First Internet Bank Welcomes New Executive to Lead Asset-Based Lending Business LineReleased on May 30, 2014
First Internet Bank Business Capital Offers Small- to Medium-Sized
Businesses Innovative Options for Working Capital
First Internet Bank of Indiana (http://www.firstib.com), a premier provider of online retail and business banking services nationwide, today announced Daniel E. Burd has joined the bank as Managing Director of its asset-based lending line of business.
Operating under the name First Internet Bank Business Capital, the asset-based lending division provides working capital to small- to medium-sized companies ($10 – $50 million in sales) nationally from a loan production office in Portland, Oregon. Asset-based financing options generally ranging from $2 million to $5 million include revolving lines of credit backed by accounts receivable and inventory as well as term loans backed by equipment and/or real estate.
Mr. Burd brings over 30 years experience in asset based and commercial lending at financial institutions including Northwest Acceptance, Commonwealth Financial, Congress Financial, Textron Financial, and Wells Fargo. “This was an exciting opportunity for me to leverage my experience in asset-based lending and to become part of a growing organization,” Burd said.
Said David Becker, President and CEO of First Internet Bank: “We are pleased to have Dan on board to orchestrate the growth of this line of business. His passion for finding appropriate financing solutions to help businesses will be a key to the team’s success in asset-based lending.”
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 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, construction loans, home equity loans and lines of credit, commercial real estate loans, commercial and industrial loans, and asset-based lending. In the past year, First Internet Bank was also named one of the Best Banks to Work For by American Banker Magazine, a Top Workplace by The Indianapolis Star, and the top Online Originator by Mortgage Technology. For more information about the Bank, please visit http://www.firstib.com. The bank is a wholly owned subsidiary of First Internet Bancorp (NASDAQ: INBK).
About First Internet Bancorp
First Internet Bancorp (NASDAQ: INBK) became the parent company of First Internet Bank of Indiana in 2006. For more information about the Bancorp, please visit http://www.firstinternetbancorp.com.