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.
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. 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. 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.
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, 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.
Famous quotes containing the word bank:
“O Gold! I still prefer thee unto paper,
Which makes bank credit like a bark of vapour.”
—George Gordon Noel Byron (17881824)