FISHERS, Ind.–(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.
Contacts
Investors/Analysts
Paula Deemer
Investor
Relations
(317) 428-4628
[email protected]
Media
Nicole Lorch
Executive Vice
President, Chief Operating Officer
(317) 532-7906
[email protected]
