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First Internet Bancorp to net $47.2M from common stock offering

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First Internet Bancorp to net $47.2M from common stock offering

First Internet Bancorp priced an underwritten public offering of 1,505,000 shares of its common stock at $33.25 per share, for gross proceeds of roughly $50.0 million.

The Fishers, Ind.-based company granted the underwriters an option for a further 225,750 shares. The offering is expected to close on or around June 11.

Net proceeds are expected to come to about $47.2 million, and will be used for general corporate purposes, potentially including strategic acquisitions, debt repayment, investments and capital expenditures. In case the underwriters fully exercise their overallotment option, net proceeds are set to be approximately $54.3 million.

Keefe Bruyette & Woods Inc. is serving as sole book-running manager for the offering, with Sandler O'Neill & Partners LP, FIG Partners LLC and Hovde Group LLC serving as co-managers.