Lender with unique niche broadening its ambitions
Oak Street Funding, a Carmel firm that lends exclusively to insurance agencies/brokers, plans to diversify this summer, with its first loans to registered investment advisers.
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Savings account rates in Indiana among lowest in nation
The study by GoBankingRates.com finds that the average return on savings at Indiana banks is 0.056 percent. However, the average for Indianapolis-area banks was considerably higher.
Indiana gets low-interest loans for tornado relief
Businesses, residents and some not-for-profits in 19 Indiana counties recovering from the November tornado outbreak can receive low-interest federal disaster loans.
Industry providing cash advances for lawsuit payoffs fights bill
The director of a group of financing companies warned Wednesday that lawmakers “would eliminate this industry from Indiana” should they approve a measure targeting companies that provide cash advances to people awaiting payoffs in personal injury lawsuits.
Bill meant to protect credit scores considered by committee
Senate Bill 175 would restrict the use of credit checks in reducing credit scores.
Indiana church expected to repay creditors fully in 25 years
The Madison Park Church of God in Anderson has a green light to exit bankruptcy under a Chapter 11 plan approved by an Indianapolis judge late last week.
First Internet up-shifts in commercial lending
First Internet Bank raised eyebrows this month when it filed a $25 million secondary stock offering said to be for organic growth and “other general corporate purposes.”
Stonegate Mortgage profit slows in third quarter
In its first quarter as a public company, the Indianapolis-based residential mortgage firm reported a big year-over-year dip as rising interest rates made the market more volatile.
Sale may extricate Harlan Labs from its debt problems
San Francisco-based Genstar Capital is exploring selling the 2,600-employee company in the wake of failing early this year to renegotiate the company’s massive debt load.
Home loan banks drop objection to $8.5B settlement
Lawyers for the Federal Home Loan Banks of Boston, Chicago and Indianapolis on Wednesday told a New York Supreme Court judge they are withdrawing from the case against Bank of America Corp.
First Internet profit falls on rising interest rates
Shares of the Indianapolis-based bank took a nosedive during trading Friday morning after it reported its third-quarter earnings.
Indiana-based Springleaf’s shares rise after $336M IPO
Springleaf Holdings Inc. provides non-prime consumer loans through a network of 834 offices and online.
Stonegate snares less than expected in IPO
The Indianapolis firm debuted Thursday on the New York Stock Exchange at $16 per share, well below the anticipated range of $20 to $22. In total, Stonegate’s 7.1 million shares garnered $114 million.
Families hoard cash five years after financial crisis
One of the biggest drags on the economic recovery is fear. Households are hoarding cash, spending cautiously, avoiding debt, and shifting investments into low-yield (but potentially safer) holdings. When done on a global scale, such prudent moves can starve the economy.
Chamber’s microloan program swells to $2M after grant
Business Ownership Initiative, a unit of the Indy Chamber, launched its microloan fund last September to help small business owners in Indianapolis.
After years of success, Harlan Laboratories caught in debt vise
The company may violate loan covenants in the next three to six months, and its ability to refinance a $280 million loan that matures in July 2014 is “highly questionable,” Moody’s says.
Indiana banks finally regain pre-meltdown asset levels
Assets for Indiana banks have risen back to levels seen in 2008, and financial institutions are lending again. But smaller, community-based banks still face an array of challenges that could lead to more consolidation.
Carmel auto-dealer lender plans to add 169 workers
Carmel-based NextGear Capital plans to add 169 jobs at a new office in Carmel, the company announced Monday morning.
Local housing projects get $3.4M boost from tax credits
The Indianapolis developments include new apartments for seniors, the developmentally disabled and homeless veterans, using sites such as Fort Harrison and the former Central State grounds.
Renamed Carmel financing firm planning big growth
Dealer Services Corp. in Carmel has begun operating as NextGear Capital after being acquired by Atlanta-based Manheim Inc. NextGear plans to relocate in the next month and double its employment, to 450, in the next year.