Integra Bank

Integra Bank Corporation
Integra Bank, N.A.
Public
Traded as NASDAQ: IBNK
Industry Banking
Fate Insolvency
Successor Old National Bank
Defunct July 29, 2011 (2011-07-29)
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 / 37.97083; -87.57222Coordinates: 37°58′15″N 87°34′20″W / 37.97083°N 87.57222°W / 37.97083; -87.57222
Area Less than 1 acre (0.40 ha)
Built 1913
Architect Mundie & Jennie
Architectural style Second Renaissance Revival
MPS Downtown Evansville MRA
NRHP Reference # 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 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.[6]

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,[7] 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

References

  1. ↑ National Park Service (2010-07-09). "National Register Information System". National Register of Historic Places. National Park Service.
  2. ↑ "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
  3. ↑ "Integra Bank Corporation to Move Stock Listing From The NASDAQ Capital Market". NBC News. April 15, 2011.
  4. ↑ Orr, Susan (July 30, 2011). "Evansville's Integra closed by FDIC; ONB taking over assets". Indiana Economic Digest.
  5. ↑ "Federal audit cites commercial loans as key in Integra's failure". Evansville Courier & Press. April 20, 2012. Retrieved 2013-02-23.
  6. ↑ "Integra Bank Corporation". New York Times. Retrieved 2008-12-04.
  7. ↑ http://www.integrabank.com/news/news_detail.html?command=search&db=../admin/news/news.db&eqtitledatarq=National%20City%20to%20Integrate%20Bank%20Charters%20in%202000%3B%20Unveils%20New%20Corporate%20Identity&max=1
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