First IB was launched in early 1999. By 2001, the bank had become profitable and had more than $200 million in assets. By 2008, its assets had grown to nearly $600 million. Compared to the large international banks that dominate the financial world. $600 million is a relatively small amount (for example, the bank of America has more than $500 billion in assets), but First IB was able to operate efficiently and with low costs because it had no physical branch offices and very few employees compared to traditional banks.