First Internet Bancorp jumps into dividend game

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Becker Becker

Remember the good old days, when Indianapolis had locally headquartered, publicly traded banks that paid dividends?

We’re talking institutions such as Indiana National and Merchants National Bank, which long ago were swallowed by bigger, regional banks.

First Internet Bancorp’s announcement late last month that it was declaring a dividend brings back old memories. The parent of First Internet Bank declared a dividend of 6 cents per common share payable April 15 to shareholders of record April 1.

Late last year, First Internet declared its first-ever dividend of 25 cents a share.

It finished 2012 with profit of $5.6 million.

“In a time when it’s difficult for investors to find investments that generate meaningful returns, we feel dividends are an important way to add value to an equity investment,” said David Becker, First Internet’s founder and CEO.

The Indianapolis-based bank, which launched in 1999, has assets of $636 million.

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