Shares of Indianapolis-based First Internet Bancorp slipped in their first day on the NASDAQ exchange, dropping 2.5 percent during trading on Friday.
Shares finished the day at $28.50, a 75-cent decline from their opening price of $29.25.
The parent of First Internet Bank announced in December that it had filed with the Securities and Exchange Commission to make the move to NASDAQ from the over-the-counter board. Its new ticker symbol is INBK.
The shares had been listed on the thinly traded over-the-counter market under the FIBP ticker since 2005. Shares closed Thursday at $27.74 each.
Chairman and CEO David Becker founded First Internet Bank in 1999. The bank has no branches and has 102 employees at its headquarters at 9200 Keystone Crossing.
"We are pleased to be joining NASDAQ, as it includes more regional and community banks than any other U.S. exchange,” Becker said in a prepared statement. ”The board of directors believes that our plan to move from the over-the-counter market to NASDAQ will improve the visibility of our stock and enhance trading liquidity in our shares, which provides a long-term benefit to our shareholders."
On Tuesday, First Internet announced plans to add 48 jobs as part of a $4.3 million expansion into Fishers.