First Internet Bancorp Prices Public Offering Of 1.38 Mln Shares At $20/share

(RTTNews) - First Internet Bancorp (INBK), the parent corporation of First Internet Bank of Indiana, said it has priced an underwritten public offering of 1.38 million shares of its common stock at a price to the public of $20.00 per share, for gross proceeds of $27.6 million.

First Internet Bancorp said it increased the offering from the previously announced amount of 1.15 million shares. The company expects to use the net proceeds of the offering to support the bank's organic growth, the pursuit of strategic acquisition opportunities, and other general corporate purposes.

Sandler O'Neill + Partners, L.P. is serving as sole book-running manager of the offering, while Keefe, Bruyette & Woods, Inc. is acting as co-manager.

First Internet Bancorp has granted the underwriters a 30-day option to purchase up to 207,000 additional shares of common stock that if exercised in full would result in additional gross proceeds to the company of up to about $4.1 million.