COEUR D'ALENE, Idaho, Jan. 29, 2008 (PRIME NEWSWIRE) -- Jack W. Gustavel, Chairman and Chief Executive Officer of Idaho Independent Bank ("IIB") (OTCBB:IIBK), announced that U.S. Banker Magazine's January edition has named IIB as one of the Top 25 banks in the nation, and in the Top 10 of community banks in the country. There are approximately 7,500 commercial banks nationwide, and the rankings were principally rated on return on equity.
Mr. Gustavel stated, "IIB is proud to receive this distinction as an industry leader. Management and the employees of IIB are to be commended for their hard work and dedication. Our senior management team has more than 275 years of combined banking experience, and though we are not immune to the effects of a deteriorating real estate market, IIB has remained committed to its common sense lending philosophy and sound banking practices. Banking is a risk-management business, and the banks that manage and price risk best outperform in the long term. IIB has a strong commitment to Idaho and community banking, and we have worked hard to earn the continued trust and confidence shown by our loyal shareholder and customer base.
"By being disciplined and by adhering to good banking practices, IIB's performance ratios continue to excel despite the many challenges facing our industry. In recent months, investors have pulled back from the financial sector because they are worried about housing and residential mortgage related troubles that seem to have been created by large financial institutions and mortgage companies. In the midst of all the negative news surrounding subprime mortgage lending and a softening real estate market, I am pleased to point out that IIB does not have direct exposure to 'subprime' loans or related securities," Gustavel said.
About IIB
IIB was established in 1993 as an Idaho state-chartered, commercial bank and currently operates branches in Boise (3), Meridian, Coeur d'Alene, Nampa, Mountain Home, Hayden Lake, Caldwell, Star, Eagle, and Sun Valley/Ketchum, Idaho. IIB has approximately 230 employees throughout the state of Idaho. To learn more about IIB, visit us online at www.theidahobank.com.
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Statements contained herein concerning future performance, developments or events, expectations for earnings, growth and market forecasts, and any other guidance for future periods constitute forward-looking statements within the meaning of the Private Securities Reform Act of 1995, and as such, are subject to a number of risks and uncertainties that might cause actual results to differ materially from expectations or our stated objectives. Factors that could cause actual results to differ materially include but are not limited to: changes in regional or general economic conditions; changes in interest rates, deposit flows, demand for loans, real estate values, competition, or loan delinquency rates; changes in accounting principles, practices, policies, or guidelines; changes in legislation or regulations; changes in the regulatory environment; changes in monetary policy of the Federal Reserve Bank; changes in fiscal policy of the Federal government; changes in other economic, competitive, governmental, regulatory and technological factors affecting operations, pricing, products, and services; material unforeseen changes in the liquidity, results of operations, or financial condition of the Bank's customers; and other risks detailed from time to time in the Bank's filings with the Federal Deposit Insurance Corporation. Accordingly, these factors should be considered in evaluating forward-looking statements, and undue reliance should not be placed on such statements. The Bank undertakes no responsibility to update or revise any forward-looking statements.