Survey: Many in United States shoring up finances amid downturn
Since February, there has been a $1.3 trillion jump in money kept in checking accounts—a 56% increase tracked by the Federal Reserve.
Banking & Finance
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Bank profits slump 70% as virus rakes businesses, households
Banks are now facing tens of billions of dollars of loans that appeared healthy in March, but are now in forbearance or deferral because those borrowers can no longer pay.
Fifth Third Bank announces market president change
Kevin Hipskind, Fifth Third’s Indianapolis-based market president since 2018, has been promoted. His successor comes from Louisville, where he has been market president since 2015.
Black Hatch Fund founder Kelli Jones joins Allos Ventures
Jones, the groundbreaking co-founder of Black Hatch Fund—a venture capital fund and accelerator that supports Black tech entrepreneurs—has been hired by one of the biggest and best-known venture capital firms in Indiana.
S&P 500 comes close again, buts fails to eclipse its all-time high
For a third time in the past week, the S&P 500 popped above the closing record during the session, but ended below the Feb. 19 record close of 3,386.15.
Despite pandemic, Indiana companies making venture capital gains
In the first half of 2020, there has been a significant year-over-year increase in both the number of venture capital investments made to Indiana companies and the total amount invested.
Financial Center First adding Muncie credit union through merger
Ball State Federal Credit Union is set to join Indianapolis-based Financial Center First Credit Union in a merger effective Nov. 1.
Scioto Biosciences lands $26.5 million from Korean biotech
The Indianapolis-based startup is developing drugs targeting brain and bowel disorders.
Capital One fined $80 million over data breach
The U.S. Treasury Department has fined Capital One for careless network security practices that enabled a hack that accessed the personal information of 106 million of the bank’s credit card holders.
Fed’s Main Street pandemic loan program off to slow start
The Federal Reserve says that its Main Street Lending Program designed to help small and medium-sized companies get through the pandemic has managed to make just eight loans in its first month of operations.
Pandemic spurs consumers to flock to digital banking
But bankers say bricks-and-mortar branches are still important for a variety of reasons.
Banks brace for bad-loan barrage by socking away millions
Amid the economic uncertainty—even though some banks express reasons for optimism—Indiana-based financial institutions are preparing themselves now for the losses that likely lie ahead.
Wall Street rallies as Federal Reserve keeps rates pinned at record low
Besides keeping short-term rates pinned at nearly zero, the Federal Reserve also said it will continue to buy about $120 billion in Treasury and mortgage bonds each month to support the economy.
Fed extends lending programs as pandemic’s impact lengthens
The extension of seven emergency lending programs through the end of the year is an acknowledgement that the programs might be necessary for longer than was first thought as the nation struggles to control the coronavirus.
More twists, turns in CNO’s surreal hedge fund odyssey
The Carmel-based insurer for years has been managing the fallout of a deal it cut in 2013 that was supposed to reduce risk but instead blew up in spectacular fashion.
Tech drives stocks to new heights on Wall Street after choppy start
The rally, which gained strength in the final hour of trading, nudged the benchmark S&P 500 index to a slight gain for the year and drove the Nasdaq composite to an all-time high.
Indiana-based banks didn’t cede PPP loans to big rivals
Of the 20 banks issuing the most PPP loans to Indiana borrowers, 11 were headquartered in the state—many of which went to extraordinary lengths to extend as many loans as they could.
Venture firm opening Indy office to target the overlooked
Cincinnati-based Lightship Capital is opening an Indianapolis-area office within three months to provide underrepresented entrepreneurs here access to a $50 million investment fund.
Federal Reserve expands lending program to not-for-profit groups
The Fed said Friday that its Main Street Lending Program, which is targeted to mid-sized businesses, will now extend credit to not-for-profits with at least 10 employees and endowments of less than $3 billion.
Wall Street rebounds after another yo-yo day of trading
The market’s latest moves came as earnings reporting season kicked off. Like the broader market, financial stocks drifted between gains and losses for much of the day before turning higher in the afternoon.