Indiana National Corporation
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Formerly called
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Indiana National Corporation (1969–1989) |
| Public | |
| Traded as | NASDAQ: INBF |
| Industry | Banking |
| Fate | Acquired by NBD Bancorp |
| Successor | NBD Indiana |
| Founded |
1834 as the Second State Bank of Indiana in Indianapolis |
| Defunct | October 15, 1992 |
| Headquarters | Indianapolis, Indiana, United States |
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Area served
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Indiana |
| Products | Financial Services |
| Total assets | $6.6 billion (1991) |
| Total equity | $462 million (1991) |
| Subsidiaries |
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1834 as the Second State Bank of Indiana in Indianapolis
INB Financial Corporation was an Indianapolis-based statewide bank holding company that was the largest Indiana-based financial institution at the time it was acquired by Michigan-based NBD Bancorp in 1992. Its primary subsidiary was the Indianapolis-based INB National Bank, formerly the Indiana National Bank, which can trace its origins to the founding of the Second State Bank of Indiana in 1834.
From the mid-1950s through the late 1980s, Indiana National Bank, along with American Fletcher National Bank and Merchants National Bank, was one of the top three largest banks within Indianapolis and its holding company, Indiana National (INB Financial) Corporation, was one of the top three largest bank holding companies within the state, along with American Fletcher Corporation and Merchants National Corporation.
To allow it to acquire other banks and other financial related businesses, Indiana National Bank formed a holding company called Indiana National Corporation in 1969.
Until July 1, 1985, the state of Indiana did not permit bank branching across county lines nor bank ownership outside the bank holding company's home county. After that date, Indiana allowed very limited branching but allowed the purchased of banks by holding companies anywhere in the state as long as total deposits that were controlled by any holding company did not exceed a ceiling which was initially set at 11 percent of all deposits held in Indiana banks.
Indiana National Corporation made its first expansion move outside of Marion County by announcing in May 1985, two months before the new cross-county bank laws went into effect, the pending acquisitions of the Lafayette-based Lafayette National Bank for $29.8 million, Delphi-based Union Bank & Trust Co. for $13.2 million, and Carmel-based Fidelity Bank of Indiana for $11.5 million respectively. The acquisition for Lafayette National Bank was completed in November 1985 for $29.8 million while the acquisition for Fidelity Bank was completed in December for $11.5 million and the acquisition for Union Bank was completed in December for $12.9 million.
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Wikipedia