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.
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.
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.
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.
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.
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.
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.
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.
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.
The acquisition of CFS Bancorp Inc. will increase First Merchants' assets to $5.4 billion and leave it with nearly 100 offices.
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.
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.
Banks will not return to their status as reliable sources of shareholder dividends for three years or longer.
Credit unions last year posted record earnings, thanks largely to lower loan-loss reserves, as well as to growing memberships, growing debit cards, selling off mortgages and stealing business loans away from banks, their arch rivals.
Michigan City-based Horizon Bank bought the two-story building at 302 N. Alabama St. for $1.5 million and is embarking on a “substantial” investment in the property.
A stronger-than-expected pickup in hiring last month lifted the stock market early Friday, pushing the Dow Jones industrial average above 15,000 and the Standard and Poor's 500 index above 1,600 points for the first time.
Infuse Accelerator hopes to make early-stage investments in 12 to 15 companies a year.
Getting $50,000—often from friends and relatives—to develop a product and set up a company still is easy enough in Indiana, small-business leaders and venture capitalists say. But once a firm needs a few million dollars to grow into a revenue-generating operation, the area can’t compete with Silicon Valley’s magnetism for venture capital.
Many of the defendants pursued by Brian Bash and his team have few, if any, assets. And those that do have the wherewithal to fight litigation for years.
After zooming higher in the last decade, the number of bank branches in Indiana slipped to 2,056 in 2011, the lowest level since 2006.
