Chicago, Aug. 16 – First Internet Bancorp sold $60 million of 3.75% fixed-to-floating-rate subordinated notes due 2031, according to a press release.
The coupon will reset quarterly to SOFR plus 311 basis points starting Sept. 1, 2026.
The notes can be redeemed at any time, in whole or in part, starting Sept. 1, 2026.
The notes qualify as tier 2 capital for regulatory capital purposes.
The notes were sold in a private placement with Piper Sandler & Co. working as placement agent.
Proceeds will be used for general corporate purposes, which may include the redemption of the company’s $25 million outstanding 6% fixed-to-floating-rate notes due 2026.
First Internet is the Fishers, Ind.-based parent of First Internet Bank.
| Issuer: | First Internet Bancorp
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| Issue: | Fixed-to-floating-rate subordinated notes
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| Amount: | $60 million
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| Maturity: | Sept. 1, 2031
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| Placement agent: | Piper Sandler & Co.
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| Coupon: | 3.75% starting rate; converts to SOFR plus 311 bps on Sept. 1, 2026, resets quarterly
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| Price: | Par
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| Call features: | Any time after Sept. 1, 2026
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| Settlement date: | Aug. 16
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| Distribution: | Regulation D
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