Hogsett seeks to eliminate city pensions
Mayor Joe Hogsett wants to replace traditional pensions for future employees with a retirement option more like a private-sector 401(k) as a way to help erase the city’s multimillion-dollar deficit.
Banking & Finance
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Growing Missouri bank opens commercial office in Indy
Commerce Bank, which has operations in at least 11 states, tapped a local banking veteran to lead the new office, which is based on the north side.
File-management software firm grabs $1.1 million in first VC haul
SmartFile Inc. secured the investment from Vision Tech Angels and Elevate Ventures. It plans to use a majority of the cash on sales and marketing.
S&P 500, Dow, Nasdaq hit records together for first time since 1999
All three U.S. stock benchmarks rose together to record highs for the first time in 16 years on Thursday amid surprising earnings.
Judge rejects Durham’s bid to dismiss SEC civil suit
The Indianapolis financier convicted of operating a Ponzi scheme failed to persuade a federal judge to dismiss the government’s civil action against him and other convicted accomplices.
Logan’s Roadhouse files for bankruptcy, plans closures
The operator and franchiser of more than 250 roadhouse-themed restaurants, including four in the Indianapolis area, said it plans to close 18 under-performing restaurants as part of the reorganization plan.
Prosecutor: No charges in Ball State investment scandal
Criminal investigations of former Ball State investment director Gale Prizevoits by federal prosecutors and the Indiana Secretary of State also produced no charges.
Stonegate Mortgage reports big second quarter loss
The Indianapolis-based company’s CEO attributed the $17.2 million loss to “continuing volatility within the financial markets.”
JPMorgan settlement with Indiana draws interest of other states
JPMorgan Chase & Co. has reached a settlement with Indiana regulators related to its asset management business, and now other states are expressing interest in how Indiana built its case.
New venture firm Charmides off to blazing start
Charmides, one of the area’s newest venture capital funds—was launched in June 2015 by a 27-year-old basketball player from Carmel and his father.
Financial veteran to lead Centra Credit Union
Columbus-based Centra Credit Union, one of the largest Indiana-based credit unions, announced in late June that it named Rick Silvers as CEO.
First Internet Bancorp builds war chest for growth
The bank said it plans to use the $23 million it raised to fund organic growth, possible acquisitions and other corporate purposes.
With financial house in order, CNO branches into investments
The insurer started two new businesses that extend its reach into the investment world, paving the way for its salespeople to sell insurance, securities and advice.
Fed keeps rates steady but sees less risk to U.S. economy
The central bank gave no hint of when it might resume the rate hikes it began in December, when it raised its benchmark rate from a record low.
As Fed ends meeting, few expect much clarity on next hike
The Fed is expected to issue a statement that acknowledges the strengthening economy without providing much explanation about when the next rate hike might occur.
Stock maneuver helps Emmis avoid delisting from Nasdaq
Nasdaq said in a notice Monday that it informed Emmis Communications Corp. that the company was “now in compliance with all applicable requirements for continued listing on Nasdaq.”
Carmel software firm lands $1.5M in VC from big names
Founded in early 2015, Bolstra pivoted to selling software this spring and then secured equity capital from Bill Godfrey’s 4G Ventures, among others
Indiana Supreme Court disbars convicted fraudster Durham
Timothy Durham was convicted in 2012 for his role in a Ponzi scheme that defraud investors in Fair Finance Co. of more than $200 million. He is currently serving a 50-year federal prison sentence.
Bluebridge raises $3 million in VC, launches subsidiary
The Fishers-based company has pulled more venture capital from existing and new investors, part of which will fuel the growth of a new employee-engagement company.
Trump VP pick raises legal questions for some Wall Street donors
Since Mike Pence is the sitting Indiana governor, his selection may also raise complex legal questions for some Donald Trump supporters who've managed money for the state, including the private-equity execs Wilbur Ross, Stephen Feinberg, and Tom Barrack.