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First Indiana Bank - First Indiana Bank - First Indiana Bank History, First Indiana Bank and M & I

History and Services

services banking management branches

Since the First Indiana Bank was acquired by the Marshall & Ilsley Corporation in early 2008, the bank’s 32 locations have been folded into the larger M & I Bank holdings. While this $529 million purchase essentially ended the independent existence of First Indiana Bank, most of its services continue to be offered by M & I Bank.

First Indiana Bank History

First Indiana Bank traces its history to 1915, when its first branch opened in Indianapolis. The bank continued to expand throughout the 20th century, and by 2000, it was a full-service financial institution with over 30 branches in central Indiana with over $2 billion in assets. The First Indiana Corporation, as it was later known, was sold to Marshall & Ilsley on January 2, 2008. M & I paid the First Indiana Corporation about $32 per share for over 16 million shares, for a total purchase price of $529 million.

First Indiana Bank and M & I

After the sale of the First Indiana Bank to M & I, the First Indiana bank branches were converted to M & I branches, but few services changed. Those who held accounts with First Indiana retained those accounts with M & I. The former First Indiana branches now offer all of the services that M & I Bank offers. In general, the bank’s services can be divided into four categories: personal banking, small business banking, commercial banking, and wealth management. While most of these services overlap to one degree or another, they can also be considered individually.

Personal banking services at M & I include typical banking services such as checking and savings accounts and CDs. Other personal banking services include various types of loans, including home equity loans, mortgages, and auto loans. The bank also offers several credit cards, including cards with cash back rewards.

Services for all stages of small business operations are available from M & I. From start-up loans to retirement management, the small business owner should be able to find the necessary resources for most of the financial aspects of running a small business with M & I. Some of the services available to small businesses include banking services, business credit options, health savings accounts for employees, and other business services.

Many of the same services available to small businesses are also offered with M & I Bank’s commercial banking programs. In addition to those services listed above, M & I also offers services such as lock boxes, payroll services, and investment management for companies and employees.

The final category of M & I’s services is wealth management. Financial planning, private banking, investment management, and trust fund services, among other services, are all available at the former First Indiana Bank locations (and any of M & I’s other branches). For businesses, M & I offers help with retirement plans, administrative services, and capital markets services. M & I also offers investment management for various accounts such as mutual funds, stocks, and IRAs.

Although the First Indiana Bank is now part of M & I Bank, all of its services and more continue to be offered at its former Indianapolis area branches.

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