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First Internet Bancorp raises $44.8 million in secondary stock offering

September 20, 2017

Fishers-based First Internet Bancorp completed another secondary stock offering this week, this one netting $44.8 million for the company.

The parent of First Internet Bank announced late Tuesday that it had sold 1.65 million shares of common stock at $29 per share.

First Internet is also offering underwriters Keefe, Bruyette & Woods Inc., FIG Partners LLC and Hovde Group LLC a 30-day option to buy up to an additional 247,500 shares of stock. If the underwriters purchase all these additional shares, it will bring First Internet’s net proceeds to $51.6 million.

According to paperwork filed with the U.S. Securities and Exchange Commission, First Internet intends to use the money for general corporate purposes.

This is the third time in the past 16 months that First Internet has completed a secondary offering. 

In December 2016, the bank netted $23.4 million from the sale of 945,000 shares of common stock priced at $26.50 each. And in May 2016, the bank netted $20.1 million from the sale of 895,955 shares priced at $24 each. 

As of June 30, First Internet had assets of $2.4 billion. The bank opened in 1999 and became a publicly traded company in November 2013.

Shares of First Internet were trading at $30.05 Wednesday morning, down 5 cents from Tuesday’s closing price. Over the past 52 weeks, the stock has traded between $22.54 and $33.35 per share.
 

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