First Internet Bank Deposits Reach $40 Million

Released on July 8, 1999

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In just over four months of operation, First Internet Bank of Indiana (firstib.com), a real-time Internet-only financial institution, has amassed more than $40 million in deposits.

firstib.com reports deposit growth has climbed steadily since its February 22 launch, most recently with the addition of nearly $18 million in new deposits in the past six weeks.

Building national awareness of firstib.com and its services has been a key factor in its growth and success. Although the bank has a state charter in Indiana, it serves customers nationwide and now has customers in all 50 states as well as Puerto Rico. firstib.com requires customers to have a US mailing address and social security number in order to qualify for an account.

“Our growth over the past four months has been very gratifying to all of us at firstib.com,” said David Becker, Chairman of First Internet Bank. He points out, though, that the bank’s success will not lead to complacency. “Everyone knows that the Internet world moves and changes quickly. firstib.com must be no different. We are committed to continuous innovation in order to meet and exceed our customers’ demands for full-service, self-service banking.”

As a result of its perpetual enhancement initiative, Becker noted, firstib.com recently moved from 20th place to 10th place in the Internet Banker Scorecard, published by Gomez Advisors Inc., a leading industry analyst for online financial services. He also remarked that firstib.com will be announcing an expanded product line very soon.

firstib.com already offers a full suite of banking services that includes checking, money market savings, certificates of deposit, loans, bill payment services, credit cards and ATM cash cards. firstib.com offers significant customer benefits over traditional retail banks including real-time processing of all transactions and continuous services available 24X7 via the Internet, ATM, and touch-tone phone. Customers also enjoy industry leading interest rates on checking, savings, money markets and certificates of deposit.

About firstib.com

Based in Indianapolis, Indiana, firstib.com is the first state chartered Internet bank with accounts insured by the FDIC. It is the first “Extended Value Online Bank” to deliver a full range of real-time Internet banking products with personalized interactive services, as well as offering competitive rates. Its business model enables customers to facilitate Internet banking in a real-time environment, as well as empower users to better manage their own finances.

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