Suit says Irwin Union Bank execs missed snowballing risk
The bankruptcy trustee's suit against the top three officers of the bank's parent seeks more than $500 million.
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First Financial singled out as growing company in troubled industry
The bank that took over operations of failed Irwin Union Bank of Columbus two years ago recently announced the purchase of all 22 Flagstar Bank branches in Indiana.
Mortgage-default filings surge in Indiana, nation
Default notices sent to delinquent U.S. homeowners surged 33 percent in August from the previous month, a sign that lenders are speeding up the foreclosure process. Indiana saw an increase of 46 percent, a bigger rise than every state except California.
National Bank of Indianapolis exec retiring
Philip B. Roby, who helped start the city’s largest locally based bank, will retire at the end of the year.
First Financial buying Flagstar’s 22 Indiana branches
First Financial said the $23 million purchase gives it a rare opportunity to expand its presence in the Indianapolis metro area at a time there are few acquisition targets available.
Fed to keep interest rate near zero for 2 years
The Federal Reserve said Tuesday that it will likely keep interest rates at record lows for the next two years after acknowledging that the economy is weaker than it had thought and faces increasing risks.
Indianapolis-based banks struggle to emerge from slump
Indiana regional banks and national institutions are faring better, a possible indication that Indianapolis’ economy isn’t recovering as quickly as expected.
Indiana banks continue quest for tax consistency
Lobby prepares new pitch for next legislative session.
Fair sues Shelbyville bank over sale of Durham Duesenberg
Fair Finance Co.’s bankruptcy trustee sued Shelbyville’s SCB Bank this week, charging it refuses to turn over hundreds of thousands of dollars it raised by auctioning off one of Tim Durham’s most valuable automobiles, a 1929 Duesenberg.
Cost cutting planned by Integra Bank’s new owner
Old National Bank President Bob Jones said an undetermined number of jobs will be eliminated, with the bulk of them being branch managers and other management positions.
PNC Financial quarterly earnings top expectations
PNC Financial, which has 88 Indianapolis-area branches, reported a nearly 13-percent increase in second-quarter earnings, as the regional bank set aside far less money to cover bad loans.
Lender’s suit says homebuilder owes $12.8M on loans
M&I Bank filed the suit against J. Greg Allen, charging he defaulted on two loans he took out to buy 73 acres of land on the northeast corner of Emerson Avenue and County Line Road on Indianapolis’ south side.
Smulyan says Emmis ready ‘to go back on offensive’
Emmis' sale of two stations in Chicago and one in New York City will allow the company to chop more than $100 million off its $331 million in long-term debt—clearing the way for it to arrange a refinancing under favorable terms.
East-side Ramada fetches $1.3M in online auction
It's not yet clear who submitted the winning bid for the 188-room hotel, which is near Interstate 465 and Pendleton Pike.
Effort to save minority car dealer lands Bill Mays in ditch
PNC Bank last month sued Mays, one of the city’s most prominent black businessmen, charging he defaulted on a $3.5 million loan he received in 2008 that has an unpaid balance of $2 million.
Renaissance Bay heads for sheriff’s sale
A $150 million project that slammed head-first into the recession is slated for a sheriff's sale later this month.
WOJTOWICZ: Relief available for firms with falling real estate values
New law allows banks to refinance existing real estate and equipment debt through the U.S. Small Business Administration 504 loan program.
Merrillville-based bank targets Carmel
Centier Bank, a financial firm with 45 branches in northwest Indiana, has opened a business banking office in Carmel and is considering future expansion in the Indianapolis-area market.
Grameen Bank to open Indianapolis branch
City would become third U.S. location for lender that makes small business microloans to the poor.
SHEPHERD: Credit cards hurting too many businesses
Expensive personal credit undermines credit scores and ultimately the odds of more traditional lending.