First Century Bancorp. has notified First Internet Bancorp of its Termination of the Merger Agreement

Rhea-AI Summary

First Century Bancorp announced the termination of its merger agreement with First Internet Bancorp (INBK) due to delays in obtaining regulatory approval. The decision was made after the parties couldn't reach new terms. Each company will incur its own costs related to the terminated deal, with no termination fee paid. CEO William Blanton expressed confidence in First Century's ability to continue providing technology-driven financial solutions and growing its offerings independently.

Positive

• First Century Bancorp aims to expand its technology-enabled financial solutions.
• CEO's commitment to serving clients and growing offerings independently.

Negative

• Termination of merger limits potential growth and market expansion.
• Regulatory delays may reflect challenges in future acquisitions or partnerships.

ROSWELL, Ga., May 2, 2022 /PRNewswire/ -- First Century Bancorp. ("First Century"), the parent company of First Century Bank, N.A., announced today the termination of its merger agreement with First Internet Bancorp ("First Internet") (Nasdaq: INBK), the parent company of First Internet Bank (the "Bank"), previously announced on November 2, 2021, pursuant to which First Internet was to acquire all of the outstanding shares of First Century. First Internet was unable to obtain regulatory approval for the proposed transaction in a timely fashion and First Century chose to exercise its right to terminate the agreement after the parties were unable to come to new terms. CEO of First Century Bank, William Blanton states, "First Century is looking forward to continuing to serve its clients by providing leading edge technology enabled financial solutions. On its own, FCB is growing its solutions offerings and looks forward to continuing to serve the Fintech Community."

Each company will bear its own costs and expenses in connection with the terminated transaction, and neither party will pay any termination fee as a result of the termination of the merger agreement.

About First Century Bancorp.
First Century Bancorp. was founded in 2002 and is a technology-driven bank holding company headquartered in Roswell, GA. First Century's subsidiary, First Century Bank, N.A., provides its national customer base with financial services that include payment services, tax product lending, prepaid cards and HOA services. The Company also provides a wide range of products and services, including business banking, specialty lending and deposit products, to community-based businesses and individuals across its two branches located in Commerce, GA and Hilton Head Island, SC. For more information, go to www.myfirstcenturybank.com.

Contact Information:
First Century Bancorp 

Peter Vasell
Chief Financial Officer & Chief Operating Officer
(770) 280-0874
peter.vasell@myfcbusa.com

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SOURCE First Century Bank, N.A.

FAQ

Why did First Century Bancorp terminate the merger with First Internet Bancorp (INBK)?

The merger was terminated due to First Internet Bancorp's inability to obtain regulatory approval in a timely manner, and the parties could not reach new terms.

What are the financial implications of the terminated merger for First Century Bancorp?

Each company will bear its own costs related to the terminated transaction, with no termination fee involved.

What is First Century Bancorp's future strategy after ending the merger with INBK?

First Century Bancorp plans to continue growing and providing technology-enabled financial services independently.

What impact does the termination have on First Internet Bancorp (INBK)?

The termination may affect INBK's growth strategy and market presence due to the loss of the merger opportunity.