First Internet Bank in Indianapolis Raises $29 Million

First Internet Bank (INBK) in Indianapolis raised $29.1 million through a public offering.

The $737 million-asset company sold $27.6 million of shares to the public, and $4.1 million to the underwriters, at $20 a share. The shares were trading at $22.40 late Wednesday morning.

First Internet said it plans to use the money for general corporate purposes that could include acquisitions. It had increased the size of the offering to $32 million from $29 million earlier this month.

Sandler O’Neill and Keefe, Bruyette & Woods were the underwriters.

First Internet has been expanding beyond mortgages and retail banking in recent years, adding commercial lending operations. The company started an asset-based division earlier this month.