Business
First Internet Bancorp to Acquire First Century Bancorp
Combination Solidifies First Internet Bank’s Position as a Premier Technology-Forward, Growth-Oriented Digital Financial Services Provider FISHERS,
About this update from First Internet Bancorp
[{"type":"text","content":"\nCombination Solidifies First Internet Bank’s Position as a Premier Technology-Forward, Growth-Oriented Digital Financial Services Provider\n\n FISHERS, Ind.--(BUSINESS WIRE)--\nFirst Internet Bancorp (“First Internet” or the “Company”) (Nasdaq: INBK), the parent company of First Internet Bank (the “Bank”), announced today it has entered into a definitive agreement to acquire First Century Bancorp (“First Century”), the parent company of First Century Bank, N.A. Headquartered in Roswell, GA, First Century is a technology-driven financial solutions company with lines of business focused on Payments, Tax Product Lending, Sponsored Card Programs and Homeowners Association (“HOA”) Services. These attractive and scalable business lines provide First Internet multiple growth opportunities, further diversification of its revenue profile and access to a stable, low-cost deposit base.\n\nDavid Becker, Chairman and Chief Executive Officer of First Internet, commented, “The acquisition of First Century is an important opportunity for our organization. First, it aligns with our strategy of operating unique and scalable businesses with nationwide platforms. Second, it allows us to continue to diversify and grow our revenue streams in a capital efficient manner. And, importantly, First Century’s success in the HOA business grants us access to a very attractive deposit base, with opportunity to expand.”\n\nMr. Becker continued, “First Century is a highly profitable company with a strong track record of growth in providing technology-enabled services to a national client roster of premier business partners. We are always looking for exceptional financial technology partners that help us further our leadership position in digital banking; the acquisition of First Century is a great fit. We expect to leverage our national infrastructure to boost First Century’s growth opportunities and drive stronger returns for our shareholders. We are excited to welcome the First Century team to First Internet; together, we have an opportunity to build something truly special.”\n\n“We are proud of our history of innovation and growth, and we are thrilled to join forces with an organization we view as the perfect strategic and cultural partner,” said First Century Chairman and CEO William Blanton. “This is a natural step in our evolution and a very positive dev...