First Internet Bank of Indiana Names New Executives

David R. Lovejoy Named President and COO;
Jeffrey K. Harty Joins Executive Team as CFO

First Internet Bank of Indiana (First IB) today announced that David R. Lovejoy has become the company’s President and Chief Operating Officer, effective immediately. First IB also announced that Jeffrey K. Harty has been named Executive Vice President and Chief Financial Officer.

Mr. Lovejoy, with three decades of banking and finance experience, has served on First IB’s Board of Directors since July 1999. Previously, he was Vice Chairman of Mellon Bank Corporation (NYSE: MEL).

Mr. Harty, a CPA, is the former Chief Financial Officer and Partner of Monument Advisors, Inc., a merchant bank, where he was responsible for financial operations oversight. He brings 15 years of significant finance experience to First IB.

The announcement comes at the conclusion of the Bank’s national six-month recruiting effort that has also resulted in the addition of senior management in the operations and lending areas. David Becker, First IB Chairman and CEO, had been the company’s President, while CFO is a new position for the Bank. First IB now has 20 full-time employees.

David Becker said of the new executives, “David Lovejoy and Jeff Harty bring to First IB a phenomenal combination of competencies and talent that will help us evolve our company to its next level. It is to our advantage that they both have been committed to and intimately involved with First IB’s concept and strategy over the past few months. David has served as a key member of our board of directors, while Jeff assisted in the execution of our capitalization strategy and development. Clearly, they both know and will leverage First IB’s strengths and potential into positive outcomes in the years ahead. It is certainly a testimony to our business plan that we can attract such executive talent as we have in them.”

Of his foray into the Internet environment, Mr. Lovejoy explained, “First IB is uniquely positioned to be a leading force in financial service aggregation in both the consumer and business sectors with its very powerful real-time capabilities, proprietary technology, and intense focus on customer-centric Internet banking solutions. To me, this company presents an exciting and creative opportunity to deliver a superior offering to consumers and small businesses.”

He continued, “I have enjoyed working with David and Jeff this past year, positioning First IB as a leader in the delivery of real-time, online financial services. As individuals and professionals, we have complementary skills and experience and work well together as a team.”

Mr. Harty said, “I am thrilled about the opportunity to join First IB and look forward to focusing on the bank’s financial affairs, including strategic planning, capital funding, and enhancing business relationships. Based on my past involvement and present view of the bank, I see tremendous potential for First IB to be a market leader in online financial services.”

About David R. Lovejoy
Mr. Lovejoy has three decades of financial services experience. While at Mellon Bank, he helped to create a corporate strategy leading to one of the most significant corporate turnarounds in the financial services industry. As a member of Mellon’s executive management team, he contributed to the achievement of a 40 percent per annum increase in shareholder value while overseeing numerous acquisitions, including Dreyfus. In his position with Pittsburgh-based Mellon as Vice Chairman of Financial Markets and Corporate Development, he had direct management responsibility for capital markets, mortgage banking, venture capital, securities lending, and corporate and international banking.

Before Mellon, he was Chairman and CEO of Onsite Energy, Inc. (formerly Western Energy Management) from 1991-1992; and Vice-Chairman of Security Pacific Corporation, where he served from 1970-1990. Mr. Lovejoy received his MBA and Bachelor of Science degrees from the University of Southern California.

About Jeffrey K. Harty
Since January 1999, Mr. Harty has been Partner and Chief Financial Officer at Indianapolis-based Monument Advisors, where he was also Partner-in-Charge of the company’s strategic consulting engagement with First IB. Before joining Monument Advisors, he was Vice President of Acquisitions and Treasurer for Millbourne Equity Trust (formerly Monument Realty), and Chief Financial Officer of Automotive Finance Corporation (AFC), a wholly owned subsidiary of Minnesota Power Inc. (NYSE: MPL).

Before AFC, he was Treasurer of ADESA Corporation following its acquisition by Minnesota Power, where from 1988 to 1995, he held numerous positions, including Senior Business Development Analyst.

Mr. Harty is a CPA and received a Bachelor of Science degree from the University of Wisconsin-Superior. Mr. Harty also holds various National Association of Securities Dealers licenses.

About First Internet Bank of Indiana
First IB is the first state-chartered, FDIC-insured institution to operate exclusively via the Internet. It draws customers from all 50 states as well as U.S. territories and military bases, delivers the most comprehensive suite of banking services on the Web, and offers a variety of advantages over traditional retail banks. These include industry-leading interest rates, real-time processing of all transactions, the ability to transfer funds in real time between accounts, and the ability to display up-to-the-minute checking, savings and loan information on a single screen.

Services include a free interest-bearing checking account with free electronic bill payment, regular and money market savings accounts, CDs, IRAs, credit cards, and check cards that can be used instead of cash or checks. In addition, First IB offers a full range of personal loans, including mortgages and home equity loans through an affiliation with The CIT Group/Consumer Finance, Inc., as well as personal lines of credit and installment loans.