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First Internet Bancorp Completes Private Placement of $60 Million of 3.75% Fixed-to-Floating Rate Subordinated Notes
FISHERS, Ind.--(BUSINESS WIRE)-- First Internet Bancorp (the “Company”) (Nasdaq: INBK), the parent company of First Internet Bank (the “Bank”), announced
About this update from First Internet Bancorp
[{"type":"text","content":" FISHERS, Ind.--(BUSINESS WIRE)--\nFirst Internet Bancorp (the “Company”) (Nasdaq: INBK), the parent company of First Internet Bank (the “Bank”), announced today the completion of a private placement of $60.0 million in aggregate principal amount of 3.75% fixed-to-floating rate subordinated notes due 2031 (the “Notes”). The Notes will bear interest at a fixed rate of 3.75% per annum from August 16, 2021 to September 1, 2026, with interest during this period payable semi-annually in arrears. From September 1, 2026 to the stated maturity date or early redemption date, the interest rate will be reset quarterly to an annual floating rate equal to the then current three-month term Secured Overnight Financing Rate (SOFR) plus 311 basis points, with interest during this period payable quarterly in arrears. The Notes are redeemable by the Company, in whole or in part, on or after September 1, 2026, and at any time upon the occurrence of certain events. The Notes have been structured to qualify as Tier 2 capital for the Company for regulatory capital purposes.\n\nPiper Sandler & Co. acted as placement agent for the Notes offering.\n\nThe Company expects to use the net proceeds of the private placement for general corporate purposes, which may include the redemption of currently outstanding indebtedness.\n\nThe Notes have not been registered under the Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This press release is for informational purposes only and shall not constitute an offer to sell, or the solicitation of an offer to buy any security, nor shall there be any sale in any jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. The indebtedness evidenced by the Notes is not a deposit and is not insured by the Federal Deposit Insurance Corporation or any other government agency or fund.\n\nAbout First Internet Bancorp\nFirst Internet Bancorp is a bank holding company with assets of $4.2 billion as of June 30, 2021. 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 consu...