First Internet Bank Hits Stock Offering Goal
Fishers-based First Internet Bancorp (Nasdaq: INBK) has completed its public offering of more than 1.6 million shares of common stock. The parent of First Internet Bank says the offering succeeded in its goal of raising nearly $45 million in net proceeds.
When the underwritten offering began last week, the bank said it would use the money it generated for general corporate purposes, such as "providing capital to support the Company’s growth organically or through strategic acquisitions, repayment of indebtedness, financing investments and capital expenditures, and for investments in the Bank as regulatory capital."
The bank has granted the underwriters a 30-day option to purchase up to 247,500 additional shares of common stock. If all of those shares are purchased, the net proceeds could rise to more than $51 million.