First Internet Bank of Indiana, an Internet-only institution that was formed in February, has received an equity investment of $12 million from Newcourt Financial, the commercial finance business of Newcourt Credit Group.
The investment buys a 10% stake in a bank with $88 million of deposits from 4,200 customers in all 50 states.
"We were looking for an institution with outstanding name recognition, financial strength, and strategic opportunities for sources of deposits and loan originations," said David B. Becker, chairman and chief executive officer at the Internet bank. "This investment represents an outstanding strategic opportunity and fit for Newcourt and First Internet Bank."
Newcourt's parent company is being acquired by CIT Group Inc., a deal that would create the world's largest publicly owned commercial finance company, with more than $50 billion of managed assets.