t going anywhere
The First Internet Bank of Indiana founder is 69 years old and says he has no plans to hand over the reins of CEO and chairman given that developing new products and services for the bank scratches his entrepreneurial itch.Read More
First Internet Bank’s acquisition deal with Georgia bank terminated
First Internet announced in November that it planned to acquire Georgia-based First Century Bank for about $80 million. But when it became necessary to extend the closing date, the parties couldn’t agree on extension terms.Read More
First Internet leans into banking-as-a-service trend
Under the relatively rare model, a bank offers its expertise and capabilities to a fintech, allowing the fintech to provide iservices that require the involvement of a federally regulated and insured institution.Read More
The average rate on a 30-year mortgage rose to 6.66% from 6.62% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.33%.
North Carolina-based Bank of America has opened 19 area branches since entering the Indianapolis market in 2017, including a new one in Carmel. It plans to open at least three more by 2025.
Regulators seized troubled First Republic Bank early Monday and sold all of its deposits and most of its assets to JPMorgan Chase Bank in a bid to head off further banking turmoil in the U.S.
Smith, 82, will be wrapping up a 59-year banking career when he retires in May. He has spent his entire career working for banks that are now part of J.P. Morgan Chase & Co.
The Indiana pension system is keeping a close eye on its investment in a debt fund managed SVB Capital, a venture capital firm that is a subsidiary of Silicon Valley Bank’s parent company but separate from the bank itself.
Last week, Genesis filed Chapter 11, joining Voyager Digital, Celsius and BlockFi on the list of companies that have either filed for bankruptcy protection or gone out of business.
Pennsylvania-based Northwest Bank, which entered the Indiana market in 2020 with its acquisition of Muncie-based MutualFirst, has been beefing up its local workforce since then.
Democratic state Rep. Rep. Greg Porter of Indianapolis condemned the policy in a statement Tuesday and said he was drafting legislation to retroactively eliminate state income tax on debt relief.
The deal, expected to close in the fourth quarter, includes about $500 million in client assets held in about 157,000 accounts associated with more than 3,000 employer groups.
ARMs made up 13% of all home loans by dollar volume in March, their highest share since January 2020, according to CoreLogic.
Average long-term U.S. mortgage rates are continuing to rise, with interest on the key 30-year loan at its highest level since 2009.
San Francisco-based Anchorage Digital Bank, which announced in January its plans to open an Indiana office, is the subject of a consent order issued by federal banking regulators. But both the regulators and Anchorage say the bank is working to come into compliance with Bank Secrecy Act and anti-money-laundering regulations.
Rising inflation that has caused the biggest jump in prices in 40 years has spurred the Federal Reserve to aggressively raise interest rates, which increases demand for U.S. dollars.
WesBanco, a mid-sized bank based in Wheeling, West Virginia, said it has hired two people so far to staff a new loan production office in Indianapolis that will focus on both commercial and mortgage lending.
Meanwhile, mortgage applications fell again last week. The market composite index, a measure of total loan application volume, decreased 1.3% from a week earlier, according to Mortgage Bankers Association data.
In minutes from their policy meeting three weeks ago released Wednesday, Fed officials said that half-point interest rate hikes, rather than traditional quarter-point increase, “could be appropriate” multiple times this year.
With inflation raging at four-decade highs, economists and investors expect the central bank to enact the fastest pace of rate hikes since 2005. That would mean higher borrowing rates well into the future.