Fastest Growing Companies: Blue River Bancshares Inc.

Blue River Bancshares Inc. went from nothing to something virtually overnight.

The Shelbyville-based holding company was formed in 1998 with the expressed purpose of acquiring Shelby County Bancorp. The money to pull off that $10 million plan came from an initial public offeringone of only five

Seven years later, Blue River continues to own and operate Shelby County Bank, as well as Paramount Bank in Lexington, Ky., which it acquired in 2003.

Its revenue jumped 69 percent, from $6.7 million in 2002 to $11.3 million in 2004, ranking it fifth among fastest-growing companies in the area.

But not everything went according to plan in 2004. Blue River and Franklin-based Heartland Bancshares Inc. cancelled a deal to merge, costing Blue River about $400,000.

Blue River was started by Robert Reed, who at age 32 had already spent 15 years in banking. He is no longer with the company, which is now led by Chairman and CEO Russell Breeden III.