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.
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Fed leaves rates unchanged as it debates economy’s next steps
The Federal Reserve signaled one more hike was possible this year, as central bankers shift their focus toward how long they’ll keep rates high and when they’ll decide there has been enough progress on their inflation fight.
Federal Reserve expected to leave its key interest rate unchanged
Further clues about the future path of the Fed’s interest rate policy could emerge at a news conference Wednesday after the central bank issues a policy statement and its quarterly economic projections.
Logansport-based bank chooses north side for its first Indy-area bank branch
Logansport-based Security Federal Savings Bank says it plans to begin construction this week on a branch office on the north side of Indianapolis.
Chase to close two south-side branches, including one designed by noted architect
Chase has notified bank regulators that it plans to close two Indianapolis branches, both standalone locations at busy intersections.
Carmel-based Syra Health cuts IPO expectations by one-third
The two-year-old startup that provides professional services in the health care and life science industries has sharply cut how much it expects to raise in its upcoming initial public offering.
First Merchants to establish regional HQ in Indianapolis with $18M office purchase
Muncie-based First Merchants Corp., parent of First Merchants Bank, plans to relocate about 175 jobs to the new headquarters and add another 100 over the next five years.
Dems accuse tax-prep firms of undermining IRS effort on free-file returns
The IRS in May announced that it would launch a pilot program for the 2024 filing season to allow taxpayers to file directly to the agency for free.
Powell: Economy’s solid growth could require additional Fed hikes to fight inflation
In a closely watched speech at Jackson Hole, Wyoming, Federal Reserve Chair Jerome Powell said the economy has been growing faster than expected and consumers are spending briskly—trends that could keep inflation pressures high.
Indianapolis food-tech firm True Essence lands $27.6M growth investment
True Essence Foods, whose original product was an artisanal chocolate called SoChatti, has secured 15 patents for its technologies, with another 70 patent applications in process.
Charles Schwab plans job cuts, office downsizing amid effort to cut costs
The financial services powerhouse, which has major operations in Indianapolis, did not specify how many positions would be eliminated—but suggested that the layoffs will take place in the coming months.
Circle Tower owner facing foreclosure for alleged nonpayment
Chicago co-working company Expansive bought the landmark building on Monument Circle before the pandemic. Centier Bank says Expansive still owes $12.9M on its loan and has fallen behind on payments.
Average long-term U.S. mortgage rate climbs to highest level since 2002
Rates have risen for the pst four weeks, grim news for would-be homebuyers already challenged by a housing market that remains competitive due to a dearth of homes for sale.
Fed minutes: Too-high inflation still a threat, could require more rate hikes
Most Federal Reserve officials last month still regarded high inflation as an ongoing problem that could require further interest rate increases, according to the minutes of their July 25-26 meeting released Wednesday.
Coinbase gets approval to offer crypto futures to eligible U.S. customers
Coinbase said Wednesday that it had secured regulatory approval from the National Futures Association to operate as a futures commission merchant.
Appeals court halts new Biden rules on debt relief for defrauded students
the U.S. Court of Appeals for the 5th Circuit issued an injunction to prevent the government from implementing regulations that took effect last month while it considers a lawsuit brought by Career Colleges and Schools of Texas.
Property loans are so unappealing that banks want to dump them
This year’s rise in borrowing costs has made commercial real estate one of the hardest-hit areas of the economy. Property sales, especially for office buildings, have slowed to a trickle, giving landlords and lenders few markers to determine the value of certain assets.
Noble Roman’s faces investor lawsuit in ongoing proxy war
Indianapolis-based Noble Roman’s Inc., which is battling one of its biggest shareholders over whether to replace CEO Scott Mobley on the restaurant company’s board of directors, is now facing a lawsuit from that shareholder over the same issue.
Ex-employee of Carmel firm sentenced to nearly 5 years in prison over embezzlement
Lisa Raines is the third former employee since 2021 to be sentenced to federal prison for defrauding the travel insurance company—all in unrelated cases.
Latest plan to cut student loan payments could be in for legal battle
The Biden administration calls it a “student loan safety net.” Opponents call it a backdoor attempt to make college free. And it could be the next battleground in the legal fight over student loan relief.