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Published on: 7/16/2003
Last Visited: 7/16/2003
INDIANAPOLIS, July 16, 2003 (PRIMEZONE) -- First Indiana Corporation today announced that Owen B. "Bud" Melton, Jr., its president and the president and CEO of its major subsidiary, First Indiana Bank, N.A., will retire from the Corporation and the Bank, effective December 31, 2003.
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Robert H. McKinney, First Indiana's chairman, indicated his admiration for Melton during their long association, including the 25 years Melton spent at First Indiana Bank and the time they spent together in Washington, D.C., when Robert McKinney was chairman of the Federal Home Loan Bank Board and Melton served as his chief-of-staff.
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Melton said about the decision, "I've served First Indiana for 25 years, including the last 20 years as its president.
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When Melton became president of First Indiana in 1983, its assets were $635 million, and its shareholders equity was $32 million.As of June 30, 2003, First Indiana's assets stood at $2.2 billion with shareholders equity of $213 million.Under Melton's leadership as president, First Indiana expanded its network of mortgage banking offices throughout the Southeast portion of the United States to become one of the largest single-family mortgage originators headquartered in Indiana.In the early 1990s, he led the expansion of its business plan to create a national consumer lending program that today originates loans in 46 states.First Indiana acquired four institutions during Melton's tenure, most recently MetroBank in 2003.As the savings industry came under duress in the late 1980s and early 1990s, Melton led the transformation of First Indiana's business model culminating in its charter change to a national bank, which occurred in 2001.