Fishers-based First Internet Bancorp (Nasdaq: INBK) has closed its acquisition of the small business lending division of First Colorado National Bank. The deal is valued at more than $150 million.
First Internet Bank says the balance of outstanding loans acquired September 30 totals $38 million and was comprised of SBA 7(a) loans.
The reported balance of the servicing portfolio acquired is $102 million and consisted of guaranteed SBA 7(a) loans sold in the secondary market.
Officials say a team of experienced SBA loan specialists joined the Bank as part of the transaction.
“This acquisition is consistent with our strategy to diversify our revenue and asset generation channels in a capital-efficient manner,” said David Becker, president and chief executive officer of First Internet Bank. “The portfolio and the team that have joined us today accelerate our momentum in building a nationwide small business platform. We are delighted to welcome aboard these new members of our SBA team.”
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