First Merchants to acquire Indianapolis-based Hoosier Trust Co.
Muncie-based First Merchants plans to acquire Hoosier Trust for $3.2 million in a deal that is expected to close early next year.
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U.S. consumer borrowing increases by $16.2 billion
The increase included a $3.98 billion increase in credit card borrowing, the first rise since February. Credit card use had fallen for six straight months as households cut back on use of credit cards once the pandemic hit.
Bank deposits soar as customers save instead of borrow
High levels of uncertainty, along with other pandemic-related factors, have pushed U.S. commercial bank deposits to record highs since the beginning of the year.
Fed signals readiness to do more for economy as virus rages
The Federal Reserve kept its benchmark interest rate at a record low near zero Thursday. It announced no new actions after its latest policy meeting but left the door open to provide further assistance in the coming months.
Wall Street rallies again as election-week gains continue
The S&P 500 rose 1.9%, its fourth straight gain of more than 1%, and is now up 7.4% for the week. That would be its best week since the market was exploding out of the crater created in February and March by panic about the coronavirus pandemic.
Carmel-based CNO Financial sees profit soar in third quarter
Carmel-based CNO Financial Group Inc. saw a sharp increase in profit during the third quarter, partly because its customers deferred seeking medical care and, as a result, submitted fewer health insurance claims.
Stocks mount big rally as investors embrace election results
Analysts said the gains came as markets saw the upside of political control in Washington, D.C., remaining split between Democrats and Republicans.
Auction of rare autos once owned by northern Indiana businessman nets $44M
The cars had been owned by Najeeb Khan, the former CEO of Interlogic Outsourcing Inc., an Elkhart-based payroll processing firm that was sold after filing for bankruptcy protection last year.
Arbitrators deny J.P. Morgan’s request for damages against three former advisers
J.P. Morgan had claimed that the three former employees improperly solicited clients to follow them to their new firm.
First Internet Bancorp reports record quarterly profit
The Fishers-based parent of First Internet Bancorp had a milestone quarter thanks to a boom in mortgage activity, the company reported Wednesday afternoon.
JPMorgan Chase to invest $7 million in Indianapolis career readiness initiatives
The funding is part of the firm’s $75 million global commitment to better prepare young people for jobs and a new $30 billion commitment “to advance racial equity and drive an inclusive economic recovery.”
Report showing gains in bank access overshadowed by COVID
More Americans than ever obtained a basic bank account in 2019, the Federal Deposit Insurance Corp. said Monday. But data was gathered before the outbreak of the coronavirus pandemic.
Study finds inequities in lending in majority-Black neighborhoods
Although redlining—discrimination in banking and lending based on someone’s race or where they live—has been illegal since the Fair Housing Act passed in 1968, analysts at Indiana University’s Public Policy Institute found that inequities in home-loan lending still exist.
Corporate America puts $2 trillion in bank in run-up to election
Reluctance to put money to work took hold when the pandemic struck and has shown few signs of easing.
Chase remains Indy’s biggest bank
PNC and Fifth Third rank as the second and third largest area bank by deposits.
Banks adding branches in Hamilton, Hendricks counties
State Bank will also move its Danville branch to 8589 Rockville Road in Avon, near the Hendricks Regional Health YMCA. That location is set to open Nov. 9.
Bank profits remain resilient despite lingering pandemic
The health of the banking sector is a proxy for the U.S. economy, since the banks’ fortunes largely rise or fall depending on whether borrowers are repaying their debts.
Strong gains for technology stocks send Wall Street higher
Big Tech stocks, including Apple and Microsoft, powered much of the gains. Their businesses have proven to be practically impervious to the pandemic, unlike companies that would benefit from a strengthening economy.
JPMorgan Chase puts $30B toward fixing banking’s ‘systemic racism’
JPMorgan Chase said Thursday it will extend billions in loans to Black and Latino homebuyers and small business owners in an expanded effort directed at “widespread economic inequality.”
Money: Try touchless payment to avoid dirty money
Since January, no-touch payments have increased at 69% of retailers surveyed by the research firm Forrester on behalf of the National Retail Federation. And two-thirds of retailers surveyed now accept some form of no-touch payment.