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TheStreet Open House

First Internet Bank To Expand Operations In Fishers

Stocks in this article: FIBP

First Internet Bank of Indiana, the first Indiana banking institution to operate solely on the internet, announced plans today to expand its operations to Fishers, Indiana and add over 48 jobs as part of its growth. The bank’s parent company, First Internet Bancorp, plans to invest $4.3 million in the former site of the St. Vincent Health medical center, located at 11201 USA Parkway.

”We were pleased to identify this facility as a site for expansion,” said David B. Becker, Chairman and CEO of First Internet Bancorp. “Much like First Internet Bank itself, the Fishers community is growing and thriving. With its many amenities, strong school system, and community events, Fishers has positioned itself to be a place where people want to live and work.”

The 49,700 sq. ft. facility was formerly classified as medical use-tax exempt. The First Internet expansion will bring the facility back into a taxable use, creating jobs and opening up additional space for potential new tenants. By creating 48 new jobs, First Internet Bank plans to invest $3.3 million in new payroll.

“Fishers’ ability to attract top talent is now stronger than ever and First Internet’s investment is excellent proof,” said Fishers Town Council President John Weingardt. “We appreciate David Becker’s leadership and commitment to Fishers, both as a resident and now part of the business community.”

About Fishers AdvantageThe Fishers Advantage, Fishers’ aggressive economic development initiative, has recruited over 1,000 jobs , 160,000 sq. ft. of leased or purchased space and retained nearly 400 jobs over the past 18 months by highlighting an excellent business climate, quality of life and talented workface in Fishers. For more information on the Fishers Advantage, visit www.thefishersadvantage.com.

About First Internet BancorpFirst Internet Bancorp (OTCQB: FIBP), the parent company of First Internet Bank of Indiana, is privately capitalized with over 220 private and corporate investors. First Internet Bank opened for business in 1999. The Bancorp became effective March 21, 2006.

About First Internet BankFirst 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 commercial loans. First IB is a wholly owned subsidiary of First Internet Bancorp.

This press release may contain forward-looking statements with respect to the financial condition, results of operations, plans, objectives, future performance or business of First Internet Bancorp. Forward-looking statements are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should” or other similar expressions. Forward-looking statements are not a guarantee of future performance or results, are based on information available at the time the statements are made and involve known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the information in the forward-looking statements. Factors that may cause such differences include: risks associated with the regulation of financial institutions and holding companies, including capital requirements and the costs of regulatory compliance; failures or interruptions in communications and information systems; general economic conditions and conditions in the lending markets; competition; the plans to grow mortgage lending; the loss of key members of management; the Company's ability to meet all of the requirements for listing on the NASDAQ Capital Market; and other matters discussed in the press release. All statements in this press release, including forward-looking statements, speak only as of the date they are made, and the Company undertakes no obligation to update any statement in light of new information or future events.

Copyright Business Wire 2010

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