First Internet Bank Takes Action to Reduce Inflationary Impact for Company Workers

First Internet Bank recently announced that it has “raised its minimum hourly wage for full-time employees to $20.00.”

The move is in response “to rising inflationary economic trends and reflects the Bank’s overall commitment to attracting and retaining talented employees.”

Nicole Lorch, President and Chief Operating Officer, said:

“This is an important show of support for our teams’ standard of living in the face of rising transportation, housing and food costs. To be an employer of choice, we must continue to prioritize our team members through competitive pay and benefits, career development programs, comfortable and safe working conditions and in our diversity, equity and inclusion efforts across the company.”

Recently, the Bank introduced “a flexible work model to further promote productivity, engagement and support work-life balance.”

An innovator and “industry leader,” First Internet Bank “was recognized for the ninth consecutive year as one of The Indianapolis Star’s Top Workplaces in Central Indiana, where it is headquartered.”

The Bank has also “previously been recognized as one of the ‘Best Banks to Work For’ by American Banker, ‘Best of 2022 Money Market Accounts’ by Forbes Advisor and as Newsweek’s 2021 ‘Best Small Business Checking Account’.”

As covered, First Internet Bank “opened for business in 1999 as an industry pioneer in the branchless delivery of banking services.”

With assets of $4.2 billion as of March 31, 2022, the Bank “provides consumer and small business deposits, consumer loans, residential mortgages and specialty finance services nationally.”

The Bank also ‘offers commercial real estate loans, commercial and industrial loans, SBA financing and treasury management services.”

Additional information about the Bank, “including its products and services, is available at www.firstib.com.”

The Bank is “a wholly-owned subsidiary of First Internet Bancorp (Nasdaq: INBK). First Internet Bank is a Member FDIC.”

As covered, First Internet Bancorp (Nasdaq: INBK), the parent company of First Internet Bank, has terminated a planned merger with First Century Bancorp.

First Internet Bank claims title as the first branchless, chartered bank having opened its virtual doors in 1999.

The combination with First Century Bank was revealed in November 2021.

Of note, is the fact that the Federal Reserve approved the combination just last week on April 29, 2022. If the combination had been completed, First Internet Bank would have become the 284th largest insured depository organization in the United States, with consolidated assets of approximately $4.7 billion.

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