COEUR D'ALENE, Idaho, Dec. 5, 2011 (GLOBE NEWSWIRE) -- Jack W. Gustavel, Chairman and Chief Executive Officer of Idaho Independent Bank ("IIB" or the "Bank") (OTCBB:IIBK.OB), announced that on November 30, 2011, IIB successfully completed its previously announced common stock offering.
The offering commenced on September 6, 2011, and consisted of a rights offering to existing shareholders as well as an opportunity for the public to purchase any remaining shares. Mr. Gustavel reported that the Bank raised $6.0 million, less offering expenses, in new capital through the sale of 1,765,174 shares of common stock. All of IIB's directors and executive officers participated in the offering, and in aggregate, purchased approximately 18% of the shares sold. Subsequent to completion of the offering, the Bank sold an additional 58,823 shares, raising $199,998.
Mr. Gustavel commented, "The positive response from existing and new shareholders demonstrates the confidence they have in the future of the Bank. IIB has solid capital and reserves, substantial liquidity, good markets, and great people, so this additional capital is expected to allow us to build on that strong foundation and help the Bank to more quickly implement its growth plans."
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.
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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.