More than three years after the financial industry almost collapsed, the colossal misfire has been cited as proof that big banks still do not understand the threats posed by their own speculation.
The bank said it will terminate all 450 employees at its office on the northeast side of Indianapolis as the troubled residential mortgage servicing provider prepares to sell a large portion of its assets.
Former Fifth Third Bank president Mike Alley will take over as the state’s revenue commissioner. He’ll replace John Eckart, who resigned last week amid controversy over misplaced local option income taxes.
Demographics, technology will reward winning institutions.
Protection must be balanced with allowing credit to flow
A newly public filing shows the co-founder of The Broadbent Co.’s net worth has fallen 60 percent, to $48 million.
Stephen A. Stitle will leave the bank to come aboard the law firm as a partner on May 1. Stitle has spent a combined 17 years at PNC and National City Bank, which PNC purchased in 2008.
The estate of Richard J. Salewicz, who died in 2010, is named in the foreclosure suit that also targets Tyson Corp., the company he owned on the southwest side of Indianapolis. Local accounting firm London Witte is not part of the court action.
The lender claims owner Blue Real Estate defaulted on an $8.5 million loan on the historic building after failing to make payments beginning in July 2011.
Muncie-based First Merchants Bank, which on Friday acquired significant loans and deposits held by SCB Bank in Shelbyville, declined to bring the failed bank’s CEO into the new ownership.
Muncie-based First Merchants Bank will assume the deposits and some of the loans of SCB, the third Hoosier bank to fail since the banking crisis began three years ago.
Horizon Bancorp of Michigan City announced Friday that it has agreed to acquire Heartland Community Bank of Franklin for about $14 million, or $9.72 per share.
Indiana homeowners will receive about $43 million in refinanced loans while other borrowers will get $30 million worth of loan-term modifications and other relief as part of a $25 billion nationwide settlement with the country's biggest mortgage lenders.
John Keach Jr., the third generation of his family to lead Indiana Bank & Trust, looked into the future and wondered how—given the lackluster economy and increasing costs for everything from employee benefits to regulatory compliance—it would generate robust earnings growth.
Evansville-based Old National will absorb 20 Indiana Community branches, including three on the southern edge of Indianapolis. Indiana Community Bank & Trust has nearly $985 million in assets.
The event honors men and women who epitomize success in the business world.
Alvin “Kit” Stolen joined the Indianapolis-based bank in August 2009 with big plans to boost its presence in the center of the state. The major expansion didn't materialize.
Central banks around the world worked Wednesday to give banks easier access to dollars, jolting stock markets and easing fears of a global credit crisis. The Dow Jones industrial average had its biggest daily gain since March 2009.
State municipal-bond banks in Indiana, Vermont, Maine and New Hampshire plan to issue about $190 million in debt this week, as smaller communities seek to take advantage of 10-year interest rates near a six-week low.
A deal scheduled to close next month will give Cincinnati-based First Financial Bancorp the foothold it has long sought to build a major presence in the Indianapolis market.
