Stocks swoon after weak economic reports
Companies like miners, banks and chemical makers, whose fortunes are most closely tied to the prospects for growth, fell the most. That's a sign investors are becoming less confident in the U.S. economy.
Banking & Finance
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National mortgage settlement checks in the mail
Indiana Attorney General Greg Zoeller says checks totaling more than $26 million will be mailed to more than 18,000 Indiana consumers this month containing shares of the National Mortgage Settlement.
IEDC rolling out $1M diversity investment fund
Fund managers will seek to invest in companies owned by minorities, women and veterans that have sustainable competitive advantages, scalable business models and the potential for meaningful job creation.
Bank seeks to foreclose on architectural firm’s HQ
KeyBank has filed a lawsuit against A2SO4 Architecture and is asking a judge to appoint a receiver to manage the property at 540 N. College Ave. The bank says it is owed nearly $1 million.
Average household far from regaining wealth, study says
The average U.S. household has regained less than half the wealth it lost to the Great Recession, a report released Thursday by the Federal Reserve Bank of St. Louis concluded.
Old National to close 13 Indy bank branches
The move, part of a statewide effort to streamline operations and save money, will leave 27 Old National branches in the nine-county area.
Former bookkeeper pleads guilty to stealing $680K
Fifty-three-year-old Karen Armacost of Franklin admitted to forging hundreds of checks between 2007 and 2012 from the Greenwood Orthopaedics surgical group.
First Merchants accused of overdraft fee violations
A lawsuit seeking class-action status alleges that the Muncie-based bank manipulated the timing of customers’ transactions to cause their checking accounts to bounce more frequently, generating millions of dollars in overdraft fees.
FDIC sues executives over Irwin failure
The Federal Deposit Insurance Corp. has filed suit against four former officers of defunct Irwin Financial Corp. banks, alleging they “closed their eyes to known risks” in approving loans that contributed to the banks’ 2009 takeover by regulators.
Finish Line’s cash hoard could make it alluring target
The Indianapolis-based retailer is debt-free and has amassed $227 million in cash on its balance sheet. That works out to $4.63 per share.
Mayor suspends land bank after indictments
Indianapolis Mayor Greg Ballard on Wednesday sidelined a city program that sells vacant and tax-delinquent properties, one day after federal prosecutors indicted two of its top officials for allegedly accepting bribes and kickbacks.
Stonegate raises $115M to fund jumbo mortgage expansion
The fast-growing Indianapolis-based firm will use the funds to fuel originations of loans not intended for government-backed programs, as well as to build its portfolio of servicing contracts, CEO Jim Cutillo said.
Centerfield rounds up $171M for new fund
An Indianapolis private investment firm has raised one of the largest-ever funds in the state. Centerfield Capital Partners pulled in $171 million that it plans to invest in about 20 companies. Its two previous funds totaled $60 million and $116 million.
Spate of banking mergers may be just the beginning
First Merchants Corp. CEO Michael Rechin thinks a wave of bank mergers is coming—driven by financial institutions’ quest to increase profits in an environment where super-low interest rates continue to squeeze margins.
Firms ladle trips, car allowances on top of rich pay packages
Senior executives at Indiana's public companies last year received, on average, more in perks than the typical Hoosier earned all year, IBJ found after reviewing Securities and Exchange Commission documents for more than 60 Indiana companies.
Leader of fraud scheme sentenced to 4-plus years
Michael Russell, 54, pleaded guilty in January to 20 counts of wire fraud and money laundering in a scheme involving former Indianapolis City-County Councilor Paul Bateman.
First Merchants’ deal to make it state’s second-biggest bank
The acquisition of CFS Bancorp Inc. will increase First Merchants' assets to $5.4 billion and leave it with nearly 100 offices.
Ruling keeps church ensnared in life insurance nightmare
A federal bankruptcy judge has slapped down an Anderson church that attempted to blame its bank for a failed scheme to finance church upgrades by buying life insurance policies on its elderly members.
Merchants, Citizens Bank to merge
Shareholders in Carmel-based Merchants will receive stock that was valued at $98.3 million before the announcement of the deal caused a huge spike.
FARRA: Don’t expect big dividends from banks anytime soon
Banks will not return to their status as reliable sources of shareholder dividends for three years or longer.