Deloitte names new leader for Indianapolis office
Steve Pratt will lead an office of about 500 people. He will succeed Deloitte Tax LLP Partner Mary Boelke, who has led Deloitte’s Indianapolis office for more than 11 years.
Banking & Finance
Articles
Deadline looms on estate-tax option
The Tax Cuts and Jobs Act, which passed in 2017, temporarily doubled the estate-tax exemption starting in 2018. But the estate-tax provision of the TC&JA is scheduled to sunset at the end of 2025.
All-in cost of Pan Am Plaza hotel, convention center expansion might surpass $1.6B
The city on Wednesday and Thursday sold $581 million in bonds for the development through the Indianapolis Local Public Improvement Bond Bank, consisting of $436.8 million in tax-exempt revenue bonds for the hotel portion of the project, and another $155 million for the convention center expansion.
Indiana awards $557M for low-income housing in ‘historic’ investment
Together, the projects are expected to result in nearly 2,500 new housing units in the state.
Wall Street tapping women, minority-owned banks for billion-dollar bond deals
After being relegated to bit parts for decades, women- and minority-owned investment banks are slowly stepping into larger roles as corporations push their go-to banking partners to team up with diverse firms.
Five concepts selected for Melon Kitchen accelerator at 16 Tech
The entrepreneurs will receive $5,000 grants and training in business plans, menu preparation, pitching to investors and other subjects.
Share of U.S. homes bought with cash hits highest level in nearly a decade
Homebuyers who can afford to bypass the highest mortgage rates in two decades are increasingly forgoing financing and paying all cash.
FTX founder Sam Bankman-Fried convicted of defrauding cryptocurrency customers
Bankman-Fried’s spectacular rise and fall in the cryptocurrency industry hit rock bottom Thursday when a jury convicted him of fraud for stealing at least $10 billion from customers and investors.
Indianapolis wealth management firm acquired by North Carolina business
Column Capital Advisors, an 18-year-old Indianapolis firm, is the second Hoosier firm to be acquired by Captrust Financial Advisors.
Old National to expand southward with $344M acquisition of Nashville-based bank
The acquisition includes 22 CapStar banking centers in 13 Tennessee counties, including seven branches in the Nashville area, and one banking center in Asheville, North Carolina.
Visa profit surges as consumers turn up reliance on digital payments
Payments processing giant Visa has benefitted from a fundamental change in consumer behavior that has led to the broad acceptance of digital payments, as well as from the growth in online shopping.
State wins restraining order against Fishers attorney for alleged Ponzi scheme
According to a complaint, Darrin Blaine presented himself to investors as a seller of securities, despite not being registered with the state’s Securities Division. He allegedly obtained $680,000 from investors and used the funds for his personal lifestyle expenses.
Yield on a 10-year Treasury reaches 5% for first time since 2007
Besides making it more expensive for U.S. homebuyers to buy a house with a mortgage, higher yields also put downward pressure on prices for everything from stocks to cryptocurrencies. Eventually, they could help cause companies to lay off more workers.
Loan delinquency rates on the rise
Increasing numbers of borrowers are falling behind on their credit-card and auto-loan payments, but banking and economic experts say this is not necessarily a sign of economic troubles ahead.
Carmel financial firm’s CEO jailed on alcohol-related charges
ReJoyce Financial CEO Alexander Joyce, who is known locally for his financial planning infomercials, is serving time in Hamilton County Jail for a probation violation related to charges of driving while intoxicated. His firm is operating as usual in his absence, according to his attorney and and business associates.
Social Security benefits to increase by 3.2% in 2024
Next year’s hike follows this year’s 8.7% benefit increase, which was brought on by record 40-year-high inflation.
Fed officials signal cautious approach to rates amid heightened uncertainty
Federal Reserve officials regarded the U.S. economy’s outlook as particularly uncertain last month, according to minutes released Wednesday, and said they would “proceed carefully.”
Federal student loan payments begin again this month after 3-year hiatus
Millions of Americans must start repaying their federal student loans again in October, with monthly payments averaging hundreds of dollars. Here’s what you should know.
State Comptroller Tera Klutz to step down with three years left in her term
Klutz was appointed as the 57th auditor of the state by Indiana Gov. Eric Holcomb in 2017, becoming the first certified public accountant to serve as the state’s chief financial officer.
Bank of America continues expansion in Indianapolis market
North Carolina-based Bank of America has opened 19 area branches since entering the Indianapolis market in 2017, including a new one in Carmel. It plans to open at least three more by 2025.