CONTRACTREJECTED

First Internet Bank Restructuring Offer Set Aside

Disclosed value: Approximately $6.3 million (restructuring of existing debt); From agenda
Document date: Sep 8, 2025

What it covers

First Internet Bank offered a 4.3% taxable loan to restructure approximately $6.3 million of the City’s outstanding general obligation debt. Davenport advised against accepting the proposal, recommending instead a public bond issuance at lower estimated rates.

Who holds it

First Internet Bank holds this financial services contract with City of Franklin. Its other public contracts on record include work for Town of Peninsula and Indian Boundary Conservancy District.

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Contract details

Contract type: Financial Services
Amount: Approximately $6.3 million (restructuring of existing debt)
Document date: September 8, 2025
Vendor: First Internet Bank
Agency: City of Franklin
Source document: franklin_city_council_regular_meeting_agenda_septe.pdf (Agenda)

First Internet Bank's other public contracts

Town of Peninsula, MichiganFire Department Makes Spartan Engine Loan Payment · Oct 13, 2026$60K Indian Boundary Conservancy District, IndianaDistrict Rolls Over $413,960 in First Internet CDs · Sep 10, 2026$414K Indian Boundary Conservancy District, IndianaDistrict Reports First Internet Bank CD Holdings · Aug 13, 2026$412.7K Indian Boundary Conservancy District, IndianaDistrict Holds CDs with First Internet Bank · Jul 9, 2026Undisclosed Indian Boundary Conservancy District, IndianaDistrict holds $409K in CDs with First Internet Bank · Jun 11, 2026$409.8K All First Internet Bank contractsVendor profile

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Questions about this contract

Who was awarded the financial services contract by City of Franklin?

First Internet Bank was awarded this financial services contract by City of Franklin, as recorded on September 8, 2025. The contract value is Approximately $6.3 million (restructuring of existing debt).

How much is the First Internet Bank contract with City of Franklin worth?

The First Internet Bank contract with City of Franklin is valued at Approximately $6.3 million (restructuring of existing debt), covering financial services work.

What type of contract is this?

This is a Financial Services contract, documented as a agenda record.

Where was this contract approved?

This contract appears in franklin_city_council_regular_meeting_agenda_septe.pdf (Agenda), dated September 8, 2025 from City of Franklin. Civic IQ extracts contract records directly from agency meeting documents and solicitations.

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What other contracts does First Internet Bank hold?

First Internet Bank may hold additional government contracts. View their full contract history, the agencies they serve, and total tracked spend on their Civic IQ vendor profile.

What is City of Franklin currently buying?

Explore City of Franklin's vendors, signed contracts, and active RFPs on their Civic IQ agency profile.

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