Not wanting to burden the church with handling such a large endowment, Lilly appointed three banksIndiana National Bank, American Fletcher National Bank and Trust and Merchants National Bank & Trust Company of Indianapolisas trustees. They were all located within a few blocks of the church.
The plan was to keep the money in reliable local hands, but that imploded after JPMorgan acquired two of the three banks in 2004.
Suddenly a Wall Street bank that’s headquartered hundreds of miles away was calling the shots.
Related: Rough seas: Stock market volatility is here to stay
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