Investment Banking - First Internet Bancorp

Transactions | Banking

Client: First Internet Bancorp
Industry: Banking
Transaction Type: Subordinated Notes Offering
Role: Co-Manager

First Internet Bancorp Announces New Series of $35 Million of Subordinated Notes

  • First Internet Bancorp (Nasdaq: INBK) is a bank holding company with assets of $3.7 billion as of March 31, 2019. The Company’s subsidiary, First Internet Bank, opened for business in 1999 as an industry pioneer in the branchless delivery of banking services. The Bank provides consumer and small business deposit, consumer loan, residential mortgage, and specialty finance services nationally as well as commercial real estate loans, commercial and industrial loans, SBA financing and treasury management services.
  • On June 5, 2019 the Company announced the pricing of a public offering of $35.0 million principal amount of its 6.00% Fixed-to-Floating Rate Subordinated Notes due 2029. The Company has granted the underwriters a right to purchase up to an additional $2.0 million principal amount of Notes at the public offering price, less the underwriting discounts, within 30 days from the date of the final prospectus supplement.
  • The Notes are rated BBB- (Kroll Bond Rating Agency).
  • The Company expects to use the proceeds generated by this offering for general corporate purposes, which may include providing capital to support the Company’s growth organically or through strategic acquisitions, repayment of indebtedness, repurchases of issued and outstanding common stock, financing investments and capital expenditures, and for investments in the Bank as regulatory capital.
  • Boenning served as a co-manager in the offering.