First Indiana Corporation Announces Discontinuance of Wholesale Consumer Loan Originations
August 14 2007 - 3:10PM
PR Newswire (US)
INDIANAPOLIS, Aug. 14 /PRNewswire-FirstCall/ -- First Indiana
Corporation (NASDAQ:FINB) announced today that effective
immediately it is discontinuing the origination of consumer loans
through its wholesale lending network. This segment of the
company's business originated consumer loans through a national
network of mortgage brokers. The company regularly sold the
majority of these loans to investors in the secondary market,
realizing a gain on sale. "The general business climate for these
types of loans has deteriorated to the point where the future
outlook for this segment of our business no longer makes economic
sense for First Indiana," said Robert Warrington, President and
Chief Executive Officer of First Indiana. The company expects to
incur one-time expenses in the third quarter of 2007 of
approximately $535,000 in connection with discontinuing this
business segment. First Indiana will continue to make home equity
and other consumer loans through its local branch network. First
Indiana Corporation (NASDAQ:FINB) is a full-service financial
services company offering comprehensive financial solutions to
businesses and individuals. It is the holding company for First
Indiana Bank, N.A., the largest commercial bank headquartered in
Indianapolis. Founded in 1915, First Indiana Bank is a national
bank with 32 offices in Central Indiana. Information about First
Indiana is available at (317) 269-1200, or at
http://www.firstindiana.com/, which is not a part of this news
release. This document contains forward-looking statements.
Forward-looking statements provide current expectations or
forecasts of future events and are not guarantees of future
performance, nor should they be relied upon as representing
management's views as of any subsequent date. The forward-looking
statements are based on management's expectations and are subject
to a number of risks and uncertainties. Although management
believes that the expectations reflected in such forward-looking
statements are reasonable, actual results may differ materially
from those expressed or implied in such statements. Information
concerning factors that could cause actual results to differ
materially from those expressed or implied in forward-looking
statements is available in First Indiana Corporation's Annual
Report on Form 10-K for the year ended December 31, 2006, and
subsequent filings with the United States Securities and Exchange
Commission (SEC). Copies of these filings are available at no cost
on the SEC's Web site at http://www.sec.gov/ or on First Indiana
Corporation's Web site at http://www.firstindiana.com/. Management
may elect to update forward-looking statements at some future
point; however, it specifically disclaims any obligation to do so.
DATASOURCE: First Indiana Corporation CONTACT: William J. Brunner
of First Indiana Corporation, +1-317-269-1614 Web site:
http://www.firstindiana.com/
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