Wealth management

In Brief: First Indiana Closes Trust Sale to M&I

Published January 06, 2006, 2:00 a.m. EST

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Updated January 05, 2006, 5:37 p.m. EST

1 Min Read

First Indiana Corp. has announced the closing of its previously announced deal to sell its trust business to Marshall & Ilsley Trust Co. NA, a unit of Marshall & Ilsley Corp. in Milwaukee.

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The sale, whose closing was announced Wednesday, is expected to produce an after-tax gain of about $8.6 million, which the Indianapolis company said will be included in its first-quarter earnings.

First Indiana is the holding company for First Indiana Bank NA, the largest commercial bank headquartered in Indianapolis. It has 30 offices in central Indiana.

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