The First Internet Bank of Indiana founder is 69 years old and says he has no plans to hand over the reins of CEO and chairman given that developing new products and services for the bank scratches his entrepreneurial itch.
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First Internet announced in November that it planned to acquire Georgia-based First Century Bank for about $80 million. But when it became necessary to extend the closing date, the parties couldn’t agree on extension terms.
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Becker told IBJ in a statement that he has been approached about running for office and said he takes “those conversations seriously.”
With $5.6 billion in assets, Fishers-based First Internet Bank might best be described as modest in size. But in the world of small business lending, it’s among the nation’s powerhouses.
Fishers-based First Internet said the decline in the housing market and the sector’s negative outlook for the next few years prompted it to get out of the consumer mortgage business.
Under the relatively rare model, a bank offers its expertise and capabilities to a fintech, allowing the fintech to provide iservices that require the involvement of a federally regulated and insured institution.
Fishers-based First Internet says it expects that its $80 million acquisition of Georgia-based First Century Bank will be complete early next year. The deal brings several new product lines to First Internet’s existing offerings.
David Becker, who founded the Fishers-based bank in 1999, will relinquish his role as president but remain at the bank as CEO and chairman.
Fishers-based First Internet Bank began assembling its Small Business Administration lending division in late 2018.
Fishers-based First Internet saw its stock price climb to a one-year high in after-hours trading after the bank released its financial report Wednesday.
The Fishers-based parent of First Internet Bancorp had a milestone quarter thanks to a boom in mortgage activity, the company reported Wednesday afternoon.
For its first investment, Impact is partnering with Indy Chamber’s Business Ownership Initiative in its effort to deliver rapid release response loans of $1,000 to $25,000 to businesses in need.
Fishers-based First Internet Bancorp has had strong double-digit percentage growth in recent years, while most banks are growing in the mid-single-digit range.
Investors have turned pessimistic about everything from the inevitability of a U.S. recession to growing international trade disruptions and higher loan defaults.
The Fishers-based bank reported that the quality of its loans improved even as its loan portfolio grew larger. Much of the growth came from commercial loans.
First Internet Bank agreed to acquire 11 parcels on the south side of 116th Street for $10 million, with Fishers agreeing to reimburse the bank for land acquisition costs.
The Fishers-based parent of First Internet Bank had another big year despite a small decrease in profit in the fourth quarter.
The Fishers-based parent of First Internet Bank also saw big increases deposit growth and net interest income.
The Fishers-based financial company announced late Tuesday that it had sold 1.65 million shares of common stock at $29 per share.
First Internet Bancorp is based in Fishers and has $2.2 billion in assets. It operates as the bank holding company for First Internet Bank of Indiana.
The Fishers-based online bank says it will expand its presence in health care lending by agreeing to fund millions of dollars in loans for clients of the San Francisco-based startup. It also is taking a stake in the firm.
The Fishers-based company said loan growth helped boost profit during the second quarter.
