First Internet Offering Common Stock

First Internet Bancorp was established in 1999 as the first state-chartered

Fishers-based First Internet Bancorp (Nasdaq: INBK) is looking to raise more than $20 million through a common stock offering. The parent of First Internet Bank says it may use some proceeds to repay existing debt.

The company is offering nearly 900,000 shares of common stock at a price of $24 per share. The offering is expected to close on or around Thursday.

First Internet says other purposes for which the net proceeds will be used may include contributing capital to First Internet Bank to "support organic growth." Last month, the company reported record first quarter net income, after more than doubling its annual net income in 2015.