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.
The Merrillville-based bank is testing the waters before launching a retail-banking presence.
Columbus-based Indiana Community Bancorp, parent of Indiana Bank & Trust, said it will write off $13.3 million for the third quarter, primarily due to nine commercial customers in the Indianapolis area with total loan balances of $32.7 million.
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.
M&I has about 30 branches in the Indianapolis area and controls about 6 percent of the market's bank deposits, according to the Federal Deposit Insurance Corp. The bank is ranked sixth among area banks in terms of employment, with about 400 workers.
Mike Alley, perhaps more than any other banker in the state, is experiencing the pain the economic crisis has wrought on the nation’s financial institutions.
Banking experts say the health of Indiana institutions is taking baby steps forward along with the tepid economic recovery. But in these times, recovery looks grimmer than one might expect.
Exec adds branches, deposits, after completing a stint at a human-resources firm.
Frankfort-based bank plans to open locations in Fishers and Noblesville as part of its plan to expand its presence in Hamilton
Bank transaction counts—the number of people going into banks to make a deposit, cash a check or
conduct some other form of business—have declined in recent years with the increased popularity
of direct deposit, online banking and easy ATM accessibility. So why add branches?