FISHERMEN, Ind.–(BUSINESS WIRE)–First Internet Bancorp (the “Company”) (Nasdaq: INBK), the parent company of First Internet Bank (the “Bank”), today announced that First Century Bancorp (“First Century”) has terminated the agreement and proposed merger between the two companies. Under the agreement, announced on November 2, 2021, completion of the merger was to occur no later than April 30, 2022. The Federal Reserve Board of Governors approved the merger on April 29, 2022, but the parties have were prevented from closing immediately afterwards due to legal waiting times. The parties could not agree on the terms of the extension; First Century terminated the agreement on May 1, 2022.
David Becker, CEO and President of First Internet Bancorp, said: “Despite negotiating efforts, we were unable to arrive at a mutually acceptable purchase price increase in exchange for an extension. Although the acquisition initially appeared to offer opportunities to diversify our revenue streams, we will not support the excessive deployment of capital without a clear and probable path to an acceptable return on investment. We remain strongly committed to increasing shareholder value.
Becker continued, “Our board and management team are focused on our strategy and execution. As we shared recently, we delivered strong first quarter results and are confident that we will meet expectations for 2022. While we have worked diligently on the integration with First Century, we have continued to research and to evaluate additional strategic opportunities and have built a pipeline of action projects to increase results in future periods.
“I thank the employees of First Century Bank from the bottom of my heart for their openness, hospitality and collaboration throughout the diligence and planning. Finally, I am extremely proud of the team at First Internet Bank who have worked tirelessly on the opportunity and integration plan while continuing to serve our customers and improve our capabilities. It is the unwavering commitment of our team that fuels our confidence in the strength of our franchise and our ability to seize potential growth opportunities ahead.
Conference call and webcast
The Company will host a conference call and webcast at 4:30 p.m. Eastern Time on Monday, May 2, 2022 to discuss the announcement. The appeal can be viewed by phone at (844) 200-6205; access code: 434757. A recorded replay can be accessed through June 1, 2022 by dialing (866) 813-9403; access code: 130420.
Additionally, interested parties can listen to a live webcast of the call on the Company’s website at www.firstinternetbancorp.com. An archived version of the webcast will be available at the same location shortly after the live call ends.
About First Internet Bancorp
First Internet Bancorp is a bank holding company with assets of $4.2 billion as of March 31, 2022. The company’s subsidiary, First Internet Bank, opened in 1999 as a pioneer in the industry in the provision of branchless banking services. The Bank provides consumer and small business deposits, SBA financing, franchise financing, residential mortgages, consumer loans and specialty finance services nationwide, as well as commercial real estate loans, construction loans, commercial and industrial loans and regional cash management services. base. The common shares of First Internet Bancorp trade on the Nasdaq Global Select Market under the symbol “INBK” and are included in the Russell 2000® Index. Additional information about the Company is available at www.firstinternetbancorp.com and additional information about the Bank, including its products and services, is available at www.firstib.com.