Newcomer banks slice into ‘overheated’ Indianapolis market
Newer entrants are chasing market share with convenient hours, quick decisions and narrower niches of customers.
Banking & Finance
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Regulators: JPMorgan owes $410M for price manipulation
The Federal Energy Regulatory Commission said the bank used improper bidding strategies to squeeze excessive payments from two power grid operators, including the Midcontinent Independent System Operator, which is based in Carmel.
Centre Properties escapes foreclosure on 12 properties
Financial terms of the agreements, announced in a written statement, were not disclosed, but the mortgages involve tens of millions of dollars in debt on retail properties spread throughout the area.
City Securities paying $580,000 to settle SEC probe
The SEC said the Indianapolis investment firm and a southern Indiana school district made false statements to bond investors. The agency also said the head of City's municipal bond division, Randy Ruhl, provided improper gifts to bond issuers.
Bidders lining up to build key I-69 leg
Five global financing and construction teams want to build the next stage of Interstate 69 from Bloomington to Martinsville.
Home Loan Bank taps CFO for top job
Cindy Konich is the new CEO of Federal Home Loan Bank of Indianapolis. She succeeds Milton J. Miller, 57, who retired July 1.
Under-the-radar utility-locating firm scores nearly $1B sale
Indianapolis-based United States Infrastructure Corp. just changed hands for the third time in five years—but not because it’s a hot potato nobody wants. Quite the contrary, as the latest sale price—nearly $1 billion—demonstrates.
Bank seeks abatement to construct office space along I-69
Economic development leaders in Fishers are asking the Town Council to OK a six-year property tax abatement to help First Internet Bancorp construct as many as two office buildings.
Angie’s List shares fall as eBay plans competing model
Indianapolis-based Angie’s List's stock continued to tumble Thursday morning after an analyst downgraded the stock following a report that Internet giant eBay will test its own consumer-reviews site in the United Kingdom.
Faithful are victims at both ends of church scam
Nearly a decade after the government took over an Indiana brokerage firm whose leaders scammed more than 10,000 devout investors out of millions of dollars, officials are still trying to get their money back without forcing congregations out of their houses of worship.
First Internet earnings jump on lending gains
Commercial real estate lending for First Internet jumped 64 percent, to $112.7 million, in the second quarter. And commercial and industrial lending nearly doubled, to $15.3 million.
Regulators suspend broker for not disclosing bankruptcy
FINRA fined Zionsville financial adviser Stephen W. Bracken $5,000 and barred him from affiliating with a member firm for three months.
Mighty Oxford Financial loses big case with client
An arbitrator ordered the Carmel financial-advisory firm to pay $2.2 million to Reid Hospital & Health Services of Richmond. The dispute involved a delay in executing trades in 2011 that the hospital alleged cost it $2.5 million.
Regional bank Fifth Third sees 58-percent rise in profit
Cincinnati-based Fifth Third, which has more than 800 employees at roughly 45 branches in Indianapolis, on Thursday reported net income available to common shareholders of $594 million.
Stocks edge up as Bernanke reassures on stimulus
Federal Reserve Chairman Ben Bernanke said that the bank would consider reducing its stimulus program if the economy improves, but emphasized that the reductions were “by no means on a preset course.”
Big Anderson church files for Chapter 11 bankruptcy
The Madison Park Church of God bought a 200-acre site near Interstate 69 in 2007 and built a church there using three bridge loans. One $6 million loan matured on July 12 and couldn't be repaid.
HICKS: There’s no end to odd stories about coinage
Today, we hear from seemingly sophisticated folks that we should return to the gold standard, and so ensure long-run stability and remove those unseemly humans from decisions about money. That argument ignores two common axioms.
Stocks rise to record highs as Fed keeps stimulus
Federal Reserve Chairman Ben Bernanke said the central bank is in no hurry to stop supporting the economy because unemployment remains high and inflation is below the Fed’s target.
Indiana banks finally regain pre-meltdown asset levels
Assets for Indiana banks have risen back to levels seen in 2008, and financial institutions are lending again. But smaller, community-based banks still face an array of challenges that could lead to more consolidation.
Stocks gain after encouraging U.S. hiring news
Encouraging news about the U.S. jobs market trumped rising oil prices and worrying developments in Europe's simmering debt crisis on Wednesday.