SunTrust Banks Inc. has acquired FirstAgain LLC, an online lender that targets superprime borrowers.
Terms weren’t disclosed and the companies expect the deal to close next quarter. Current management will continue to run FirstAgain and it will be housed in SunTrust’s consumer banking division.
FirstAgain, of San Diego, Calif., makes unsecured loans for
Applicants can receive proceeds from FirstAgain the same day they apply, the company says. FirstAgain’s financial backers have included New York-based Arsenal Capital Partners and Bank of America’s Merrill Lynch.