First Internet Bank Business Capital Offers Small- to Medium-Sized Businesses
Innovative Options for Working Capital
First Internet Bank of Indiana (https://www.firstib.com), a premier provider of online retail and business banking services nationwide, today announced the expansion of its commercial lending capabilities through an asset-based lending line of business. Operating under the name First Internet Bank Business Capital, the new division will provide working capital to small- to medium-sized companies.
“We formed First Internet Bank Business Capital to complement our commercial loan efforts and to provide asset-based financing options in the amount of $2 million to $5 million,” said David Becker, President and CEO of First Internet Bank. “This new line of business allows us to serve a greater base of businesses and accelerates our growth by generating additional high quality assets.”
The asset-based lending group provides revolving lines of credit backed by accounts receivable and inventory as well as term loans backed by real estate and equipment. To lead this new initiative, Gregg Corey and Jennifer Eller have joined First Internet Bank and will operate from a loan production office in Portland, Oregon. “The combination of their depth of experience and an enthusiasm for helping their customers is considered the key to launching this initiative,” Becker stated.
Mr. Corey has over 30 years experience within asset based lending, commercial & industrial, and income property financing at US Bank, Textron Financial Corp, Congress Financial Corp and GE Capital. “Jennifer and I jumped at the chance to bring our experience to First Internet Bank,” said Corey. “The bank has a culture of entrepreneurship and profitable growth grounded in a foundation of strong asset quality. We are elated to have this opportunity to launch this new line of business for First Internet Bank and to continue to deliver creative financing solutions to lower middle market businesses.”
About First Internet Bank
First Internet Bank of Indiana opened for business in 1999 as the first state-chartered, FDIC-insured institution to operate solely via the Internet and today has customers in all 50 states. Deposit services include checking accounts, regular and money market savings accounts with industry-leading interest rates, CDs and IRAs. First Internet Bank also offers consumer loans, conforming mortgages, jumbo mortgages, home equity loans and lines of credit, and commercial loans. Earlier this year, First Internet Bank was named one of the Best Places to Work in Indiana by the Indiana Chamber of Commerce. The bank is a wholly owned subsidiary of First Internet Bancorp (NASDAQ: INBK).
About First Internet Bancorp
First Internet Bancorp became the parent company of First Internet Bank in 2006.
Safe Harbor Statement
This press release may contain forward-looking statements with respect to the financial condition, results of operations, plans, objectives, future performance or business of First Internet Bancorp. Forward-looking statements are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should” or other similar expressions. Forward-looking statements are not a guarantee of future performance or results, are based on information available at the time the statements are made and involve known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the information in the forward-looking statements. Factors that may cause such differences include: failures or interruptions in our information systems; growth in our commercial lending activities; declines in market values of our investments; technological obsolescence; our possible need for additional capital resources in the future; competition; loss of key members of management; fluctuations in interest rates; inadequate allowance for loan losses; risks relating to consumer lending; our dependence on capital distributions from the bank; our ability to maintain growth in our mortgage lending business; a decline in the mortgage loan markets or real estate markets; risks associated with the regulation of financial institutions; changes in regulatory capital requirements and other matters discussed in the press release. For a further list and description of such risks and uncertainties, see our periodic reports filed with the U.S. Securities and Exchange Commission. We disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be set forth in our periodic reports.