IIB WEEK IN REVIEW: Indiana-based Banks Announce Merger

2013-05-11T13:55:00Z IIB WEEK IN REVIEW: Indiana-based Banks Announce MergerGerry Dick Inside Indiana Business nwitimes.com
May 11, 2013 1:55 pm  • 

Mooresville-based CITBA Financial Corp., the holding company of Citizens Bank, and Merchants Bancorp in Carmel have agreed to merge. As a result, CITBA will be the surviving corporation and will be renamed Merchants Bancorp.


Indiana Cities Make 'Playful' List

Four Indiana communities have been named "Playful Cities" by the nonprofit organization KaBOOM! The designation recognizes cities that create policies, programming and infrastructure to increase opportunities for kids to play. The organization recognized Bloomington, Fishers, Fort Wayne and Franklin on this year's list.


Indiana Companies Make Fortune 500

Six Indiana companies are on this year's Fortune 500 list. Indianapolis-based WellPoint Inc. is the highest-ranked Indiana company. WellPoint, Eli Lilly and Co., Steel Dynamics Inc., NiSource Inc. and Cummins Inc. were also on last year's list. Indianapolis-based Simon Property Group Inc. slips into this year's Fortune 500 at number 497.


Indiana Among Top States in National Rankings

A national publication ranks Indiana as the best place to do business in the Midwest and fifth best in the nation. Chief Executive magazine surveyed more than 500 chief executives for its ninth annual "Best & Worst States" rankings. The survey is based on factors including livability, work force quality and business tax policies.


Bloomington Chamber Taps Conrad as New Leader

The Greater Bloomington Chamber of Commerce has selected economic development veteran Jeb Conrad to be chief executive officer. He previously served in a similar role with the Greater Kokomo Economic Development Alliance. Conrad succeeds Christy Gillenwater, who took the helm of the Chamber of Commerce of Southwest Indiana in January.


SIA Details Expansion Plans

Japan-based Fuji Heavy Industries Ltd. is planning to invest up to $450 million in a massive expansion at its Subaru of Indiana Automotive Inc. plant in Lafayette. The automaker says it will add 900 jobs by 2016 and build the Subaru Impreza at the Tippecanoe County operation. SIA Executive Vice President Tom Easterday says sites in Mexico and Japan were also considered. He believes there are enough workers to match the manufacturer's continued growth.


New IU Kelley Dean to Push School's 'World Class' Image

The interim dean of the Indiana University Kelley School of Business has been recommended to permanently fill the position. Idalene Kesner says the Kelley school is a "gem" and plans to focus on extending the school's brand throughout the world. She has been on the Kelley School faculty since 1995. Kesner's appointment still needs to be approved by the IU Board of Trustees. She says the school is important to Indiana's economy.


Hall Announces 2013 Broadcast 'Pioneers'

Five broadcasters will make up this year's class of the Indiana Broadcast Pioneers Hall of Fame. The induction ceremony is planned for October. The hall was established in 1981 to recognize individuals in the state who have made a significant contribution to the broadcasting industry.


Indy Chamber Forms Search Committee

The Greater Indianapolis Chamber of Commerce has formed a search committee to find a replacement for outgoing Chief Executive Officer Scott Miller. Indianapolis Power & Light Co. Vice President Greg Fennig will chair the committee, which hopes to focus on candidates in central Indiana. Miller's last day at the Indy Chamber is May 31.


Airport Terminal Demolition Begins

Preparations have begun to raze the vacated Indianapolis International Airport terminal. The nearly 800,000 square-foot complex has been closed since 2008, when it was replaced by the current Midfield Terminal. Indianapolis Airport Authority officials say the project will yield a shovel-ready site that can be more easily marketed to developers. Senior Director of Commercial Operations Michael Huber says many potential partners want the building to come down to move development forward.


Zimmer Announces Staff Reductions

Warsaw-based Zimmer Holdings Inc. (NYSE: ZMH) has parted ways with nearly 50 employees. In a statement, the medical device maker says the move is a result of "transformation initiatives" that have led to more efficient product development programs. The company says displaced employees will be offered severance and other benefits.


Major Development in The Works For Bloomington

Bloomington-based WS Property Group is planning to build an $8 million mixed-use development in the city's downtown. The five-story building will feature a full-service bank branch, parking and apartments. President Eric Stolberg tells Inside INdiana Business it will be an "iconic" downtown building. "10 North" is slated to be complete in August 2014.


Emerging Tech Company Adding Jobs

An Indianapolis-based telecommunications company has announced major growth plans. Fathom Voice says it will invest more than $4 million in the project and create more than 180 jobs by 2017. The company, founded by two high school friends from Lapel, offers a service to make phone calls over the Internet.


Purdue Moves Forward on New Facility, Renovations

The Purdue University Board of Trustees has approved multiple construction projects. They include a $7.6 million music building and nearly $9 million in residence hall renovations. The music building will be named Ralph and Bettye Bailey Hall in honor of a $4.5 million gift from the couple to support its construction.


Developer Pitches $60 Million Muncie Plan

A college housing developer from Valparaiso is looking to build a massive mixed-use complex near the Ball State University campus. Investment Property Advisors LLC, which is co-owned by Chase Sorrick, outlined the $60 million plans Thursday to the Muncie Redevelopment Commission. A key piece of the proposal is a $5 million, more than 340-space parking garage that would be built and owned by the city, then leased to the developer. IPA's portion of the project would cost $54 million and wrap around the parking structure.


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