Fishers-based First Internet Bancorp (Nasdaq: INBK) has announced plans to acquire First Century Bancorp, headquartered in Georgia. The deal for the parent of First Century Bank is valued at $80 million.
First Internet says First Century focuses its lines of business on payments, tax product lending, sponsored card programs and homeowners association services. The Georgia bank had total assets of $408 million as of September 30.
“The acquisition of First Century is an important opportunity for our organization,” David Becker, chief executive officer of First Internet Bank, said in a news release. “First, it aligns with our strategy of operating unique and scalable businesses with nationwide platforms. Second, it allows us to continue to diversify and grow our revenue streams in a capital efficient manner. And, importantly, First Century’s success in the HOA business grants us access to a very attractive deposit base, with opportunity to expand.”
Once the acquisition is complete, First Century Bank will merge into First Internet Bank and maintain operations at its current locations. First Internet Bank says “substantially all” of First Century’s employees will join the company, including members of its senior leadership team.
The acquisition, which is expected to close in the first quarter of 2022, has been unanimously approved by the boards of directors of both banking companies. The deal remains subject to regulatory approvals, as well as approval by First Century shareholders.