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.
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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.
ITT suffers tough quarter on enrollment drop, loan losses
ITT Educational Services Inc. shares swooned Thursday morning after the private educator reported sinking revenue and a $9.5 million loss in the fourth quarter. But the stock rebounded strongly later Thursday.
Microlenders aim to help businesses grow, survive
Indiana has three certified, not-for-profit SBA microloan intermediaries, which not only make short-term microloans—as any lender can—but also use the SBA grants they receive to offer business coaching along with the financing.
Women’s physician building targeted for foreclosure
A lawsuit from the lender claims that Women’s Physician Group still owes $8.7 million on a $9 million loan it received for a northwest-side building.
Simon’s Rushmore Mall loan sent to servicer, Fitch says
A loan with a balance of $94 million on a South Dakota shopping center owned by Simon Property Group was sent to a special servicer because default is imminent, Fitch Ratings said.
Local designer’s bankruptcy tied to Fair Finance
SC Design Inc. lists debt of $1.5 million. Most of it is owed to Fair Finance, formerly co-owned by convicted fraudster Tim Durham, through a claim filed by a trustee seeking to recover investor funds.