Rebounding banks see tailwinds ahead
After a tough 2023, most publicly traded banks in the Hoosier state have seen at least a partial rebound in their stock prices this year.
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Anderson-based credit union opening Martin University office
Anderson-based Lampco Federal Credit Union has formed a partnership with Martin University and plans to open a part-time office at the Indianapolis school within weeks. It’s part of Lampco’s broader push to gain members in Marion, Hamilton and Hancock counties.
Old National to acquire Minnesota bank in $1.4B deal
Wall Street appeared to welcome the deal. Shares of Evansville-based Old National were trading at $23.30 shortly after 11 a.m. Monday, up 7.6% from Friday’s closing price.
Trump, GOP eye new limits on Consumer Financial Protection Bureau
Aides on Trump’s transition team have started considering candidates to lead the CFPB who are expected to ease its oversight of banks, lenders and tech giants.
Chicago Fed president weighs in on interest rates in Indianapolis visit
Federal Reserve Bank of Chicago President Austan Goolsbee said he supports additional interest rate cuts—although he also said it’s difficult to determine the ideal rate.
U.S. economy should continue growing in 2025, economist says
The U.S. economy is strong and should continue to grow next year, Fifth Third Bank Chief Investment Strategist Tom Jalics said at IBJ’s 2025 Economic Forecast breakfast Thursday.
Powell says Fed will likely cut rates cautiously given persistent inflation pressures
After Powell’s cautious remarks Thursday, traders estimated the likelihood of a Federal Reserve rate cut in December at just below 59%, down from 83% a day earlier.
Bitcoin tops record high as part of crypto’s post-election rally
Analysts credit much of the recent gains to an anticipated “crypto-friendly” nature of the incoming Trump administration, which could translate into more regulatory clarity but also leeway.
SEC says financial firm is at center of Ponzi scheme; Indy partner faces lawsuits
Legal problems are piling up against a now-defunct Georgia financial firm called Drive Planning LLC and its Indianapolis-based managing partner, Gerardo Linarducci.
UPDATE: Fed trims interest rates by quarter-point
The rate cut signals that Fed officials are paying more attention to warnings in the economy, including the slowing job market.
SBA-backed financing rose 7%, to $56B, in fiscal 2024
For the first time since 2008, the Small Business Administration distributed more than 100,000 financings to small businesses, up 22% from fiscal 2023 and 50% over 2020.
Trump victory ignites crypto frenzy that sends bitcoin to record high
Bitcoin jumped nearly 8% in early trading, climbing above $75,000 and smashing its previous record, set in March. Other cryptocurrencies also soared.
Interest rates have been cut, but mortgage rates are rising
The Fed’s move to start cutting rates has not sent mortgage costs down. Instead, the 30-year fixed-rate mortgage has ticked up for the last five weeks.
Indianapolis-based KSM acquires New York City-based firm
Katz Sapper & Miller, the largest accounting firm in Indianapolis, has significantly increased its presence in New York City through the acquisition.
Local banks lure new customers with cash amid competition
Cash offers are not a new phenomenon, but they’re in widespread use locally now, with at least 10 banks and credit unions offering such incentives.
Average mortgage rates increase to 6.73%, highest since late July
While the index of home purchases rose for the first time in four weeks, rising mortgage rates and still-elevated asking prices are limiting optimism that the housing market can stage a speedy recovery.
Apple, Goldman Sachs ordered to pay $89M for mishandling Apple Card transactions
The Consumer Finance Protection Bureau ordered Apple and Goldman Sachs to pay refunds and penalties for deceiving consumers and mishandled transaction disputes of Apple Card customers.
Banks see the ‘mass affluent’ as hot prospects worth enticing offers
A dramatic shift in cash offers—one-time cash incentives banks offer to new customers—is an example of how keen banks are to land the mass affluent
Indianapolis-based SBC Wealth Management merged into NYC firm
SBC, founded in 1983, is now part of New York City-based Cerity Partners, which has dozens of offices around the U.S. and about $104 billion in assets under management.
Carmel-based investment firm closes on $250M fund
CID Capital recently closed on its fourth investment fund, which brought in $250 million—significantly more than the $200 million the firm had been targeting.