The now-defunct Irwin Union Bank and Trust almost tripled in size from 2000 to 2005 as it extended credit to subprime mortgage
borrowers with insufficient collateral.
Borrowers may not be able to refinance many of the more than $1.4 trillion in commercial real estate mortgages coming due
by the end of 2014.
PNC Bank has about 80 bank branches and 1,100 employees in the Indianapolis area, all doing business under the National City
name.
Bank of America Corp. is arranging a five-year loan that will be sold at a discount of 98 cents to 98.5 cents on the dollar,
according to a source who declined to be identified because the discussions are private.
Dealer Services Corp. is an example of what happens when an entrepreneur sells his company to a bigger one and then comes
back to haunt it after he is tossed aside. In this case, the spurned entrepreneur, John Fuller, became a thorn to Adesa Inc.
a few years after its CEO sent him packing in late 2001.
Bank loans and credit cards are common solutions to small businesses’ cash-flow crunches, but small-business owners increasingly
have another option: using unpaid invoices as collateral to borrow money from investors.
The Columbia Club, the tradition-rich enclave where the city’s business elite have gathered and cut deals for more than a
century, is facing declining membership, the departure of its longtime general manager, and looming financial challenges–including
a $5.5 million loan that comes due this summer.
Indianapolis entrepreneur Tim Durham has run into trouble with one of his lenders. Evansville-based Old National Bank says
in a Dec. 1 lawsuit that Durham’s Indianapolis-based holding company,Obsidian Enterprises Inc., is in default on $2.6 million
in loans that came due Nov. 1.
