Slim Gains Today for Financial Stocks; First Internet Bancorp Closes on $31.7-Mln Stock Offering


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Top Financial Stocks

JPM +0.5%

BAC -0.4%

WFC -0.1%

C +0.2%

USB +0.3%

Financial stocks are narrowly higher with the NYSE Financial Sector Index rising 0.1% with the S&P Financial 100 Index also gaining 0.1%.

In company news, First Internet Bancorp ( INBK ) is up more than 3% a share this afternoon with the bank holding company saying Wednesday it has closed on a public offering of stock.

INBK sold a total of 1.587 million shares of its common stock, including 207,000 shares issued after underwriters exercised overallotment options, at $20 apiece. The bank expects to pocket around $29.1 million in net proceeds after underwriter discounts and other offering costs are deducted.

Its expect to use the new funds to support organic growth, pursuit of strategic acquisition opportunities, and other general corporate purposes.

In other sector news,

(+) OXLC, (+3.9%) The closed-end management investment company hikes dividend by 9% to $0.60 per share. It also declares a special $0.10 per share dividend; Both dividends are payable March 31, 2014, to stockholders of record on March 17.

(+) MFC, (+0.4%) Discloses plans to issue $250 mln of its 2.926% fixed/floating subordinated debentures due November 2023. The notes will bear interest at 2.926% per year through 2018 and then at 0.85% over the three-month CDOR rate.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing Commodities
Referenced Stocks: INBK

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