First Internet Bancorp Announces New Series of $35 Million of Subordinated Notes
June 05 2019 - 6:52PM
Business Wire
First Internet Bancorp (the “Company”) (Nasdaq: INBK), the
parent company of First Internet Bank (the “Bank”)
(www.firstib.com), today announced the pricing of a public offering
of $35.0 million principal amount of its 6.0% Fixed-to-Floating
Rate Subordinated Notes due 2029 (the “Notes”). The Notes will bear
interest at a fixed rate of 6.0% per year to, but excluding June
30, 2024. From and including June 30, 2024 and through maturity or
earlier redemption, the interest rate on the Notes will reset
quarterly to an annual interest rate equal to the then-current
Benchmark Rate (initially the three-month LIBOR rate) plus 4.114%.
Interest will be payable quarterly in arrears on each March 30,
June 30, September 30 and December 30 of each year beginning on
September 30, 2019. 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. Keefe, Bruyette & Woods, Inc., a Stifel Company, is
serving as sole book-running manager for the offering, with Janney
Montgomery Scott, BB&T Capital Markets, Boenning &
Scattergood, Inc. and William Blair serving as co-managers.
The Notes will be issued in denominations of $25 and integral
multiples of $25 in excess thereof. The Company has applied to list
the Notes on the Nasdaq Global Select Market. If the application is
approved, trading in the Notes on Nasdaq is expected to begin
within 30 days of the original issue date of the Notes.
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.
Subject to the satisfaction or waiver of customary conditions,
the transaction is expected to close on or about June 12, 2019.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any offer or sale of these securities in any state or other
jurisdiction in which such offer, solicitation or sale of
securities would be unlawful prior to registration or qualification
under the securities laws of any such state or other jurisdiction.
The offering is being made only by means of a prospectus supplement
and accompanying prospectus filed as part of an effective shelf
registration statement on Form S-3 (File No. 333-219841)
filed with the U.S. Securities and Exchange Commission (“SEC”).
Copies of the prospectus supplement and accompanying prospectus,
when available, may be obtained from Keefe, Bruyette &
Woods, Inc., Equity Capital Markets, 787 Seventh Avenue, 4th
Floor, New York, NY 10019, by calling toll-free (800) 966-1559.
These documents are available at no charge by visiting the SEC’s
website at www.sec.gov.
About First Internet Bancorp
First Internet Bancorp 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. First Internet
Bancorp’s common stock trades on the Nasdaq Global Select Market
under the symbol “INBK” and is a component of the Russell
2000® Index. Additional information about the Company is
available at www.firstinternetbancorp.com and additional
information about the Bank, including its products and services, is
available at www.firstib.com.
Forward-Looking Statements
This press release may contain forward-looking statements with
respect to the financial condition, results of operations, trends
in lending policies, plans, objectives, future performance or
business of the Company. Forward-looking statements are generally
identifiable by the use of words such as “anticipate,” “believe,”
“could,” “estimate,” “expect,” “intend,” “may,” “pending,” “plan,”
“preliminary,” “should,” “will,” “would” or other similar
expressions. Forward-looking statements are not a guarantee of
future performance or results, are based on information available
at the time the statements are made and involve known and unknown
risks, uncertainties and other factors that could cause actual
results to differ materially from the information in the
forward-looking statements. Factors that may cause such differences
include: failures or breaches of or interruptions in the
communications and information systems on which we rely to conduct
our business; failure of our plans to grow our commercial real
estate, commercial and industrial, public finance and healthcare
finance loan portfolios; competition with national, regional and
community financial institutions; the loss of any key members of
senior management; fluctuations in interest rates; general economic
conditions; risks relating to the regulation of financial
institutions; and other factors identified in reports we file with
the U.S. Securities and Exchange Commission. All statements in this
press release, including forward-looking statements, speak only as
of the date they are made, and the Company undertakes no obligation
to update any statement in light of new information or future
events.
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version on businesswire.com: https://www.businesswire.com/news/home/20190605006014/en/
Investors/AnalystsPaula
DeemerInvestor Relations(317) 428-4628investors@firstib.com
MediaNicole LorchExecutive Vice
President, Chief Operating Officer(317)
532-7906nlorch@firstib.com
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