Wilmington Trust Company

Integra folded with $784000 in checking account

Integra bank's holding company has taken the expected step of declaring bankruptcy after federal regulators shut down the failed bank Friday.

Federal banking regulators arranged for the bank's assets to be purchased by Old National Bank , leaving Integra Bank Corp. without its main asset. The bank's failure triggered the holding company to file Chapter 7 bankruptcy Saturday in U.S. Bankruptcy Court in Evansville.

Initial filings show that Integra Bank Corp.'s debts are much larger than its assets.

Attorney Jay Jaffe of the Indianapolis firm Baker & Daniels is representing Integra Bank Corp. in the bankruptcy case.

Jaffe said it's "really, really premature" to say at this point which creditors will recover money in the case.

"That's something that's going to get sorted out as the case winds itself out," Jaffe said.

Old National is not involved with Integra Bank Corp.'s bankruptcy filing.

According to the bankruptcy filing, Integra Bank Corp. had assets of $8.2 million as of June 30. Jaffe said much of that amount is based on the book value of stock holdings and other company interests, and those assets are likely to bring in far less than book value when liquidated.

The holding company's main asset, Jaffe said, is just over $784,000 cash that was in a checking account at Integra Bank.

Total liabilities as of June 30 were about $106.6 million, with the vast majority of that held by creditors with unsecured nonpriority claims.

The majority of those liabilities come in the form of securities held by a number of institutional investors: Wilmington Trust Company, Bank of New York, U.S. Bank and LaSalle Bank.

Mike Alley serves as the holding company's president and board chairman.

Until Friday, he also was the chairman and chief executive officer of Integra Bank. Alley said he resigned Friday when the bank failed.

Alley previously worked as a Fifth Third Bank executive in the bank's Central Indiana market, and he said he was "semiretired" when he joined Integra Bank's board and became its top executive in 2009.

Alley said he will focus his time on his holding company, Patriot Investments, LLC, which is involved with a variety of business interests and investment properties.

Deborah Caruso of Indianapolis firm Dale & Eke is serving as trustee in Integra Bank Corp.'s case. She could not be reached for comment Monday.

Newark Post - Newark, DE > Archives > News > Community Events

Beer tastings and food specials begin at 2 p.m. and run until 10 p.m.. Restaurants will offer tapas menus to highlight their featured brews. The first 2,500 guests will receive a Food & Brew Fest 8 commemorative five-ounce tasting mug. Guests may sample one of the restaurant's featured brews for $1.00. A day-of-event program will be available at the restaurants and at the information booth located at M&T/Wilmington Trust Company's building at 82 E. Main Street. The features also features "Hops and Shops" Sidewalk Sale Extravaganza beginning at noon, showcasing the goods and wares offered by downtown merchants. Strolling musicians and balloon decorations will also be offered for those strolling downtown. Out & About Magazine is hosting a Saranac soft drink tasting stand for kids on the Academy until 6 p.m. The UDairy Creamery will create floats by adding a scoop of ice cream. "Just as there is no typical American family, there is no typical host family," states French. "Retirees, single parents and young couples are all able to give an international student a good home. Some host families may not even have children of their own. Bringing a student into your home can mean giving the gift of culture to yourself, your family, your community - whomever would benefit from exposure to a new culture." Tarra Winchell, a Newark native, will be providing complimentary vision screenings for both children and adults. Visual acuity, color vision, and depth perception will be screened in children. Children are often unaware that they are not seeing as well as they should be, and the screenings will provide valuable information that could prevent child blindness. Adults will be screened for visual acuity, glaucoma, and cataracts. Glaucoma is the second leading cause of blindness in the United States, and with painless, gradual vision loss it is virtually undetectable by the patient. To schedule a complimentary vision screening call 302-239-1933. Award winning local classic rock band Club Phred will be backing up rock legend Mark Farner (Formerly of Grand funk Railroad) in a summer benefit concert for the Marshall Steam Museum.  Performance date Saturday, July 23 (rain date Sunday, July 24) at the Auburn Heights Preserve in Yorklyn, DE (near Hockessin).  The outdoor concert event will feature a silent auction, summer fare, demonstrations, museum exhibits and more 12:30 – 2:30 p.m.

Colonial finances in Delaware

Wilmington Trust precious metals program

International Directory of Company Histories

Michigan law review

Changing the situs of a trust