Six banks that owe Treasury walk TARP tightrope
Six of the 17 Indiana banks that relied on the federal government to shore up their balance sheets in the recession have yet to repay, and the U.S. Treasury isn’t going to wait forever.
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Area couple’s bankruptcy filing lists $18.5M in debt
An Indianapolis-area couple that operated more than two dozen companies—including one that provided financial counseling—has filed for bankruptcy, listing $18.5 million in debt that includes unpaid business loans and mortgages for homes in Florida and Wyoming.
First Internet Bancorp reports higher earnings
First Internet Bancorp, parent of Indianapolis-based First Internet Bank, said Thursday that profit rose 55 percent in the second quarter compared with the year-ago period.
PNC earnings sink on soured home mortgages
PNC Financial Services Group Inc. said Wednesday its second-quarter net income shrank 41 percent, as the bank set aside hundreds of millions of dollars to buy back home mortgages.
JPMorgan says bad trade has ballooned to $5.8B
JPMorgan Chase said Friday that a bad trade had cost the bank $5.8 billion this year, almost triple its original estimate, and raised the prospect that traders had improperly tried to conceal the blunder.
Meridian CPAs folding into larger Somerset firm
Four principals and about a dozen other staff accountants and support staff at Meridian will join Somerset in August. Somerset is Indianapolis’ seventh-largest accounting firm, based on the number of local full-time employees.
Chase Tower’s $201M sale price sets record
A publicly traded real estate investment trust has agreed to pay $201 million for the tallest building in Indiana, a price that could give a boost to the local investment market.
Regional investing conference heavy on Indiana banks
Event organizers say Wall Street isn’t the only place to drum up interest in stocks.
More U.S., Indiana homes facing foreclosure risk
More than 1 million properties experienced foreclosure filings in the first half of 2012. Twenty states saw a first-half rise in foreclosure activity from the same time a year ago. Indiana had the biggest rise on a percentage basis, with a 32-percent increase in foreclosure activity.
Old National names ex-Indiana chief justice as director
Old National Bancorp has appointed former Indiana Chief Justice Randall Shepard to its board of directors.
Hauke receiver files suit against his former accounting firm
The lawsuit accuses convicted money manager Keenan Hauke’s former accounting firm of negligence for failing to monitor Hauke’s bank accounts, enabling him to use investor funds for his personal use. Hauke was sentenced in March to 10 years in prison.
Shelbyville racino operator settles with ex-manager Cordish
The operator of Indiana Grand Casino and Indiana Downs horseracing track in Shelbyville has reached a $3.5 million settlement with the property’s former manager, The Cordish Co., that helps pave the way for its reorganization.
Hofmeister files bankruptcy reorganization plan
Hofmeister Personal Jewelers Inc. plans to pay off its creditors over seven years as part of the well-known Indianapolis retailer’s bankruptcy restructuring.
BrightPoint’s $840M sale ends wild ride for CEO Laikin
Bob Laikin started BrightPoint in 1989, when cellular phones were clunky and brick-like and were mostly for the wealthy.
Heartland Bancshares approves acquisition by Horizon
The deal, effective July 17, will give the Michigan City bank its first presence in Central Indiana.
Insurance may not cover violators of fireworks ban
Fourth of July enthusiasts who ignite personal fireworks despite bans in their counties may not be covered by insurance if their fireworks cause any damage.
Indiana to hold securities brokers more accountable
Secretary of State Connie Lawson said the new provisions will help her office provide better protection to investors.
Lawsuit: Smulyan angling for Emmis buyout
Jeff Smulyan has been considering a new plan to buy out other Emmis Communications Corp. shareholders—a deal that could clear the way for him to finally take the Indianapolis media company private. But Emmis’ founder and CEO insists he has no plans to do so.
Commission to recommend more limits on local TIFs
A study commission on tax-increment financing will vote Thursday evening on a set of policy recommendations that would limit the use of TIF districts in Indianapolis.
Heat wave wilting corn supplies, boosting prices
Corn supplies in the United States, the world’s biggest exporter, are declining at the fastest pace since 1996 just as a Midwest heat wave damages the world’s largest harvest for a third consecutive year.