Indiana banks OK $7.5 billion in Paycheck Protection loans
The banks approved 35,990 individual loans for companies and organizations in Indiana before the program ran out of money.
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STAR Bank names new Indianapolis market president
The Fort Wayne-based bank’s new Indianapolis market president, Tim Oliver, will primarily work from the bank’s new Monument Circle location, which opened earlier this year.
Local banks processing relief loans slowed by glitches with federal SBA site
Banks say they’re seeing overwhelming demand for Paycheck Protection Program coronavirus relief loans, and the Small Business Administration’s website is getting bogged down when they attempt to submit loan applications.
Banks say they’ll give commercial borrowers extra time
But the bankers also say it’s unclear how the pandemic might affect commercial customers—and the banks themselves—in the longer term.
Banks changing branch operations due to coronavirus
Chase has temporarily closed a few of its local branches, while many others are moving to appointment-only service and drive-through service in response to the outbreak.
Losses accelerate on Wall Street as wild swings continue
Stocks fell from the opening of trading in New York, including a 3.7% loss for the S&P 500. The losses deepened as the day progressed, and the Dow Jones industrial average was down more than 1,000 points in the early afternoon.
Chase donates former branch, $500,000 to community organizations
The former bank branch, which closed in late 2016, will reopen as a co-working space called Vault.
Trump calls on Federal Reserve to make ‘substantial’ rate cuts
President Trump said that the Fed’s high level of interest rates in comparison to other countries was keeping the dollar too strong and making it more difficult for U.S. manufacturers to compete.
Former Indiana Pacers player joins First Merchants board
Clark Kellogg, a first-round draft pick for the Indiana Pacers in 1982 and current lead basketball analyst for CBS Sports, has been a member of the bank’s advisory board since 2001.
Hoosier banks post increases in profit
Old National Bancorp, the largest Indiana-based bank, reported a 43% increase in second-quarter profit.
Fed trims rate by quarter point, signals potential for more cuts
The rate reduction was the first since December 2008, when the Fed dropped its benchmark effectively to zero as it battled recession and financial crisis.
Federal Reserve poised to cut rates for first time in decade
Under Chairman Jerome Powell, the Fed has faced pressure to ease credit since it raised its key rate in December for the fourth time in 2018 and hinted that additional rate increases were likely this year.
White House hopeful Warren pitches new private equity constraints
Elizabeth Warren’s plan, the latest in a series of policy ideas that have propelled the Massachusetts senator to the top tier of the 2020 Democratic presidential primary field, would hold private equity firms liable for debts and pension promises made by the companies they acquire.
Facebook’s currency plan gets hostile reception in Congress
Members of both parties demanded to know why a company with massive market power and a track record of scandals should be trusted with such a far-reaching project, given the potential for fraud, abuse and criminal activity.
IBJ Podcast: Pete the Planner on the magic of a 15-year mortgage
Peter Dunn talks to guest host Lesley Weidenbener about all things home buying, including mortgages, determining how much house you can afford, why you shouldn’t put down less than 10% and why the idea of starter homes and family homes is silly.
Small banks botched public relations, outsider charges
Bank reform wouldn’t have been so heavy-handed had small- and medium-sized banks gotten their act together, Mark Hills
says.
Will Indy homeowners abandon their mortgages?
In other markets, homeowners who can afford their payments are making the ethical and financial calculus to hand the keys
back.
Nipping estate feuds in the bud
A lawyer says too many parents withhold information about estate from heirs and unwittingly set up the heirs for a battle.
Regulators ripped in Irwin Financial postmortem
The Chicago Fed missed several chances to rein in explosive growth before the prominent bank failed. But the deeper question
is, what was Will Miller thinking?
Ranking the risk of Indy’s biggest bank
JPMorgan Chase is in the middle of the worst, a New York University prof says.