Integra Bank
| Integra Bank, N.A. | |
| Company type | Public |
| Nasdaq: IBNK | |
| Industry | Banking |
| Defunct | July 29, 2011 |
| Fate | Insolvency |
| Successor | Old National Bank |
| Headquarters | Evansville, Indiana |
Area served | Indiana, Illinois, Kentucky, and Ohio |
| Products | Financial services |
| Website | Archived official website |
National City Bank | |
 Front of the bank | |
| Location | 227 Main St., Evansville, Indiana |
|---|---|
| Coordinates | 37°58′15″N 87°34′20″W / 37.97083°N 87.57222°W |
| Area | Less than 1 acre (0.40 ha) |
| Built | 1913 |
| Architect | Mundie & Jennie |
| Architectural style | Second Renaissance Revival |
| MPS | Downtown Evansville MRA |
| NRHP reference No. | 82000112[1] |
| Added to NRHP | July 1, 1982 |
Integra Bank Corporation was the parent of Integra Bank National Association, a retail bank headquartered in Evansville, Indiana that failed on July 29, 2011. As of March 31, 2010, Integra Bank had $2.9 billion in total assets and operated 67 banking centers and 116 ATMs at locations in Illinois, Indiana, Kentucky, and Ohio. The Second Renaissance Revival building was constructed in 1913, and originally housed the National City Bank.[2]
The company's stock was traded on NASDAQ until it was delisted on May 2, 2011.[3]
On Friday, July 29, 2011, Integra Bank National Association (N.A.), Evansville, was closed by the Comptroller of the Currency. Subsequently, the Federal Deposit Insurance Corporation (FDIC) was named receiver. All deposit accounts, excluding certain brokered deposits, were transferred to Old National Bank.[4] The company then filed for bankruptcy.
A post-mortem audit by the Department of the Treasury found that the bank's decision to actively pursue commercial loans in large cities such as Chicago and Cincinnati was a major contributor to the bank's failure.[5] During its decline through the Great Recession, Integra sold many assets and took more than $83 million in TARP funds. Despite these efforts, in its final full year of operation, Integra lost $124 million. The bank still owed US tax payers and the US government $81,635,660.[6]
The company offered a variety of banking services that included commercial, consumer and mortgage loans, lines of credit, transaction accounts, credit cards, letters of credit, corporate cash management services, correspondent banking services, mortgage servicing, annuity products and services, selected insurance products, safe deposit boxes, and personal and corporate trust services.[7]
The bank is not related to the former Integra Bank of Pittsburgh, Pennsylvania, that was bought out by National City in 1995. Coincidentally, Integra was itself once known as National City until adopting the current name in 2000,[8] likely changing it due to the expanding presence of the much larger National City and the two having overlapping territories. Despite PNC Financial Services buying out the larger National City in late 2008, Integra Bank kept the name it has had for nine years.
See also
[edit]References
[edit]- ^ "National Register Information System". National Register of Historic Places. National Park Service. July 9, 2010.
- ^ "Indiana State Historic Architectural and Archaeological Research Database (SHAARD)" (Searchable database). Department of Natural Resources, Division of Historic Preservation and Archaeology. Retrieved 2016-08-01. Note: This includes Douglas L. Stern and Joan Marchand (October 1981). "National Register of Historic Places Inventory Nomination Form: Downtown Evansville MRA" (PDF). Retrieved 2016-08-01., Douglas L. Stern and Joan Marchand (October 1981). "National Register of Historic Places Inventory Nomination Form: Downtown Evansville MRA" (PDF). Retrieved 2016-08-01., and Accompanying photographs
- ^ "Integra Bank Corporation to Move Stock Listing From The NASDAQ Capital Market". NBC News. April 15, 2011.
- ^ Orr, Susan (July 30, 2011). "Evansville's Integra closed by FDIC; ONB taking over assets". Indiana Economic Digest.
- ^ "Federal audit cites commercial loans as key in Integra's failure". Evansville Courier & Press. April 20, 2012. Archived from the original on July 2, 2012. Retrieved 2013-02-23.
- ^ "Bailout Tracker". ProRepublica. Retrieved June 12, 2019.
- ^ "Integra Bank Corporation". New York Times. Retrieved 2008-12-04.
- ^ "National City to Integrate Bank Charters in 2000; Unveils New Corporate Identity". March 15, 2000. Archived from the original on March 20, 2006. Retrieved June 12, 2019.
External links
[edit]
- Bank buildings on the National Register of Historic Places in Indiana
- Renaissance Revival architecture in Indiana
- Commercial buildings completed in 1913
- Companies based in Evansville, Indiana
- Banks based in Indiana
- Defunct banks of the United States
- Companies that have filed for Chapter 7 bankruptcy
- Companies that filed for Chapter 7 bankruptcy in 2011