Financial Stocks Bouncing Back from Wednesday Drubbing

Financial stocks were recouping much of their Wednesday losses, with the NYSE Financial Sector Index climbing more than 0.9% while financial companies in the S&P 500 Index were posting a 1.3% advance.

In company news, First Internet Bancorp (INBK) rose Thursday after the bank holding company priced a $25 million public offering of 945,000 shares of its common stock at $26.50 apiece, a 5% discount to Wednesday’s closing price for the stock.

After first paying underwriter discounts and other offering expenses, the company is expecting to pocket around $23.4 million in net proceeds, which it expects to use for general corporate purposes, including repaying debt, regulatory capital or for potential acquisitions. First Internet last night also said it has no transaction in the works at this time. INBK shares were up more than 5% at $29.39 each, previously topping out today at $29.90 a share.

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