In-store bank branches fall out of favor
The number of in-store bank branches—mostly at grocery stores—has been trending downward for years, and in the coming months they’ll be all but gone from Indianapolis.
The number of in-store bank branches—mostly at grocery stores—has been trending downward for years, and in the coming months they’ll be all but gone from Indianapolis.
“Branch of the future” is a hot phrase in banking circles, as technological changes and consumer habits prompt executives to rethink how much space and employees are needed at branches.
The deal gives First Merchants a stronger foothold in affluent Hamilton County, and a total of 107 locations in three states.
Institutions have uphill climb to build trust with generation scarred by financial crisis.
The purchase of LSB Financial Corp., parent of Lafayette Savings Bank, will add $366 million in assets and five branches to Old National’s portfolio.
First Farmers Financial Corp. said Thursday it is assuming deposits of nine BMO Harris Bank branches in Indiana. It will acquire seven of the nine branch buildings and employees of all nine branches.
Since January 2013, banks have closed 35 branches in Marion County and surrounding counties but have opened only six new ones.
A former Old National executive is taking the reins in the Indianapolis market, and the Cincinnati-based bank’s state operations chief has moved to Carmel to get a better on-the-ground perspective of the growth market.
Warsaw-based Lake City Bank has opened a 3,700-square-foot branch on the northeast corner of State Road 37 and 131st Street.
Old National Bancorp, the largest financial services company headquartered in Indiana, has agreed to buy Fort Wayne-based Tower Financial Corp. for about $107.7 million, the companies announced Tuesday.
The move, part of a statewide effort to streamline operations and save money, will leave 27 Old National branches in the nine-county area.
The acquisition of CFS Bancorp Inc. will increase First Merchants' assets to $5.4 billion and leave it with nearly 100 offices.
After zooming higher in the last decade, the number of bank branches in Indiana slipped to 2,056 in 2011, the lowest level since 2006.
The bankruptcy of Bank of Indiana's parent and the planned sale of its branches bring to a close management's quest to turn around an institution that was buffeted by borrower defaults during the financial crisis.
Part of former Borders bookstore space is marketing opportunity for Greensburg-based bank. The other half could be turned into lobby for Barnes & Thornburg.
Evansville-based Old National Bank will close nine Indianapolis-area branches near the end of the year and consolidate them into nearby branches in a move to streamline its operations.
The deal, effective July 17, will give the Michigan City bank its first presence in Central Indiana.
Bank of Montreal’s 2011 acquisition of Marshall & Ilsley Corp. is finally helping it make in-roads in the U.S. Midwest. It has identified five U.S. markets, including Indianapolis, where it aims to add new branches or make acquisitions.
MainSource Bank plans to open its first Indianapolis branch in part of the former home of Borders at the southeast corner of Meridian and Washington streets downtown.