FIBP.. $12.45.. DD 08/02/10
First Internet Bank Launches New Line of Business, Welcomes New Executive
Business Wire - Aug 02 at 08:45
Company Symbols: NASDAQ-OTCBB:FIBP
INDIANAPOLIS--(BUSINESS WIRE)-- First Internet Bank today announced its entry into commercial lending, with an emphasis on commercial real estate in central Indiana.
Since its debut in 1999, First Internet Bank has focused primarily on consumer lending. The 2007 acquisition of Landmark Financial Corporation added residential mortgage lending to the Bank's product offering. With this latest endeavor, Bank management identified an opportunity to diversify further its loan portfolio while assisting creditworthy commercial borrowers in need of responsible financing alternatives.
To lead this undertaking, Michael E. Lewis, a 28 year veteran of the Indianapolis commercial banking community, has joined the Bank's management team as Vice President. Mr. Lewis has held senior management positions throughout his career with numerous financial institutions. While his responsibilities have involved all aspects of commercial lending, he has spent most of his career in the commercial real estate field, where he has assisted hundreds of local developers and property owners with financing solutions involving commercial income properties as well as residential development and construction activities.
"The Bank remains committed to offering a highly competitive, efficient residential mortgage and consumer lending program through its online channel," said David Becker, Chairman and CEO of First Internet Bank. "However, we see unmet demand for commercial loans in central Indiana. Mike Lewis's proven track record in establishing and successfully growing commercial lending departments make him a great choice to lead this initiative."
Regarding his new responsibilities, Mr. Lewis added, "First Internet Bank is well positioned for extraordinary success in commercial real estate lending. I'm excited to be a part of this dynamic management team and look forward to introducing the Bank's lending capabilities to the local business community."
About First Internet Bank
With over $480 million in assets, First Internet Bank of Indiana (First IB) is 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 IB also offers consumer loans, conforming mortgages, jumbo mortgages, home equity loans and lines of credit, and, now, commercial loans. First IB is a wholly owned subsidiary of First Internet Bancorp (OTC Bulletin Board: FIBP).
Source: First Internet Bancorp