Indianapolis-based banks struggle to emerge from slump
Indiana regional banks and national institutions are faring better, a possible indication that Indianapolis’ economy isn’t recovering as quickly as expected.
Banking & Finance
Articles
Global micro lender Grameen ramps up in Indianapolis
Low-income women could receive loans in weeks.
Indiana banks continue quest for tax consistency
Lobby prepares new pitch for next legislative session.
Fair sues Shelbyville bank over sale of Durham Duesenberg
Fair Finance Co.’s bankruptcy trustee sued Shelbyville’s SCB Bank this week, charging it refuses to turn over hundreds of thousands of dollars it raised by auctioning off one of Tim Durham’s most valuable automobiles, a 1929 Duesenberg.
Stocks slump as concerns about economy grow
The Dow Jones industrial average sank 265 points on Tuesday and all three major stock indexes fell more than 2 percent as investors reacted to more signs of weakness in the U.S. economy and poor earnings from several big companies.
Cost cutting planned by Integra Bank’s new owner
Old National Bank President Bob Jones said an undetermined number of jobs will be eliminated, with the bulk of them being branch managers and other management positions.
SKARBECK: Regulators aren’t so bad, and we really need them
while the cost of regulatory compliance can be annoying, they do serve a vital societal function—consumer protection.
HICKS: Woody Guthrie, Ron Paul and the national debt
Now, I have been given to observe many a wondrous and unusual thing over the course of my life, but the thought of Ron Paul and Woody Guthrie cozying up on fiscal policy leaves me virtually speechless.
Eli Lilly’s Elanco unit blossoming at just the right time
An investment firm projects that the Elanco animal-health business will generate sales of nearly $2 billion by 2012 and surpass $3 billion by 2018.
Dynasty trusts let wealthy escape estate, gift taxes forever
Carmel financial executive among those who plan to shield millions of dollars in a dynasty trust, so it can be passed on to multiple generations of descendants while paying as little in taxes as possible.
Lenders attempting to foreclose on Broadbent headquarters
Huntington National Bank and PNC Bank claim they are owed roughly $25 million on loans related to Broadbent Co.’s purchase and renovation of a building on East Washington Street downtown.
Angel investment firm adds 3rd chapter for life sciences
StepStone Business Partners has added a chapter in biotech hotbed Warsaw as part of what it hopes will eventually become a statewide network.
Military accounting firm closing; 84 jobs lost
Virginia-based Kearney & Co., an accounting firm that provides financial services for the federal government, will close its office at the Defense Finance and Accounting Services Center on the east side, resulting in the loss of 84 jobs.
Ball State outsources management of $160M endowment
Wall Street's Perella Weinberg Partners LP took over at the beginning of July.
KIM: Contrarian mind-set is key to unearthing opportunities
For investors, the time to be nervous is when there’s nothing but blue skies on the horizon. The time to be opportunistic is when there’s blood running down the street and the high-paid talking heads are screaming that the sky is falling.
HICKS: Ending subsidies good, but won’t solve debt
We currently have an unsustainable budget, and the inevitable increase in borrowing costs is simply a tax on political cowardice on the matter.
Judge: Durham’s home-detention restrictions to continue
A federal judge denied a request from indicted financier Tim Durham to relax the rules of his home detention. The judge also appointed a public defender for his business partner, James F. Cochran.
PNC Financial quarterly earnings top expectations
PNC Financial, which has 88 Indianapolis-area branches, reported a nearly 13-percent increase in second-quarter earnings, as the regional bank set aside far less money to cover bad loans.
Jillian’s set to vacate ground floor of downtown building
An unidentified restaurant and bar is set to sign a lease by Sept. 1 to assume the Meridian Street space Jillian’s has agreed to relinquish as part of a lease dispute with its landlord. The entertainment complex will continue to operate on the second and third floors.
Small Business Administration announces top state lender
The Indiana Statewide Certified Development Corp. has been recognized as the most robust lender through the SBA’s 504 loan program.