Hot market for IPOs could be cooling off
IPOs are having their best start to a year since 2000. But signs of weakness have appeared recently as stocks became more volatile.
Banking & Finance
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Feds sue Indianapolis man over fictional credit union
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.
Tech startup Gusto lands $1.3M in venture capital
Elevate Ventures, which manages the federally backed Indiana Angel Network Fund, led the financing round.
Chances of getting audited by IRS lowest in years
Budget cuts and new responsibilities are straining the Internal Revenue Service's ability to police tax returns. This year, the IRS will have fewer agents auditing returns than at any time since at least the 1980s.
Dora Brothers affiliate loses downtown hotel in bankruptcy
The Fishers-based company lost the Comfort Suites City Centre near Lucas Oil Stadium in a bankruptcy reorganization filed by one of its affiliates, which owed a creditor about $12 million.
Savers beware: Fees may be shrinking your 401(k)
A new study finds that the typical 401(k) fees — adding up to a modest-sounding 1 percent a year — would erase $70,000 from an average worker's account over a four-decade career compared with lower-cost options.
Trailer parks lure ex-traders eyeing double-wide returns
Former hedge-fund executives who left Wall Street are finding new ways to milk profits from old trailer parks, including one in Indianapolis.
MainSource strengthens Cincinnati foothold with acquisition
Greensburg-based MainSource Financial Group agreed Monday to pay $34 million in cash and stock for MBT Bancorp, the parent of Merchants Bank and Trust Co.
Lilly stock shows little impact from $3B court award
Eli Lilly and Co.’s stock showed little change Tuesday morning in the wake of a federal court decision that saw jurors order the company to pay a massive damage award related to its Actos diabetes medicine.
Regions revamps Indiana territory as regional banks reshuffle
A second regional bank in the metro area in as many months has announced a change in its state leaders and area boundaries.
Small biz lending starting to thaw
More small businesses in Indiana are securing loans as owners learn to present their companies better and banks warm to small-business lending after years of hesitation.
Bank merger that looked conflict-free goes off the rails
Carmel-based Merchants Bancorp announced in May 2013 that it would merge into Mooresville-based CITBA Financial Corp.—a deal initially so warmly received by CITBA shareholders that the company’s stock shot up 87 percent.
Banks see resurgence of home equity loans
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.
U.S. student-loan debt adds to growing wealth gap
Roughly 37 million people in the U.S. are saddled with $1 trillion in student debt, a factor contributing to the widening of the gap between rich and everyone else in the country.
Bank files to foreclose on Garcia Construction property
Fifth Third Bank claims that the company operated by Charles Garcia, a former Indianapolis Chamber of Commerce chairman, owes it about $2.3 million for loans on Garcia Construction’s building at 6002 N. Michigan Road, and on personal property.
Fifth Third combines Indiana banking regions
Fifth Third Bancorp has combined its Central Indiana and Southern Indiana units into a single affiliate. Nancy Huber, CEO of the company’s Central Indiana region since 2009, will retire May 15.
Software firm TinderBox lands $3M VC investment
Indianapolis software developer TinderBox Inc. plans to fuel product development and build up its sales and marketing teams after receiving $3 million in venture capital.
Broadbent in mortgage dispute involving retail center
The owner of Castleton Place, a shopping center in one of the city’s busiest retail areas, is the target of a $5 million foreclosure lawsuit by a lender that seeks to have the property placed in receivership.
IPS terminates CFO after disagreement over budget
Indianapolis Public Schools has fired its chief financial officer for “unsatisfactory work performance” one week after Superintendent Lewis Ferebee publicly disagreed with a financial assessment that said the district had a $30 million budget deficit.
Trustee takes over Deca Financial Services
Fishers-based bill-collection firm Deca Financial Services LLC missed a March 17 deadline to come up with more than $11 million to avoid involuntary Chapter 11 reorganization sought by its creditors.