First Internet Bancorp Announces Termination of First Century Merger Agreement – QNT Press Release


First Internet Bancorp (the “Company”) (NASDAQ:INBK), the parent company of First Internet Bank (the “Bank”), announced today that First Century Bancorp. (“First Century”) has terminated the agreement and plan of merger between the two companies. Under the agreement, announced November 2, 2021, the consummation of the merger was to have occurred on or before April 30, 2022. The Board of Governors of the Federal Reserve approved the merger on April 29, 2022, but the parties were precluded from closing immediately thereafter due to statutory waiting periods . The parties were unable to agree on extension terms; First Century terminated the agreement on May 1, 2022.

David Becker, CEO and Chairman of First Internet Bancorp, said, “Despite efforts to negotiate, we could not arrive at a mutually agreeable increased purchase price in exchange for an extension. While the acquisition initially appeared to provide opportunities to diversify our revenue streams, we will not support excess deployment of capital without a clear and likely pathway to an acceptable payback. We remain steadfastly committed to increasing shareholder value.”

Becker…

Full story available on Benzinga.com



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