First Century Bancorp Agreed to be Acquired by First Internet Bancorp

Transaction Overview

First Internet Bancorp (“First Internet” or the “Company”) (Nasdaq: INBK), the parent company of First Internet Bank (the “Bank”), announced today it has entered into a definitive agreement to acquire First Century Bancorp (“First Century”), the parent company of First Century Bank, N.A. Headquartered in Roswell, GA. First Century is a technology-driven financial solutions company with lines of business focused on Payments, Tax Product Lending, Sponsored Card Programs and Homeowners Association (“HOA”) Services. These attractive and scalable business lines provide First Internet multiple growth opportunities, further diversification of its revenue profile and access to a stable, low-cost deposit base.

According to the terms of the definitive agreement, First Internet will acquire all outstanding shares of First Century common stock for $80.0 million in cash, which First Internet will fund with available on-balance sheet cash. As of September 30, 2021, First Century had total assets of $408 million, total deposits of $330 million, and total loans of $32 million.

About First Century Bancorp

First Century Bancorp was founded in 2002 and is a technology-driven bank holding company headquartered in Roswell, GA. The Company’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.