Amid the economic uncertainty—even though some banks express reasons for optimism—Indiana-based financial institutions are preparing themselves now for the losses that likely lie ahead.
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Of the 20 banks issuing the most PPP loans to Indiana borrowers, 11 were headquartered in the state—many of which went to extraordinary lengths to extend as many loans as they could.
The bank will use the three-story building that fronts Monument Circle for lending offices and a branch location. The magazine’s staff plans to move into the adjacent headquarters for Emmis Communications.
Investors have turned pessimistic about everything from the inevitability of a U.S. recession to growing international trade disruptions and higher loan defaults.
NattyMac, which was established in 2004, has a historical connection with Indianapolis and was sold to its current owner in 2017 for $211 million.
Salin Bank and Trust Co.—the third-largest privately held bank in Indiana—will take on the name of its acquirer after the deal closes in early 2019.
Today—as it was in 1993 when the bank launched—its leaders focus on reaching customers in four categories: small to medium-sized businesses, professionals, not-for-profit organizations and money management. “We haven’t changed that strategy in 25 years,” said Mickey Maurer, the bank’s board chairman.
Lake City, part of Warsaw-based Lakeland Financial Corp., will open an office this fall at 101 W. Ohio St.
The acquisition will add three banking offices to Merchants’ subsidiary, Joy State Bank.
The segment crashed in the financial crisis that began in 2008, forcing banks to write off billions of dollars in loans. But it’s roared back since, and last year national commercial real estate lending surpassed its 2008 peak.
Completing the transaction will be highly profitable for the investment banking firms representing the institutions.
The bank, which went public in October, says it saw especially strong growth in its multifamily mortgage business last year.
Cincinnati-based First Financial Bancorp and Greensburg-based MainSource Financial Group have agreed to sell off five bank branches in Indiana to resolve regulatory concerns that could stand in the way of their planned merger.
The Carmel-based bank raised $100 million, which it plans to use for a new acquisition and to further fuel growth.