August 14, 2007 / 8:31 PM / 12 years ago

First Indiana discontinues wholesale consumer loan business

Aug 14 (Reuters) - First Indiana Corp. FINB.O on Tuesday said it is discontinuing its wholesale consumer loan business, effective immediately, as the general business climate for these types of loans has deteriorated.

This segment of the company’s business originated consumer loans through a national network of mortgage brokers, the company said in a statement.

The company expects to incur one-time expenses of about $535,000 in the third quarter related to the discontinuation of the business segment.

First Indiana will continue to make home equity and other consumer loans through its local branch network. (Reporting by Ankur Relia in Bangalore)

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