Lawsuit takes on debt-modification firm
A lawsuit filed in Georgia against an Indianapolis firm that helps consumers settle debt is just one in a parade of complaints targeting the industry.
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Not-for-profit hoping to grow microloan program
Small amounts of funding often ignored by larger banks.
Feds say wiretaps show evidence of financial plot
A federal judge in Indianapolis refused to throw out wiretap evidence in the $200 million fraud trial of former Indiana businessman Tim Durham as the government outlined a case largely based on those recordings.
After years of ‘pushing water uphill,’ Emmis now nimble
The Indianapolis media company is on track to have less than $75 million in debt by this summer—down from $1.6 billion before it launched the divestiture of its TV stations seven years ago.
Local real estate developer files for bankruptcy
Cornelius M. Alig, chairman and CEO of Mansur Real Estate Services Inc., filed for Chapter 7 protection, listing $11 million in personal debt he attributed to the prolonged slump in the real estate market.
Hundreds losing jobs at local Aurora Bank office
The bank said it will terminate all 450 employees at its office on the northeast side of Indianapolis as the troubled residential mortgage servicing provider prepares to sell a large portion of its assets.
Bank of Indiana on long journey back from brink
A fast-growing Indianapolis bank that became one of the biggest U.S. Small Business Administration lenders in the state has returned to profitability after a harrowing stretch of massive losses from borrower defaults that nearly led to its failure.
Hofmeister seeks financing to emerge from bankruptcy
Despite objections from unsecured creditors, a federal bankruptcy judge granted the jeweler's request to hire an outside consultant to help it seek alternative financing to repay the balance of a PNC Bank loan.
‘Repo Games’ TV show to feature Indiana contestants
Anderson will be heavily featured in a game show that gives residents who are facing a repossession a chance to have their vehicle paid off on the spot by answering questions correctly.
Indiana Live parent seeks Chapter 11 loan extension
Indianapolis Downs LLC, parent company of Indiana Live horserace track and casino in Shelbyville, wants lenders to grant a one-year extension of financing for the Chapter 11 reorganization that otherwise would expire in April.
Local mortgage firm lands $25M in private equity
Indianapolis-based Stonegate Mortgage Corp. has received funding from Long Ridge Equity Partners, a private-equity firm, to help it expand in mortgage origination and servicing, the company said Monday.
State economy finally gaining traction
Leading indicators for Indiana’s economy are looking up: Banks are increasing lending, real estate developers are pulling the trigger on long-shelved projects, manufacturers are expanding, and consumers are even buying big-ticket items, including automobiles.
Nuts-and-bolts distributor’s sale leaves suppliers empty-handed
The purchaser, The Whitesell Group of Companies, bought the assets but not the liabilities, including $5 million owed to various unsecured creditors.
First Merchants shuns management from failed SCB Bank
Muncie-based First Merchants Bank, which on Friday acquired significant loans and deposits held by SCB Bank in Shelbyville, declined to bring the failed bank’s CEO into the new ownership.
UPDATE: Dow leaps 490 points on moves by world banks
Central banks around the world worked Wednesday to give banks easier access to dollars, jolting stock markets and easing fears of a global credit crisis. The Dow Jones industrial average had its biggest daily gain since March 2009.
Washington Square owner Simon not paying on $12.8M loan
Traffic is low and vacancies are high at Washington Square Mall, the most troubled local property for Indianapolis-based mall giant Simon Property Group Inc.
Shelbyville’s SCB Bank scrambles for capital
A Shelbyville-based bank appears to have missed a federally mandated deadline for boosting its capital levels, a failure that might put it at risk of government takeover.
Farm-profit volatility boosting risk for lenders, economist says
U.S. farmers face increased financial risk because of higher operating costs and volatile commodity prices, even as income this year reaches a record, said Michael Boehlje, an economist at Purdue University.
Bank to report loss on sour Indianapolis loans
Columbus-based Indiana Community Bancorp, parent of Indiana Bank & Trust, said it will write off $13.3 million for the third quarter, primarily due to nine commercial customers in the Indianapolis area with total loan balances of $32.7 million.
WOJTOWICZ: Character always counts—even in loan decisions
During these difficult times, small-business lenders are looking harder at intangibles—including a borrower’s character.