First Internet Bancorp in Indianapolis plans a secondary offering of about $20 million of common stock.

The $1.2 billion-asset holding company for First Internet Bank said it will offer 895,955 shares at $23 per share of the company's common stock. The offering is expected to close on or around May 26.

First Internet said it plans to use the proceeds for general corporate purposes that may include contributing capital to the bank to support organic growth and repay or redeem existing debt.

Sandler O'Neill was the sole underwriter for the offering, First Internet said in a news release Tuesday.

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