SunTrust to Acquire Online Lender FirstAgain
SunTrust Banks and FirstAgain announced the signing of a definitive agreement under which SunTrust will acquire substantially all of the assets of FirstAgain and enhance SunTrust’s capabilities in the direct online lending market.
San Diego-based FirstAgain specializes in providing direct unsecured loans to super-prime borrowers via the Internet. Founded in 2005, the company developed and operates proprietary technology that offers clients a completely digital and paperless origination, underwriting and servicing experience.
Terms of the transaction were not disclosed. Pending customary regulatory approvals, the companies expect the transaction to close in the second quarter of 2012. FirstAgain will operate with its current management team as a unit of SunTrust’s Consumer Banking line of business. SunTrust Robinson Humphrey advised SunTrust on the transaction.
“FirstAgain’s technological prowess and expertise provide SunTrust with an attractive nationwide online lending platform,” said Brad Dinsmore, SunTrust’s consumer banking and private wealth management executive. “We look forward to welcoming FirstAgain teammates and clients to the SunTrust family of companies.”
Dinsmore noted that SunTrust clients will benefit from innovative enhancements to SunTrust’s online lending platform as it builds on FirstAgain’s industry-leading capabilities.
“We are excited about joining the SunTrust family,” said Gary Miller, FirstAgain’s CEO. “As part of SunTrust, we will be able to scale our technology to bring innovative product offerings to new and existing SunTrust clients.”