FIRST INTERNET BANCORP AND LANDMARK FINANCIAL CORPORATION
ANNOUNCE ACQUISITION AGREEMENT
INDIANAPOLIS, IN (August 28, 2006) — First Internet Bancorp (“Bancorp”) and Landmark Financial Corporation (“Landmark”) today announced the signing of a definitive merger agreement under which Landmark will be acquired by the Bancorp in an all-cash transaction for an aggregate purchase price of $12 million, or approximately $4.00 per share.
Both parties' boards of directors have approved the transaction, which is expected to close in the first quarter of 2007. The transaction is subject to customary closing conditions, including approval by the Landmark shareholders and regulatory agencies, but has no financing contingency.
David B. Becker, Chairman and CEO of First Internet Bancorp, said, “The acquisition represents a natural progression of a commercial loan participation relationship that began in 2005 between Landmark and First Internet Bank of Indiana (First IB). Landmark’s residential real estate-related asset generation capabilities and high quality loan portfolio complement the consumer loan operations at First IB. This merger will allow us to draw upon the strengths of both organizations and provide the customers of both banks with top-notch products and services."
C. Charles Perfetti, President and Chief Executive Officer of Landmark Financial Corporation, commented, "We strongly believe that the decision to proceed with this transaction is in the best interests of our shareholders and our employees. First Internet Bancorp has been very successful in its business model, and Landmark's current operations should add new capabilities for future success."
About First Internet Bancorp
First Internet Bancorp is a single-bank holding company, privately capitalized with over 250 private and corporate investors. The Bancorp became effective March 21, 2006, and is listed on the OTC Bulletin Board (www.otcbb.com) under the symbol of "FIBP".
About First Internet Bank of Indiana
With $445 million in assets, First Internet Bank of Indiana (First IB) is the first state-chartered, FDIC-insured institution to operate solely via the Internet and has customers in all 50 states. Services include interest-bearing checking accounts, regular and money market savings accounts with industry-leading interest rates, CDs, IRAs, credit cards, and check cards that can be used instead of cash or checks. First IB also offers personal lines of credit, installment loans, unique real-time transfers between accounts, and the ability to display checking, savings and loan information on a single screen. First IB is a wholly owned subsidiary of First Internet Bancorp.
About Landmark Financial Corporation
Landmark Financial Corporation is the privately held savings and loan holding company for Landmark Savings Bank, F.S.B. and Landmark Mortgage Company which together operate from four locations in the metropolitan Indianapolis area. Landmark Savings Bank traces its history to 1925 as a mutual savings and loan association and became a federal stock savings bank and opened its banking office on Monument Circle in 1984.
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