Merchants completed its Initial Public Offering in late October.
Carmel-based Merchants Bancorp (Nasdaq: MBIN) is reporting record full-year net income of $54.7 million in 2017, up from $33.1 million the previous year. The earnings report follows a big year for the parent of Merchants Bank of Indiana, which completed an Initial Public Offering in October.
Merchants is also reporting fourth quarter net income of $20.3 million, up from $8.8 million in the same period in 2016. During the quarter, Merchants subsidiary PR Mortgage & Investments subsidiary completed its acquisition of Connecticut-based RICHMAC Funding LLC.
"We achieved record assets, loans, deposits, and net income, while maintaining well capitalized capital ratios that were increased by the proceeds of our initial public offering," said Michael Petrie, chief executive officer of Merchants. "We look forward to building on our success during 2018, which will be enhanced with the continued integration of RICHMAC Funding, and a more favorable tax environment. The additional equity from the IPO and the benefit of a lower tax rate will provide us with the capital needed to support additional growth in all of our segments."
I still get a thrill driving through the gates of our legendary Indianapolis Motor Speedway and I will be lucky enough to do so for an entire week soon. This week, the best women golfers in the world will once again display their talents at Brickyard Crossing Golf Course in the Indy Women in Tech Championship. However, the tournament is much more than an athletic competition. It is an opportunity to support a solution to a critical economic and workforce development issue.
A proposed $2.5 million contract for the design work for the next two phases of the Riverfront Fort Wayne project has been pulled. Our partners at WPTA-TV report the Fort Wayne City Council withdrew the contract, which was set to go to Philadelphia-based DAVID RUBIN Land Collective.
An economic development announcement is set for Thursday in northwest Indiana. Governor Eric Holcomb and Gary Mayor Karen Freeman-Wilson will join executives from Pittsburgh-based United States Steel Corp. (NYSE: X) for the event.
A hotel owner and operator with offices in Columbus and New York has acquired a historic building in downtown Indianapolis. Everwood Hospitality Partners says it has invested $5 million to acquire the former Stockyards Bank Building and plans to invest an additional $13 million to transform the building into a 128-room hotel. The 12-story building, which was built in 1898, will become the Aloft Indianapolis Downtown. Renovation work is expected to begin in the...
Nearly two dozen Hoosier institutions are included in MONEY magazine's rankings of the Best Colleges in America. More than 700 schools are on the list, which was determined by a number of factors in three categories, including quality of education, affordability, and outcomes.
A fixture in the Fort Wayne radio scene has passed away. Charly Butcher spent more than 30 years in Fort Wayne radio with a successful morning show on WMEE-FM and, most recently, as host of "Fort Wayne's Morning News" on WOWO radio. Butcher was 61. Butcher was part of WMEE's popular "Those Two Guys In The Morning" show with Tony Richards in the 1980s. He joined WOWO in the mid-2000s as host of "Fort Wayne's Morning News With Charly Butcher."