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UPDATE: First Internet slips 2.5 percent in debut on NASDAQ

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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.
 

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  1. How much you wanna bet, that 70% of the jobs created there (after construction) are minimum wage? And Harvey is correct, the vast majority of residents in this project will drive to their jobs, and to think otherwise, is like Harvey says, a pipe dream. Someone working at a restaurant or retail store will not be able to afford living there. What ever happened to people who wanted to build buildings, paying for it themselves? Not a fan of these tax deals.

  2. Uh, no GeorgeP. The project is supposed to bring on 1,000 jobs and those people along with the people that will be living in the new residential will be driving to their jobs. The walkable stuff is a pipe dream. Besides, walkable is defined as having all daily necessities within 1/2 mile. That's not the case here. Never will be.

  3. Brad is on to something there. The merger of the Formula E and IndyCar Series would give IndyCar access to International markets and Formula E access the Indianapolis 500, not to mention some other events in the USA. Maybe after 2016 but before the new Dallara is rolled out for 2018. This give IndyCar two more seasons to run the DW12 and Formula E to get charged up, pun intended. Then shock the racing world, pun intended, but making the 101st Indianapolis 500 a stellar, groundbreaking event: The first all-electric Indy 500, and use that platform to promote the future of the sport.

  4. No, HarveyF, the exact opposite. Greater density and closeness to retail and everyday necessities reduces traffic. When one has to drive miles for necessities, all those cars are on the roads for many miles. When reasonable density is built, low rise in this case, in the middle of a thriving retail area, one has to drive far less, actually reducing the number of cars on the road.

  5. The Indy Star announced today the appointment of a new Beverage Reporter! So instead of insightful reports on Indy pro sports and Indiana college teams, you now get to read stories about the 432nd new brewery open or some obscure Hoosier winery winning a county fair blue ribbon. Yep, that's the coverage we Star readers crave. Not.

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