San Diego Business Journal

FirstAgain LLC, a San Diego provider of unsecured personal loans to the best credit risk borrowers, agreed to sell substantially all of its assets to SunTrust Banks Inc. for an undisclosed price, the parties said Jan. 23.

Founded in 2005, FirstAgain, with offices next to Petco Park, was the brainchild of the same partners who launched PeopleFirst.com, an online car lender that catered to the best borrowers and was sold in 2001.

Gary Miller, FirstAgain’s chief executive, could not be reached for comment by deadline, but said in a prepared release that being part of SunTrust will enable the business to scale the technology and provide its products to more clients.

SunTrust spokesman Mike McCoy said FirstAgain was servicing a loan portfolio of less than $30 million and had stopped originating any new loans. The six-person business will be integrated into SunTrust’s consumer banking line of business once the transaction is completed, expected by the end of the second quarter.

Based in Atlanta, SunTrust Banks had total assets of $176.9 billion as of Dec. 31.

— Mike Allen