Indianapolis-based Elements Financial Federal Credit Union has scooped up 71-year-old State Service Credit Union, a move that provides Elements direct access to one of the largest employers in Indiana.
Federal data show Hoosier credit unions’ growth rates lagging most of their national peers, but it may not be such a bad thing.
Financial Center Federal Credit Union is pursuing a state charter in hopes of becoming a bigger player in Indiana’s financial services sector, a move that echoes a recent national trend of credit unions opting for state charters over federal ones.
Timothy Coughlin, 63, of Indianapolis was ordered to pay $10 million in restitution at sentencing Friday in federal court. Prosecutors say 5,000 investors from 50 countries and all 50 states made deposits to his fake credit union.
The justices agreed Thursday to take up a case that challenges the theory that certain housing or lending practices can illegally harm minority groups, even when there is no proof of intent to discriminate.
An Indianapolis man has pleaded guilty to a Ponzi scheme that defrauded thousands of investors of millions of dollars through a fake online credit union.
Net income growth among nine big credit unions serving the metro area moderated in 2013 after record earnings for the industry locally and largely across the nation in 2012.
A default-prone portfolio of loans to ITT Educational Services students has come back to haunt Eli Lilly Federal Credit Union, a full-service but otherwise conservative institution.
An arrest warrant has been issued for Tim Coughlin, who has been accused of running a Ponzi scheme that collected $12.8 million from investors. In 2008, he proposed creating a 20-story balloon ride at White River State Park.
Although mortgage-refinancing applications are down, the product reviled and thought extinct after the 2008 housing crash that decimated property values may save the day for lenders: the home equity loan/line of credit.
Banks and credit unions facing more competition from online lenders—and now even from big-box stores offering financial products—are working harder to get a bigger piece of a customer’s wallet over the long haul.
Indianapolis Fire Department Credit Union officials are set to sign off on a deal with the city to build a facility downtown near College Avenue. That would clear the way for a $43 million project on the credit union’s current Mass Ave site.
Indiana Members, which has 24 branches and $1.3 billion in assets, will grow by one branch and $17 million in assets.
The widow of former Financial Center CEO Roger Youngs alleges in a lawsuit that the Indianapolis credit union owes his estate $936,162, per his retirement agreement.
Credit unions last year posted record earnings, thanks largely to lower loan-loss reserves, as well as to growing memberships, growing debit cards, selling off mortgages and stealing business loans away from banks, their arch rivals.
Horizon One Federal Credit Union, founded in 1949 to serve General Motors metal-stamping plant employees in Indianapolis, is merging with Financial Center Credit Union.
The Fishers-based financial institution is turning to company veteran Doug True to help Forum rebound from a $2.8 million loss in 2010.
A push by credit unions for more leeway with small-business lending is fueling an old fight with their banking rivals.
Senior vice president Paul A. Marsh will take over for Richard J. Rice, who has been president of the credit union since 1987.
Program that aims to reach local population without bank accounts so far has helped more than 7,500 people open an account.
