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First Internet Bancorp seeking to list on NASDAQ

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First Internet Bancorp, parent of Indianapolis-based First Internet Bank of Indiana, is seeking to have its stock traded on the NASDAQ exchange.

The company announced Tuesday that it has filed with the Securities and Exchange Commission to make the move from the over-the-counter board.

Company shares, which opened Wednesday morning priced at $19.25 each, have been listed on the thinly traded OTC market under the FIBP ticker symbol since 2005.

Chairman and CEO David Becker said in a prepared statement that he expects the change to be completed sometime next year.

“The board of directors believes that our plan to move from the over-the-counter market to a national exchange will enhance the trading market for our stock and provide a long-term benefit to our shareholders,” he said.

Becker founded First Internet Bank in 1999. The bank has no branches and has 95 employees at its corporate headquarters at 9200 Keystone Crossing. First Internet said in its SEC filing that it expects to move early next year into 23,891 square feet of space, which is more than 9,000 square feet larger than its current office.

For the quarter ended Sept. 30, the company earned $1.6 million, or 85 cents per share, compared with $765,000, or 40 cents per share, during the same period last year.

Through the first nine months of 2012, the bank reported profit of $4 million, or $2.12 per share, compared with $2.1 million, or $1.12 per share, in the year-ago period.

First Internet attributed the increase to gains on loans sold and growth in deposits.

Loans held for sale totaled $55.5 million as of Sept. 30, compared with $44.4 million at the same time in 2011.

Total deposits in the third quarter grew 13 percent, to $522.7 million.

Assets increased 12 percent, to a record $627.7 million.

On Nov. 20, the bank announced a cash dividend of 25 cents per share payable Dec. 28, the first dividend the bank has ever paid.

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  1. Good ole' Obamacare. Thanks liberals and those who didn't bother to vote.

  2. Yes. Blame those who were too lazy to go vote Obama out and those who voted him in again. That's my take on it. I know folks won't get it on the left. OK. Start berating me now!

  3. Serioulsy, people are AGINST this project? Most communities would be salivating over a project like this. You'd rather have an empty eye-sore gas station and shacks posing as apartments? This project is exactly what BR needs. BUILD IT MR MAYOR. And yes, I am a BR resident, and have been for 20 years.

  4. As a St. Vincent employee of over 20 years, I am saddened and disheartened by this announcement. Unfortunately, as the healthcare "industry" continues on this political and corporate path, all that St. Vincent Hospital has stood for spiritually for its employees and this community is being sucked dry. I know it truly has no choice. It is not just Obamacare or just competition or just any single thing. This trend started long before I was even born when the government became involved in healthcare and it became an "industry." I grieve for those who will lose their jobs, one of whom may be me, but I also grieve for this hospital which I have served for over 20 years. May God give us and it the grace to withstand the future of healthcare.

  5. Why do people constantly harp on this issue and act ignorant about what a city population measures? A city's population is the city's population. There is no argument or debate about it. If you want to measure the density of a city--measure it. If you want to measure the size of a metropolitan area, then measure the metropolitan population. City boundaries cover different sized areas--and they always have (though the disparity has probably increased since about 1900 or so when more cities began annexing their surrounding communities). For example, San Francisco only covers 49 square miles while Houston cover nearly 600 square miles. No one argues about the population rankings of either city even though they clearly cover extremely different sized areas. Indianapolis is the 13 largest city by population in the U.S. That is a fact. While the population of a metropolitan area may give you a better sense of how large a community is, as noted, even metro areas can vary widely in the size of geographic area they cover--so that is not a perfect comparison either.

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