First Indiana Corporation Announces the Sale of Its Trust Division to Marshall & Ilsley Corporation
October 21 2005 - 6:29PM
PR Newswire (US)
INDIANAPOLIS, Oct. 21 /PRNewswire-FirstCall/ -- First Indiana Bank
today announced that it has signed a definitive agreement to sell
its trust business to Marshall & Ilsley Corporation (NYSE:MI)
in a transaction which is expected to close in the first quarter of
2006. "This transaction and our future working relationship with
M&I should deliver to First Indiana clients a broader array of
products and services," said Robert Warrington, Chief Executive
Officer of First Indiana Bank. "We are pleased to announce this
strategic acquisition and partnership with FirstTrust Indiana,"
said Kenneth Krei, Senior Vice President, Marshall & Ilsley
Corporation, and President of M&I Wealth Management. "I'm
personally looking forward to working with Ralph Nowak and the
FirstTrust team." "As a division of M&I, FirstTrust will
continue as the trust division of choice for First Indiana Bank
clients, both existing and future," said Ralph Nowak, President and
Chief Investment Officer for FirstTrust. "Regional autonomy has
been a cornerstone of the way M&I conducts business. The
alliance with M&I will allow us to continue local portfolio
management, which has been valuable to our clients. FirstTrust
plans to retain all its existing employees and continue to use our
local service providers," said Nowak. First Indiana Corporation
(NASDAQ:FINB) is a 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 30 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 press release contains forward-looking
statements. Forward-looking statements provide current expectations
or forecasts of future events and are not guarantees of future
performance. Additional information concerning forward-looking
statements is available in the Corporation's Annual Report on Form
10-K for the year ended December 31, 2004, and subsequent filings
with the United Stated 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 the 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, CFO - Shareholders
& Analysts, +1-317-269-1614, or Beth Copeland - Media,
+1-317-269-1395, both of First Indiana Bank Web site:
http://www.firstindiana.com/
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