Your World of Legal Intelligence
 United Kingdom | +44 (0) 20 7284 8080

First Internet Bancorp announces acquisition of small business lending division.

Document Cited in Related
Vincent

BANKING AND CREDIT NEWS-May 22, 2019--First Internet Bancorp announces acquisition of small business lending division

(C)2019 M2 COMMUNICATIONS http://www.m2.com

Global Banking News - 22 May 2019

First Internet Bancorp (NASDAQ: INBK) has said that that its subsidiary First Internet Bank has entered into a loan and asset purchase agreement under which the bank will acquire the small business lending division (the SBA division) of First Colorado National Bank.

As of March 31, 2019, the balance of loans outstanding to be acquired was nearly USD39.0m, comprised primarily of SBA 7(a) loans. In addition, the bank will acquire a servicing portfolio consisting of guaranteed SBA 7(a) loans sold in the secondary market, which had a balance of nearly USD112.0m as of March 31, 2019.

At closing, total consideration for the acquisition of the SBA division and its assets will be paid in cash through a combination of cash on hand and proceeds from loan sales planned for the second quarter of 2019. The portfolio to be acquired consists primarily of adjustable rate loans and has a current weighted average coupon of 7.30 percent. Subject to customary closing conditions and the receipt of any required...

To continue reading

Request your trial
COPYRIGHT Normans Media Ltd.

VLEX uses login cookies to provide you with a better browsing experience. If you click on 'Accept' or continue browsing this site we consider that you accept our cookie policy. ACCEPT