COEUR D’ALENE, Idaho, June 5, 2009 (GLOBE NEWSWIRE) -- Jack W. Gustavel, Chairman and Chief Executive Officer of Idaho Independent Bank ("IIB") (OTCBB:IIBK), announced that U.S. Banker Magazine's June edition named IIB as number 68 in the nation of the approximately 1,100 public banks and thrifts with less than $2 billion of assets as of December 31, 2008. The ranking is based on return on equity, and IIB was the only bank that has significant operations in Idaho to be named.
Mr. Gustavel stated, "IIB is proud to receive this national recognition as a leader in community banking. 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 economy and a difficult real estate market, this award is a validation of IIB's common sense lending philosophy and sound banking practices.
"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 customers and shareholders. By being disciplined and adhering to good banking practices, IIB's capital, reserves, and long-term performance ratios continue to rank near the top despite the many challenges facing our industry."
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 Litigation 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: continued declines or worsening in regional and 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 and the state of Idaho; 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.