First Internet Bank Makes a Virtual Withdrawal

Launched in 1999, First Internet Bank of Indiana was the second online-only bank in the United States, and it has always touted the advantages of doing away with old-fashioned “brick and mortar” branches. So it surprised this Circle Citizen when, four years ago, the tech pioneer, then headquartered on Indy’s northwest side, opened a satellite location in the former Landmark Savings branch at 54 Monument Circle–a historic building erected in the 1920s, of brick and mortar, that long housed an old-fashioned bank.
CC got another surprise recently when he decided to take a closer look at said branch. Although neatly arranged office furniture was clearly visible through the windows, a sign on the door explained that the bank had moved–as though everyone left for lunch then never came back. Turns out the employees departed when First IB moved to its new Keystone Crossing headquarters last year, because “it was more efficient to have everyone under one roof,” says senior VP Nicole Lorch. “We’re not a traditional bank, with long teller lines and so forth.”

Although First IB holds a lease on the prime street-level location until 2014, building management is shopping the space around–and evidently not having much luck. When CC emailed agent Stephen Adams, he replied, “Are you interested in leasing the corner space?” No, the Circle Citizen is quite comfy in his 40 Monument Circle digs, thank you. But he’d be delighted to call a bar his neighbor.