First Internet Bancorp in Fishers, Ind., has issued $25 million in subordinated debt and intends to use the proceeds to support its rapid growth and perhaps for future acquisitions.

The $1.7 billion-asset holding company for First Internet Bank said in a press release Tuesday that the notes will bear a fixed annual rate of 6% until September 2021. After that the rate will reset quarterly to an annual rate equal to then-current Libor plus 485 basis points. The notes mature in 2026.

First Internet Bancorp has granted the underwriters the right to purchase an additional $3.7 million in notes at the public offering. Sandler O’Neill is the book-running manager for the offering.

First Internet has grown rapidly in recent years as it has aggressively ramped up its commercial lending. Its assets have nearly doubled since mid-2014 and more than tripled since the second quarter of 2011. At June 30, the company had $562 million of commercial real estate loans on its books, an increase of 188% from the same period two years earlier.

Apart from supporting organic growth, the proceeds could also be used for strategic acquisition opportunities and other general corporate purposes that may include contributing capital to the bank and reducing or redeeming existing debt, the company said.

The debt issuance is in addition to the $20.1 million First Internet raised in a common stock offering that closed in May.