First Internet Bank completed the acquisition of First Colorado SBA Division.

First Internet Bank, a bank holding company with assets of $4.1bn, completed the acquisition of the small business lending division of First Colorado National Bank. The balance of loans acquired was approximately $38m and was comprised primarily of SBA 7(a) loans. Additionally, the balance of the servicing portfolio acquired was approximately $102m and consisted of guaranteed SBA 7(a) loans sold in the secondary market. “This acquisition is consistent with our strategy to diversify our revenue and asset generation channels in a capital-efficient manner. The portfolio and the team that have joined us today accelerate our momentum in building a nationwide small business platform. We are delighted to welcome aboard these new members of our SBA team,” David Becker, First Internet Bank President and Chief Executive Officer.