SunTrust Banks has agreed to acquire all of the assets of FirstAgain to enhance its capabilities in the direct online lending market.
San Diego-based FirstAgain offers direct unsecured loans to super-prime borrowers through the Internet.
FirstAgain will operate with its current management team as a unit of SunTrust’s Consumer Banking line of business.
SunTrust Consumer Banking and Private Wealth Management Executive Brad Dinsmore said that FirstAgain’s technological prowess and expertise provide SunTrust with an attractive nationwide online lending platform.
FirstAgain CEO Gary Miller said that as part of SunTrust, they will be able to scale their technology to bring innovative product offerings to new and existing SunTrust clients.
Terms of the transaction were not disclosed.
The transaction is expected to close in the second quarter of 2012 following customary regulatory approvals.
SunTrust Robinson Humphrey advised SunTrust on the transaction.