First Internet Bank Celebrates Its Tenth Anniversary

On February 22, 1999, First Internet Bank of Indiana (First IB) opened its virtual doors to the public in a launch ceremony held at the Museum of American Financial History in New York City. As the first “Extended Value Online Bank” to deliver a full range of real-time Internet banking products with personalized interactive services, First IB empowered users to better manage their own finances while offering competitive rates.

Ten years later, First IB continues to deliver on that promise. Recent initiatives include:

  • The Bank’s FinanceWorks™ service allows customers to manage all of their accounts in one place, even if some of those accounts are not held with First IB. FinanceWorks has connectivity to 5000+ financial institutions including banks, brokerage firms and credit card companies. The service, free to First IB customers, helps accountholders identify ways to control spending and save more money.
  • Through the Bank’s robust mortgage and home equity loan site, customers can apply online for a first or second mortgage, receiving a decision in minutes and, in some cases, even close on the loan without leaving their homes. First IB offers a rate tracking service, a free subscription that will inform customers when market conditions are right to lock a loan on a home purchase or to refinance an existing mortgage.
  • In addition to its online banking site, First IB offers a mobile banking service to grant customers anywhere, anytime access to their account balances. Customers can check balances, transfer funds between accounts, and even make payments to third parties through their mobile web browser.

Reflecting on the Bank’s first ten years of operations, Mr. David B. Becker, President and CEO, remarked, “First IB sits at the intersection of technology and finance, and what a ride it has been! We were strong out of the gates, receiving accolades from the media and analysts for our innovative services and technology. Within the first 90 days of opening, we had customers in all 50 states, and we had met our five-year growth goal within the first year of operations. We have survived the burst of the dot com bubble and have maintained profitable operations since 2001, even during the challenging economy that currently plagues our nation.”

The Bank has grown organically and through a merger with Indianapolis-based Landmark Financial Corporation in 2007. That same year, First IB was named to Entrepreneur Magazine’s “Hot 500” list of the fastest-growing businesses in America. First IB was one of 10 banks in the country to be named to the list.

“What really makes the Bank strong is its employees,” Mr. Becker went on to say. “Our 44 employees are dedicated to providing a great banking experience for our customers, and they contribute to a positive work environment through wellness and recreational activities. Additionally, we give back to our community through countless volunteer efforts each year.”

In 2007, First IB was named Volunteer of the Year by Gleaners Food Bank of Indiana, Inc., for its work in the Share-A-Sack program benefiting senior citizens in Central Indiana.  The volunteer team was comprised of employees of First IB as well as its vendors and business partners.

Part of the Bank’s success can be attributed to the leadership of Mr. Becker himself. Mr. Becker has served as Chairman of the Board and Chief Executive Officer of First IB since its inception and has served as President since January 2007. Mr. Becker has a history of successful start-up companies in financial services and technology. Mr. Becker is a 2001 recipient of the Ernst & Young Entrepreneur of the Year award and a 2002 recipient of the TechPoint Trailblazer in Technology award. In 2004, he was named Sagamore of the Wabash by Indiana Governor Joe Kernan. In 2008, he was inducted into the Junior Achievement-sponsored Central Indiana Business Hall of Fame.

About First IB
With $543 million in assets, First Internet Bank of Indiana (First IB) is the first state-chartered, FDIC-insured institution to operate solely via the Internet and has customers in all 50 states. Services include checking accounts, regular and money market savings accounts with industry-leading interest rates, CDs, and IRAs. First IB also offers mortgages, credit cards, personal lines of credit, and installment loans. First IB is a wholly owned subsidiary of First Internet Bancorp (OTCBB: FIBP).