Published: May 25, 2012 7:47 PM EDT
Updated: May 25, 2012 11:39 PM EDT

VALPARAISO, Ind. (AP) - A gunman looking for someone he believed owed him money shot himself inside an Indiana real estate office, where he'd held hostages for several hours earlier, and was taken to a hospital, police said Friday.
    
Two loud bangs were heard Friday afternoon before SWAT team members broke windows and rushed into the Prudential Executive Group Real Estate office in Valparaiso, where police said the gunman had holed up.
    
Valparaiso Police Chief Michael Brickner said officers determined the gunman had shot himself twice in the head, and believe he had done so before they entered the building.
    
Police had received a 911 call about 10 a.m. reporting that a man with a gun had entered the brokerage office. Grennes said there was a "brief exchange of gunfire" when officers arrived.
    
Grennes said there were fewer than 10 people in the building when the incident began and that the last of the two hostages were released unharmed after 3 p.m.
    
No hostages reported being shot. Grennes said one person who was struck in the head during the incident was treated and released from a hospital.
    
SWAT team members stormed the building less than two hours later.
    
Valparaiso Police Sgt. Michael Grennes said the gunman was not an employee of the brokerage.
    
"I just know the reason for him being there was a dispute over ... somebody in the building, an employee in the building, owed him money. He believed that," Grennes said.
    
Mack Elliott, an agent at the brokerage, earlier told The Associated Press he was not in the office when the gunman entered, but had spoken to a couple of agents who were working at the time. He believed the incident stemmed from a dispute over a real estate transaction.
    
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Associated Press writer Ken Kusmer contributed to this report from Indianapolis.

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