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.
During these difficult times, small-business lenders are looking harder at intangibles—including a borrower’s character.
The national two-year default rate rose to 8.8 percent last year, from 7 percent in fiscal 2008, according to the Department of Education. Driving the increase was an especially sharp increase among students who borrow from the government to attend for-profit colleges.
Indiana regional banks and national institutions are faring better, a possible indication that Indianapolis’ economy isn’t recovering as quickly as expected.
Low-income women could receive loans in weeks.
The Indiana Statewide Certified Development Corp. has been recognized as the most robust lender through the SBA’s 504 loan program.
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.
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.
Fort Wayne-based Star Financial Bank, which is trying to recover some of the more than $23 million it loaned for the condominium project, submitted the only bid for it on Wednesday. The bank said several potential buyers are interested in the property.
Fair Finance Co.’s bankruptcy trustee this week sued National Lampoon Inc. seeking to recover millions of dollars that indicted financier Tim Durham provided the ailing Los Angeles-based comedy business over the past decade.
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.
A $150 million project that slammed head-first into the recession is slated for a sheriff's sale later this month.
New law allows banks to refinance existing real estate and equipment debt through the U.S. Small Business Administration 504 loan program.
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.
City would become third U.S. location for lender that makes small business microloans to the poor.
First Financial Bank in Ohio is asking a Marion Superior Court judge to appoint a receiver for Woodland Shops on the city’s northwest side and Lakewood Shops on the northeast side.
Chase and Fifth Third of Indiana saw 57-percent and 56-percent spikes, respectively, in loans to state businesses last year. They forecast similar growth this year.
The complaint, filed in Marion Superior Court, follows a similar suit that was dismissed in federal court. Bank of America and its Countrywide unit are accused of using perjured affidavits to foreclose on homes.
purchasing our debt and being our banker are different matters altogether.
Monday’s announcement is the latest ominous news for Integra, which is at risk of becoming the second Hoosier financial institution to fail since the financial crisis began in 2008.
