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Landmark acquisition fuels First Internet profit

October 22, 2007
First Internet Bancorp said today that third-quarter profit shot up 63 percent, largely because of its acquisition of Landmark Financial Corp.

Indianapolis-based First Internet said it earned $664,325 in the period ended Sept. 30.

The online bank closed its $12 million purchase of Landmark on Jan 1. Landmark was the parent of Landmark Savings Bank and Landmark Mortgage Co.

First Internet also reported that its deposits increased 24 percent, to $442.6 million, from the same period a year earlier.

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