First Internet Bank Looking to Raise Capital
FISHERS - Fishers-based First Internet Bancorp (Nasdaq: INBK) is in the midst of a public offering of 1.65 million shares of common stock. The bank says the offering, which is set to close Tuesday, is expected to generate nearly $48 million in gross proceeds.
The parent of First Internet Bank is offering the stock at $29.00 per share. The net proceeds from the underwritten offering are expected to total nearly $45 million, or more than $51 million, if the underwriters exercise their 30-day option to purchase an additional 247,500 shares in full.
The bank says the net proceeds will be used for general corporate purposes, including "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."
In July, First Internet Bancorp reported record second quarter net income of $4 million, compared to $2.8 million during the same quarter in 2016.