First Internet Bank Takes Action to Lessen Inflationary Impact for Employees

Rhea-AI Summary

First Internet Bank has raised its minimum hourly wage for full-time employees to $20.00, addressing inflation and aiming to attract talented staff. President Nicole Lorch emphasized the importance of supporting teams amid rising costs of living. The Bank recently implemented a flexible work model to enhance productivity and work-life balance. Recognized as one of The Indianapolis Star’s Top Workplaces for nine consecutive years, First Internet Bank has assets of $4.2 billion as of March 31, 2022, offering various banking services nationally.

Positive

• Increased minimum wage to $20.00, enhancing employee retention and satisfaction.
• Recognition as one of the Top Workplaces in Central Indiana for nine years.
• Assets stand at $4.2 billion, indicating strong financial health.

Negative

• None.

FISHERS, Ind.--(BUSINESS WIRE)-- First Internet Bank announced today that it has raised its minimum hourly wage for full-time employees to $20.00. The move is in response to rising inflationary economic trends and reflects the Bank’s overall commitment to attracting and retaining talented employees.

“This is an important show of support for our teams’ standard of living in the face of rising transportation, housing and food costs,” noted Nicole Lorch, President and Chief Operating Officer. “To be an employer of choice, we must continue to prioritize our team members through competitive pay and benefits, career development programs, comfortable and safe working conditions and in our diversity, equity and inclusion efforts across the company.”

Recently, the Bank introduced a flexible work model to further promote productivity, engagement and support work-life balance. An innovator and industry leader, First Internet Bank was recognized for the ninth consecutive year as one of The Indianapolis Star’s Top Workplaces in Central Indiana, where it is headquartered. The Bank has also previously been recognized as one of the “Best Banks to Work For” by American Banker, “Best of 2022 Money Market Accounts” by Forbes Advisor and as Newsweek’s 2021 “Best Small Business Checking Account”.

About First Internet Bank

First Internet Bank opened for business in 1999 as an industry pioneer in the branchless delivery of banking services. With assets of $4.2 billion as of March 31, 2022, the Bank provides consumer and small business deposits, consumer loans, residential mortgages and specialty finance services nationally. The Bank also offers commercial real estate loans, commercial and industrial loans, SBA financing 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/20220601005854/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 new minimum wage announced by First Internet Bank?

First Internet Bank has raised its minimum hourly wage for full-time employees to $20.00.

Why did First Internet Bank raise its minimum wage?

The increase is in response to rising inflation and aims to improve employee attraction and retention.

How long has First Internet Bank been recognized as a top workplace?

First Internet Bank has been recognized as one of The Indianapolis Star’s Top Workplaces for nine consecutive years.

What are the total assets of First Internet Bank as of March 31, 2022?

As of March 31, 2022, First Internet Bank reported total assets of $4.2 billion.

What initiatives has First Internet Bank implemented to support employees?

The Bank introduced a flexible work model to enhance productivity and work-life balance, alongside competitive pay and benefits.