First Internet Bancorp (INBK) in Indianapolis has increased the size of its previously announced public offering.

The company plans to raise $27.6 million by selling 1.4 million shares of common stock at $20 per share, according to a Thursday press release. First Internet initially planned to sell 1.2 million shares.

First Internet will also offer underwriters the option to purchase up to 207,000 additional shares of common stock, which could bring the company an additional $4.1 million.

The $737 million-asset First Internet plans to use proceeds from the offering to support growth and acquisition opportunities and for other general corporate purposes.

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