Black Hoosier businesses still skeptical of banks
Experts say the hesitancy of Black business owners to borrow stems from historical neglect of those customers by traditional banks—an opinion backed by extensive historical research.
Banking
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PNC Bank to close one of its downtown branches
In a letter to customers, PNC said it plans to close the branch in mid-August while leaving its other downtown branch open.
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IBJ Podcast: Internet banking pioneer Becker has bucket list but isn’t going anywhere
The First Internet Bank of Indiana founder is 69 years old and says he has no plans to hand over the reins of CEO and chairman given that developing new products and services for the bank scratches his entrepreneurial itch.
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First Internet Bank’s acquisition deal with Georgia bank terminated
First Internet announced in November that it planned to acquire Georgia-based First Century Bank for about $80 million. But when it became necessary to extend the closing date, the parties couldn’t agree on extension terms.
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First Internet leans into banking-as-a-service trend
Under the relatively rare model, a bank offers its expertise and capabilities to a fintech, allowing the fintech to provide iservices that require the involvement of a federally regulated and insured institution.
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Articles
Giving a ‘hand up’: Special purpose credit programs gain traction with local lenders
SPCS is a tool that a growing number of lenders are adopting to help improve credit access for underserved groups.
They have been around since the 1970s, but they’ve recently become a lot more popular.
Merrillville-based Centier Bank expanding in Indianapolis market
Merrillville-based Centier Bank, which entered the Indianapolis market in 2011, is in the middle of a local growth spurt that includes three new branch locations and three additional relocations by early next year.
Families sue gun shop that sold AR-15 used in bank shooting that killed 5
The civil suit alleges River City Firearms should have noticed red flags when the shooter bought the gun six days before killing five Old National Bank co-workers..
Average long-term mortgage rates rise again, reaching their highest level in 4 weeks
The average rate on a 30-year mortgage rose to 6.66% from 6.62% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.33%.
Loan delinquency rates on the rise
Increasing numbers of borrowers are falling behind on their credit-card and auto-loan payments, but banking and economic experts say this is not necessarily a sign of economic troubles ahead.
Bank of America continues expansion in Indianapolis market
North Carolina-based Bank of America has opened 19 area branches since entering the Indianapolis market in 2017, including a new one in Carmel. It plans to open at least three more by 2025.
First Republic Bank seized, sold to JPMorgan Chase
Regulators seized troubled First Republic Bank early Monday and sold all of its deposits and most of its assets to JPMorgan Chase Bank in a bid to head off further banking turmoil in the U.S.
Chase exec Al Smith set to retire after six decades in banking
Smith, 82, will be wrapping up a 59-year banking career when he retires in May. He has spent his entire career working for banks that are now part of J.P. Morgan Chase & Co.
Indiana pension fund ‘monitoring’ Silicon Valley Bank developments
The Indiana pension system is keeping a close eye on its investment in a debt fund managed SVB Capital, a venture capital firm that is a subsidiary of Silicon Valley Bank’s parent company but separate from the bank itself.
Indiana 250 spotlight: Juan Gonzalez
“I worry about how our society is becoming more divided and less willing to talk/compromise/work together. We need a society where we all work together for the betterment of all of us.”
Crypto firms acted like banks, then collapsed like dominoes
Last week, Genesis filed Chapter 11, joining Voyager Digital, Celsius and BlockFi on the list of companies that have either filed for bankruptcy protection or gone out of business.
Pennsylvania-based Northwest Bank to open regional office in Fishers
Pennsylvania-based Northwest Bank, which entered the Indiana market in 2020 with its acquisition of Muncie-based MutualFirst, has been beefing up its local workforce since then.
Indiana to tax student loan forgiveness, similar to other states
Democratic state Rep. Rep. Greg Porter of Indianapolis condemned the policy in a statement Tuesday and said he was drafting legislation to retroactively eliminate state income tax on debt relief.
Old National Bank to sell its health savings account business
The deal, expected to close in the fourth quarter, includes about $500 million in client assets held in about 157,000 accounts associated with more than 3,000 employer groups.
More buyers opt for adjustable-rate mortgages as rates rise
ARMs made up 13% of all home loans by dollar volume in March, their highest share since January 2020, according to CoreLogic.
Average long-term U.S. mortgage rates edge up to 5.3%
Average long-term U.S. mortgage rates are continuing to rise, with interest on the key 30-year loan at its highest level since 2009.
Cryptocurrency bank with Hoosier connections draws banking regulators’ scrutiny
San Francisco-based Anchorage Digital Bank, which announced in January its plans to open an Indiana office, is the subject of a consent order issued by federal banking regulators. But both the regulators and Anchorage say the bank is working to come into compliance with Bank Secrecy Act and anti-money-laundering regulations.
Dollar surges to 2-decade high as investors seek refuge
Rising inflation that has caused the biggest jump in prices in 40 years has spurred the Federal Reserve to aggressively raise interest rates, which increases demand for U.S. dollars.
West Virginia-based WesBanco entering Indianapolis market
WesBanco, a mid-sized bank based in Wheeling, West Virginia, said it has hired two people so far to staff a new loan production office in Indianapolis that will focus on both commercial and mortgage lending.