UPDATE: Regional bank shares rally on M&I Bank deal
Shares in regional banks are rallying after Canada's BMO Financial Group agreed to acquire Marshall & Ilsley Corp. in an all-stock deal.
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Canadian bank to acquire Marshall & Ilsley for $4.1B
M&I has about 30 branches in the Indianapolis area and controls about 6 percent of the market's bank deposits, according to the Federal Deposit Insurance Corp. The bank is ranked sixth among area banks in terms of employment, with about 400 workers.
Sale of 118-year-old bank symptom of tough times
A sale is suddenly more appealing to Monroe Bancorp and other financial institutions that used to be fiercely independent.
World Bank chief: U.S. still good place to invest
Robert Zoellick, who was set to address the Economic Club of Indiana on Friday, doubts the United States’ debt problems will become as severe as the crisis in Europe and said the U.S. is still a good investment for foreign countries.
Indianapolis banker sees progress, challenges at ailing Integra
Mike Alley, perhaps more than any other banker in the state, is experiencing the pain the economic crisis has wrought on the nation’s financial institutions.
Cost of ’12 Days of Christmas’ items soars 10.8 percent
Trying to buy the items repeated in the song’s verses would cost $96,824—10.8 percent more than last year due to rising gold prices and higher pay for nine dancing ladies.
Foreclosure washes away water park plans in Fishers
Developer Puller Group has agreed to relinquish a high-profile property approved for a massive water park and retail project to lender Fifth Third Bank following a months-long legal battle over an $8.6 million loan.
USDA investigating cattle brokerage for bad checks
Indiana-based Eastern Livestock Co. may owe more than 700 ranchers across the Midwest, South and West a total of $130 million.
Federal Home Loan Bank suing major players
The Federal Home Loan Bank of Indianapolis has filed suit against some of the nation’s largest financial institutions, including Bank of America, Wells Fargo and J.P. Morgan Chase, to recover losses on a $3 billion portfolio of mortgage-backed securities.
Home Loan Bank sues over losses on $3B mortgage portfolio
The Federal Home Loan Bank of Indianapolis is suing some of the nation’s largest financial institutions to recover losses on a $3 billion portfolio of mortgage-backed securities.
Indianapolis investment adviser Gene Tanner in it for the long haul
At 78, L. Gene Tanner is one of the longest-serving investment advisers working in Indianapolis. Tanner spoke with IBJ's Norm Heikens about why he shifted to City Securities, his brush with convicted Ponzi scheme operator Bernard Madoff, and how his investment strategy has changed.
Irwin Financial trustee poised to sue insiders
Court papers reveal officers and directors of the holding company for the failed Columbus-based bank will soon be defendants in a $40 million suit.
Bank of America seeks to dismiss racketeering suit
Homeowners Dwayne Ransom Davis and Melisa Davis sued last month in Indianapolis, claiming Bank of America “routinely” submitted perjured affidavits to support foreclosures. They lost their Knightstown home last year.
Indianapolis Super Bowl project gets $1M boost
The grant from JPMorgan Chase Foundation clears the way for construction of the Chase Near Eastside Legacy Center.
Old National profit rises
The Evansville-based bank reported a third-quarter profit of $11.9 million, up from $4 million in the year-ago period.
First Internet Bancorp quarterly earnings up again
First Internet Bancorp earned just over $1 million in the third quarter ended Sept. 30, compared to a loss of $208,806 for the same quarter of 2009.
Owner of city apartment complex files Chapter 11
The owner of a 518-unit apartment complex on the northwest side of Indianapolis is seeking Chapter 11 bankruptcy protection as it disputes the amount of its mortgage debt with its lender.
M&I Bank names new Indiana president
Tim Massey, who has been head of commercial banking, replaces Reagan Rick, who was promoted to a regional management position.
Banks tread water as they wait for economy to improve
Banking experts say the health of Indiana institutions is taking baby steps forward along with the tepid economic recovery. But in these times, recovery looks grimmer than one might expect.
Industry vet sees sectors on upswing, auctions booming
Jeff Henry, managing principal of Cassidy Turley, believes the commercial real estate market has seen the worst but isn't far off the bottom yet. Meanwhile, banks are beginning to jettison properties in a wave of auctions.