First Internet Bancorp (INBK) in Indianapolis is planning a stock sale that could raise up to $28.8 million.

The $656 million-asset company will sell up to $25 million of common stock in a public offering, according to a Monday filing with the Securities and Exchange Commission. First Internet will also offer underwriters the option of purchasing additional shares for an aggregate price of $3.8 million.

First Internet plans to use the proceeds from the sale to support growth and future acquisitions as well as for general corporate purposes, according to the SEC filing. The company does not have any immediate plans for acquisition, it said.

Sandler O'Neill & Partners is the sole book-running manager of the offering. Keefe, Bruyette & Woods is acting as co-manager.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.