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|Indiana Community Business Credit Corp. elects board and officers
Mike Newbold of Huntington National Bank was re-elected as president of the board of Indiana Community Business Credit Corporation and Kevin Smith of KeyBank was re-elected as vice president and treasurer.
Newbold is president of Huntington National Bank and Smith is vice president and credit officer of KeyBank.
The board also elected Jean Wojtowicz of Cambridge Capital Management Corp. as secretary.
Smith was also re-elected to a three-year term on the Board of Directors, expiring in 2015.
Three others were elected to three-year terms. Bill Salin of Salin Bank & Trust, Indianapolis, was elected to his first term on the board. Neil Miller of First Source Bank, South Bend and Scott Thiems of Regions Bank, Indianapolis, were re-elected to new terms.
The remaining members of the Credit Corp. board include: Tony Albrecht, Lafayette Bank & Trust; Bill Ammerman, PNC Bank; Richard Barbercheck, First Financial Bancorp, Columbus; Andrew Cardimen, Harris Bank; Brian Chaffin, Marine Bank; Nancy Huber, Fifth Third Bank; and Steve McGlothlin, Old National Bank. Ex-officio board members are: State Treasurer Richard Mourdock and David Mills, director of the Indiana Department of Financial Institutions.
The Indiana Community Business Credit Corp. provides growth capital to promising firms that need to supplement the financing they receive from conventional lenders. The Credit Corp. manages a pool of risk capital provided by its 32 member Indiana banks. The pool, referred to as "mezzanine financing," allows companies to fund growth without giving up equity.
The Credit Corp. participates in projects that need at least $200,000 in new financing. Investment funds from the Credit Corp. may be used for working capital or any other legitimate business need.
Cambridge Capital Management Corp. in Indianapolis has managed the Credit Corp. since its founding in 1986. Since then, the Credit Corp. has participated in projects totaling over $267 million with over $55 million provided directly by the Credit Corp. to 134 companies.