COEUR DA'ALENE, Idaho, Aug. 29, 2011 (GLOBE NEWSWIRE) -- Jack W. Gustavel, Chairman and Chief Executive Officer of Idaho Independent Bank ("IIB" or the "Bank") (OTCBB:IIBK), announced today that the Bank intends to pursue a rights offering for the sale of up to approximately $7.0 million of its common stock. The record date for the offering has been set for August 29, 2011. IIB plans to distribute to each holder of its common stock as of the close of business on the record date, non-transferable subscription rights to purchase up to 2,058,824 shares of the Bank's common stock at a subscription price of $3.40 per share.
The offering is expected to commence upon the distribution of the subscription rights on or about September 6, 2011. Unless IIB extends the offering, the subscription rights will be exercisable until 5:00 p.m., EDT, on September 30, 2011. Concurrently with the rights offering, the Bank intends to offer for sale to existing shareholders and to the public any shares offered but not sold in the rights offering at the same price per share. IIB intends to use the net proceeds from the common stock offering to support growth strategies, further strengthen the Bank's capital position, and for general corporate purposes.
This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities nor shall there be sales of these securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful. Offers will only be made by the offering circular. These securities are neither insured nor approved by the Federal Deposit Insurance Corporation. Upon commencement of the offering, copies of the offering circular may be obtained from Jane Bodle-Hill, Executive Assistant to the Chief Executive Officer, at Idaho Independent Bank, 1260 W. Riverstone Drive, Coeur d'Alene, Idaho 83814, (208) 292-1902, or from IIB's information agent, Georgeson, at (888) 660-8331, or for banks and brokers at (212) 440-9800, or by email at iibk@georgeson.com.
About IIB
IIB was established in 1993 as an Idaho state-chartered, commercial bank and currently operates three branches in Boise, as well as branches in Meridian, Coeur d'Alene, Nampa, Mountain Home, Hayden, Caldwell, Star, Eagle, and Sun Valley/Ketchum, Idaho. IIB has approximately 200 employees throughout the State of Idaho. To learn more about IIB, visit us online at http://www.theidahobank.com/">www.theidahobank.com.
The Idaho Independent Bank company logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=1275
Statements contained herein concerning future performance, developments or events, expectations for earnings, growth and market forecasts, and any other statements that are not historical facts are forward-looking statements that are intended to be covered by the safe harbor for "forward-looking statements" provided by 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. These risks and other factors are described in greater detail in the Bank's filings with the Federal Deposit Insurance Corporation, including, without limitation, the Item 1A Risk Factors section of the Bank's Annual Report on Form 10-K for the year ended December 31, 2010. 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