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First Internet Bancorp Announces Pricing of Common Stock OfferingFirst Internet Bancorp (the "Company") (NASDAQ:INBK), the parent company of First Internet Bank (the "Bank") (www.firstib.com), today announced the pricing of an underwritten offering of 895,955 shares of the Company's common stock under a previously filed and effective shelf registration statement at a price of $24.00 per share. After deducting the underwriting discount and estimated offering expenses, the Company expects to receive net proceeds of approximately $20.1 million. The offering is expected to close on or about May 26, 2016, subject to customary closing conditions. Sandler O'Neill + Partners, L.P. is serving as sole underwriter for the offering. The Company expects to use the net proceeds of this offering for general corporate purposes, which may include contributing capital to the Bank to support organic growth and repaying or redeeming existing indebtedness. The Company does not have any immediate plans, arrangements or understandings related to any material acquisition. As previously announced, on May 6, 2016, the Company and the Bank entered into a Sales Agency Agreement with Sandler O'Neill + Partners, L.P. to sell shares of the Company's common stock having an aggregate gross sales price of up to $25.0 million, from time to time, through an "at-the-market" equity offering program. As of May 20, 2016, a total of 5,000 shares had been issued under the program for gross proceeds of $127,865. As of the same date, an additional 127,087 shares had been sold for gross proceeds of approximately $3.1 million and were pending settlement. Assuming the shares pending settlement are issued as planned, the number of shares of Company common stock outstanding after the closing of the underwritten offering on or about May 26, 2016 would be 5,525,326. The Company has filed with the U.S. Securities and Exchange Commission ("SEC (News - Alert)") a prospectus supplement to the prospectus contained in the registration statement on Form S-3 (file no. 333-208748) for the offering of common stock described in this communication. The sale of shares in the underwritten offering will be made pursuant to the prospectus and prospectus supplement. Before you invest, you should read the prospectus in te registration statement, the prospectus supplement and other documents the Company has filed with the SEC for more complete information about the Company and this offering. You may get these documents for free by visiting the SEC's website at www.sec.gov. Alternatively, copies of the prospectus supplement related to the underwritten offering may be obtained by contacting Sandler O'Neill + Partners, L.P., 1251 Avenue of the Americas, 6th Floor, New York, New York 10020, Attn: Syndicate Operations (1-866-805-4128). This press release is for informational purposes only and is not an offer to sell or the solicitation of an offer to sell any security of the Company, which is made only by means of a prospectus supplement and related prospectus, nor will there be any sale of any security in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About First Internet Bancorp
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