State examiner wants higher Indiana audit fees
State Examiner Paul Joyce is pressing Indiana lawmakers to increase the daily fee for state audits, warning that his office needs more staffing to properly scout local government entities for fraud.
Banking & Finance
Articles
How CNO returned from the brink
CNO Financial Group looks nothing like it did five years ago. CNO stock recently traded around $17.50 a share, led in part by five consecutive years of profit. It has sold or spun off the last of its risky books of business acquired during go-go years, and it’s on the cusp of a significant bond-rating milestone.
IRS workers to receive bonuses of 1 percent
A Treasury Department investigation concluded that previous bonuses totaling $2.8 million had gone to more than 2,800 employees found to have broken agency rules of conduct, including 1,100 employees who owed back taxes.
Hipskind tapped for Fifth Third post
Hipskind, 47, who will lead Indian's central and northeast regions, is a 20-year veteran of the local banking industry.
Financing strategy for roads hits bump
A standard-bearer of public-private partnerships since former Gov. Mitch Daniels’ toll road lease, Indiana might be turning away from at least one form of the P3s.
Ball State-birthed musical aims for Broadway
If the team behind “The Circus in Winter” has its way (and if enough money can be raised and script kinks worked out), the Ball State University-incubated musical might be the first Tony award winner conceived as a collaborative class project.
First Merchants closes $49M acquisition of Community Bank
The deal gives First Merchants a stronger foothold in affluent Hamilton County, and a total of 107 locations in three states.
Feds charge Deca Financial founder in $5M fraud
Federal prosecutors on Wednesday filed bank fraud, wire fraud and bankruptcy fraud charges against the founder of defunct Fishers collection agency Deca Financial.
Salin taps Belden as market chief
Indianapolis-based Salin Bank and Trust Co. has tapped former Regions Bank executive John M. Belden for one of its community president positions.
Bullard says low inflation not enough to justify zero rates
Federal Reserve Bank of St. Louis President James Bullard said market-based measures of inflation expectations have declined to low levels in recent months but have rebounded since mid-October.
Investors find value in entrepreneurs who fail
While Midwest venture capitalists are still relatively conservative compared to those on the coasts, failure is increasingly carrying more of an edge and less of a stigma.
OneAmerica pays $800K over fraud orchestrated by ex-representative
OneAmerica Securities has agreed to pay the state $805,000 to settle claims it failed to supervise an ex-representative involved in an $8.9 million Ponzi scheme in Ohio, Kentucky and southeastern Indiana.
Carmel click-bait giant ZergNet nabs $3.2M in private equity
The Internet company that claims Dallas Mavericks owner and “Shark Tank” dealmaker Mark Cuban as its seed funder has added more financial backers.
Stonegate shares shellacked after third-quarter loss
Shares of Stonegate Mortgage Corp. sank 18 percent in trading Thursday after the firm reported third-quarter losses of $1.7 million and missed Wall Street estimates by a wide margin.
Private equity group confirms Herff Jones buyout
Charlesbank Capital Partners and Partners Group say the purchase—reportedly for $1.5 billion—ensures the educational-products company “has the capital structure, resources, and financial flexibility” to further expand.
Credit union views charter switch as path to growth
Financial Center Federal Credit Union is pursuing a state charter in hopes of becoming a bigger player in Indiana’s financial services sector, a move that echoes a recent national trend of credit unions opting for state charters over federal ones.
Chamber steps up microloan ambitions
A division of the Indy Chamber is applying to become a U.S. Small Business Administration-affiliated microlender, a move aimed at boosting its available capital and expanding its territory in a wide-open frontier of finance.
Forecast for 2015: Strategist says economy has juice
A Fifth Third Bank expert told attendees at IBJ's 2015 Economic Forecast on Thursday that the business cycle is maturing but still has some oomph left in it.
Humane Society takes Steak n Shake fight to shareholders
The Humane Society has set its sights on Biglari Holdings, the firm that owns Indianapolis-based Steak n Shake, saying it has ignored requests to adopt animal welfare methods like its competitors.
U.S. home sales eke up in September, credit stays tight
Average 30-year mortgage rates have tumbled below 4 percent, but it remains difficult to qualify for financing.