First Internet Bank of Indiana, which was founded in 1999 as one of the nation’s first online-only banks, has exceeded $1 billion in assets, it announced Friday.
Shares of the Indianapolis-based bank took a nosedive during trading Friday morning after it reported its third-quarter earnings.
First Internet Bancorp shares are up 105 percent for the year. Founder David Becker said the Indianapolis-based bank has been careful to be geographically diversified in its real estate holdings.
Economic development leaders in Fishers are asking the Town Council to OK a six-year property tax abatement to help First Internet Bancorp construct as many as two office buildings.
The Indianapolis-based bank’s commercial loan portfolio grew to $109.1 million, a rise of 62 percent compared with the first quarter of 2012. Commercial real estate loans rose 46 percent.
Shares of the Indianapolis-based bank finished their first day on the NASDAQ exchange at $28.50, a 75-cent drop from their opening price. The stock had been listed on the thinly traded over-the-counter market.
The $4.3 million expansion will go toward purchasing and refurbishing a building near Interstate 69 and 116th Street that formerly housed the St. Vincent Health medical center.