First Internet Bank Offers Access to Multi-Million Dollar FDIC Deposit Insurance Coverage

Rhea-AI Summary

First Internet Bank has renewed its participation in the IntraFi® deposit network to provide access to ICS® and CDARS® products, enhancing customer deposit safety with FDIC insurance. This initiative allows customers to secure more than $250,000 through network banks. Nicole Lorch, President and COO, emphasized the increased peace of mind for customers due to this strategic alliance. As of December 31, 2022, the bank reported assets of $4.5 billion, providing a range of financial services including consumer and small business loans.

Positive

• Renewed partnership with IntraFi provides customers access to increased FDIC insurance on deposits over $250,000.
• Enhanced deposit safety and peace of mind for customers through ICS® and CDARS® offerings.
• First Internet Bank has a robust asset base of $4.5 billion as of December 31, 2022.

Negative

• None.

FISHERS, Ind.--(BUSINESS WIRE)-- First Internet Bank announced today it has renewed its participation in the IntraFi^® deposit network to offer ICS^® and CDARS^®. The program allows First Internet Bank customers to enjoy the safety and simplicity that comes with access to FDIC insurance protection at IntraFi network banks on deposits in an aggregate amount that is greater than $250,000. With ICS, depositors maintain access to funds placed in money market demand accounts. With CDARS, depositors select from multiple term options for certificates of deposit (CDs).

“The strategic decision to work with IntraFi to offer access to FDIC coverage at network banks provides greater peace of mind and increased deposit safety for our customers,” said Nicole Lorch, President and Chief Operating Officer at First Internet Bank. “We are pleased to participate in the IntraFi network, which has been chosen by more than 3,000 financial institutions to offer reciprocal deposits.”

About First Internet Bank
With assets of $4.5 billion as of December 31, 2022, the Bank provides consumer and small business deposits, SBA financing, consumer loans and specialty finance services nationally. The Bank also offers commercial real estate loans, commercial and industrial loans and treasury management services. Additional information about the Bank, including its products and services, is available at www.firstib.com. The Bank is a wholly owned subsidiary of First Internet Bancorp (Nasdaq: INBK). First Internet Bank is a member FDIC.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230315005799/en/

Investors/Analysts

Paula Deemer

Director of Corporate Administration

(317) 428-4628

investors@firstib.com

Media

BLASTmedia for First Internet Bank

Ryan Hecker

firstib@blastmedia.com

Source: First Internet Bank

FAQ

What is the latest news about First Internet Bank (INBK)?

First Internet Bank has renewed its participation in the IntraFi deposit network, enhancing its deposit safety offerings.

How does the IntraFi network benefit First Internet Bank customers?

It provides access to FDIC insurance on deposits exceeding $250,000, ensuring greater security for their funds.

What financial services does First Internet Bank offer?

The bank provides consumer and small business deposits, SBA financing, consumer loans, and specialty finance services.

What is the asset size of First Internet Bank as of December 2022?

As of December 31, 2022, First Internet Bank reported total assets of $4.5 billion.

Who is the President of First Internet Bank?

Nicole Lorch is the President and Chief Operating Officer of First Internet Bank.