Feds take over SCB Bank in Shelbyville
Muncie-based First Merchants Bank will assume the deposits and some of the loans of SCB, the third Hoosier bank to fail since the banking crisis began three years ago.
Banking & Finance
Articles
Merger to give northwest Indiana bank local foothold
Horizon Bancorp of Michigan City announced Friday that it has agreed to acquire Heartland Community Bank of Franklin for about $14 million, or $9.72 per share.
13K Indiana foreclosure victims to get $2K checks
Indiana homeowners will receive about $43 million in refinanced loans while other borrowers will get $30 million worth of loan-term modifications and other relief as part of a $25 billion nationwide settlement with the country's biggest mortgage lenders.
Councilor seeks review of city’s TIF-district strategy
Brian Mahern, a Democrat on the City-County Council, plans to propose a study commission to examine the effectiveness of TIF districts, how property tax caps will affect them, and ways to increase transparency for the complicated financing vehicles.
Disappointing quarter puts WellPoint brass on hot seat
Analysts say the company has struggled to generate the consistent earnings that rivals have, in part because of mispricing of its Medicare Advantage senior coverage.
Republic shareholders cheer plans to shed Frontier
A $120 million restructuring that included job cuts and cost reductions has returned Frontier Airlines to profit, allowing Republic to move ahead with the separation.
Trustee seeks $1B from Fair Finance’s lenders
Fair Finance Co.’s bankruptcy trustee finally has found some deep pockets to go after in his quest to recover money for the small-time Ohio investors who lost more than $200 million when the Tim Durham-led company failed two years ago.
Latest Fair suits target Kato Kaelin, playmate, many others
A former Playboy playmate, a well-known rapper and local businessmen are among the defendants in a barrage of lawsuits filed by a bankruptcy trustee trying to collect funds for investors of Fair Finance Co., the defunct Ohio firm led by Tim Durham.
Health care VC hits new Indiana low in 2011
Indiana companies landed just $14.1 million in venture funding last year, the lowest amount of capital flowing to the state’s health care sector since BioEnterprises began tracking such deals in 2005.
Mini Thin maker agrees to $1M bankruptcy settlement
Carmel resident Richard Deer, who built a business around Mini Thin dietary supplements, has agreed to pay $1 million in his company’s bankruptcy case.
Sale of storied bank reflects industry’s difficult times
John Keach Jr., the third generation of his family to lead Indiana Bank & Trust, looked into the future and wondered how—given the lackluster economy and increasing costs for everything from employee benefits to regulatory compliance—it would generate robust earnings growth.
Few in Indiana using state fund to avoid foreclosure
A state program created to help Indiana residents avoid foreclosure by providing them with 10-year loans is seeing few takers even though the state's foreclosure rate is among the highest in the nation.
ExactTarget’s IPO plan could draw out suitors
Firms pursuing IPOs simultaneously investigate the possibility of a sale as a matter of course, in part because doing so helps investment bankers assess how they should price shares if they pull the trigger on an offering.
WALKER: A watershed 401(k) deadline is hurtling our way
Plan sponsors will face both higher expectations and legal responsibilities.
Should Indiana phase out inheritance tax?
Supporters of new legislation say the wealthy shouldn’t have to leave the state to avoid the tax.
Local fraternity files suit against former auditor
The foundation of Alpha Tau Omega accuses Indianapolis-based K.B. Parrish & Co. LLP of malpractice and breach of contract stemming from $400,000 in missing funds allegedly taken by a former employee.
Old National buying Indiana Community for $79M
Evansville-based Old National will absorb 20 Indiana Community branches, including three on the southern edge of Indianapolis. Indiana Community Bank & Trust has nearly $985 million in assets.
Builder’s bookkeeper gets 18-month sentence for theft
Kim Hutchison, 52, the former treasurer of Greenwood-based J. Greg Allen Builders and Princeton Homes, has been sentenced to 18 months in prison for allegedly stealing more than $446,000 from the now-closed companies.
Governor’s Fair Finance settlement yields just $3,000
Court papers show the Mitch for Governor Campaign Committee isn't paying more in a settlement with Fair Finance Co.’s bankruptcy trustee because it has just $3,500 left.
Morgan Stanley settles with state over failed ISTA fund
The Indiana secretary of state’s office says the investment bank agreed to pay a $100,000 fine and $110,000 in investigative costs.