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[July 28, 2014]
First Internet Bank Welcomes New Executive to Lead Asset-Based Lending Business Line [Secured Lender, The]
(Secured Lender, The Via Acquire Media NewsEdge) First Internet Bank of Indiana (www. firstib.com), a premier provider of online retail and business banking services nationwide, announced Daniel E. Burd has joined the bank as managing director of its asset-based lending line of business.
"We are pleased to have Dan on board to orchestrate the growth of this line of business. His passion for finding appropriate financing solutions to help businesses will be a key to the team's success in asset-based lending." Operating under the name First Internet Bank Business Capital, the asset-based lending division provides working capital to small-to mediumsized companies ($10 - $50 million in sales) nationally from a loan production office in Portland, Oregon. Assetbased financing options generally ranging from $2 million to $5 million include revolving lines of credit backed by accounts receivable and inventory as well as term loans backed by equipment and/or real estate.
Mr. Burd brings over 30 years experience in asset-based and commercial lending at financial institutions including Northwest Acceptance, Commonwealth Financial, Congress Financial, Textron Financial, and Wells Fargo. "This was an exciting opportunity for me to leverage my experience in asset-based lending and to become part of a growing organization," Burd said.
Said David Becker, president and CEO of First Internet Bank: "We are pleased to have Dan on board to orchestrate the growth of this line of business. His passion for finding appropriate financing solutions to help businesses will be a key to the team's success in asset-based lending." About First Internet Bank First Internet Bank of Indiana opened for business in 1999 as the first statechartered, FDIC-insured institution to operate solely via the Internet and has customers in all 50 states. Deposit services include checking accounts, regular and money market savings accounts with industry-leading interest rates, CDs and IRAs. First Internet Bank also offers consumer loans, conforming mortgages, jumbo mortgages, construction loans, home equity loans and lines of credit, commercial real estate loans, commercial and industrial loans, and assetbased lending. In the past year, First Internet Bank was also named one of the Best Banks to Work For by American Banker Magazine, a Top Workplace by The Indianapolis Star, and the top Online Originator by Mortgage Technology. For more information about the Bank, please visitwww.firstib.com. The bank is a wholly owned subsidiary of First Internet Bancorp (NASDAQ: INBK).
(c) 2014 Commercial Finance Association
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