You choose, we deliver
If you are interested in this story, you might be interested in others from The Journal Gazette. Go to www.journalgazette.net/newsletter and pick the subjects you care most about. We'll deliver your customized daily news report at 3 a.m. Fort Wayne time, right to your email.

Business

  • US stocks plunge, wiping out July's gains
    NEW YORK – U.S. stocks are plunging, putting the market on track for its first monthly loss since January.
  • Downtown banking to grow
    Another bank is opening teller lines in downtown Fort Wayne.First Financial Bank and city officials have scheduled an announcement for 10 a.m. today in the Courthouse Green across from the Anthon ...
  • Lincoln earnings rise 26%
    Lincoln National Corp. on Wednesday reported sec­ond-quarter earnings of $398 million, or $1.48 per diluted common share, a 26 percent increase from the $317 million, or $1.15 a sh ...
Advertisement

Banks to offer 20,000 shares in Indiana

Independent Alliance Banks Inc., the holding company of iAB Financial Bank, has received approval to conduct an offering of up to 200,000 shares of common stock, officials announced today. Raymond James & Associates is acting as sales agent.

The Indiana Securities Division and the Financial Industry Regulatory Authority approved the plan, which will expand the Fort Wayne-based company’s shareholder base and raise additional capital for the bank.

Like many small financial institutions, iAB had previously tried to limit its shareholder numbers to stay below a Securities and Exchange Commission threshold for requiring more detailed reporting. The SEC had since increased the cutoff number to 2,000 shareholders from 500.

The intrastate offering is being made to only legal residents of Indiana. Expanding the sale to residents of additional states requires an SEC filing that requires more paperwork and expense than the bank wanted to commit to the project, said Karen Cameron, iAB’s executive vice president for corporate services.

sslater@jg.net

Advertisement