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.
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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.
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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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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.
Read MoreDemocratic 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.
Seymour-based Jackson County Bank, known as JCBank, said the nearly 5,000-square-foot branch will be its 12th in the state and first in Johnson County.
German American, which has 78 locations in 33 Indiana and Kentucky counties, said it plans to open a loan production office in Greenwood this quarter. It will be the bank’s first physical presence in this market.
Anchorage Digital, founded in 2017, plans to open a physical office in the Indianapolis area and hire another 10 people here by year’s end.
Indiana bankers cite federal COVID-19 relief measures as a big reason—but not the only one.
Fort Wayne-based STAR, which has 13 banking offices in the Indianapolis market, said it sees a business opportunity in Bitcoin and plans to add additional cryptocurrency services as demand warrants.
First Merchants has agreed to acquire Farmington Hills-based Level One Bancorp, which has 16 Michigan banking offices. The deal is expected to close in the first half of next year.
Fishers-based First Internet says it expects that its $80 million acquisition of Georgia-based First Century Bank will be complete early next year. The deal brings several new product lines to First Internet’s existing offerings.
Based in Anderson, Bankable offers microloans to small and startup businesses around the state. This is the organization’s first fund specifically targeting Black-owned businesses.
The five former directors and employees of the now-defunct Westfield firm were found guilty on fraud and conspiracy charges. Prosecutors say the five submitted false information in order to get more than $10 million in ineligible loans approved by the Small Business Administration.
All 23 of the nation’s biggest banks are healthy enough to withstand a sudden economic catastrophe, the Federal Reserve said Thursday.
