First Internet Bancorp (NASDAQ: INBK) and First Century Bancorp confirmed that the agreement and merger plan between the two firms have been canceled. Despite its best efforts, First Internet Bancorp was unable to reach a mutually acceptable enhanced acquisition price in exchange for an extension.
While the acquisition appeared to provide chances to diversify the company's revenue streams at first, it will not support excessive capital deployment without a clear and foreseeable path to a satisfactory payback. It has remained constant in its commitment to growing shareholder wealth. The First Internet Bancorp disclosed that its Board and management team are laser-focused on its strategy and execution.
First Internet Bancorp had a strong first quarter and is sure that it will exceed expectations in 2022. It continued to find and assess other strategic possibilities while working tirelessly on a merger with First Century, and it has developed a pipeline of actionable initiatives to drive performance higher in future periods.
Furthermore, David Becker, CEO, and Chairman of First Internet Bancorp said: “I'd want to express my gratitude to First Century Bank personnel for their transparency, courtesy, and participation throughout the due diligence and planning process. Finally, I am pleased with the First Internet Bank team for working relentlessly on the opportunity and merger plan while still serving our clients and expanding our capabilities. Our faith in the quality of our franchise and our ability to seize prospective development possibilities is fueled by our team's steadfast dedication.”