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.
The combined firm will have more than 8,700 members and more than $20 million in assets.
The agreement includes player appearances, a Pacers debit card, courtside signage, radio spots,
hospitality and use of the Conseco Fieldhouse practice court for community relations initiatives.
Local credit unions largely avoided putting toxic assets on their own balance sheets. Even so, they’re going to have
to pay millions of dollars to clean up their industry’s books.
Indiana Members Credit Union, the metro area’s second-largest credit union, has acquired Marsh Employees Federal Credit Union.
While many banks were getting drunk on loose lending in the last few years, most credit unions stuck to conservative lending
and other plain-vanilla banking practices.
A Marion County judge has ordered an Indianapolis credit union to pay its former CEO $3.4 million, saying it wrongly froze the executive’s accounts after accusing him of financial improprieties three years ago.
