COEUR D'ALENE, Idaho, June 27, 2012 (GLOBE NEWSWIRE) -- On June 22, 2012, the Board of Directors of Idaho Independent Bank ("IIB" or the "Bank") (OTCBB:IIBK) approved the filing of a Form 15 with the Federal Deposit Insurance Corporation ("FDIC") to voluntarily deregister its common shares under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The Bank intends to file the Form 15 with the FDIC on or before June 29, 2012.
As a result of the passage of H.R. 3606, the Jumpstart Our Business Startups Act ("JOBS Act"), the Bank is eligible to deregister because it has fewer than 1,200 holders of record of its common shares. Upon the filing of the Form 15, the Bank's obligation to file certain reports with the FDIC, including annual, quarterly, and current reports on Form 10-K, Form 10-Q, and Form 8-K and other filing requirements will terminate when the deregistration becomes effective. That effective date is expected to occur 90 days after the filing of the Form 15.
Jack W. Gustavel, Chief Executive Officer, said, "We anticipate that deregistration will provide significant cost savings that will help IIB redirect and focus additional resources on serving our customers and achieving profitable growth. The savings we anticipate from discontinuing periodic filing requirements is the type of benefit the JOBS Act intended and is expected to help improve the Bank's profitability." IIB's Board of Directors made this decision after considering the cumulative cost savings and the advantages and disadvantages of making the change.
IIB's shares are currently traded on the OTC Bulletin Board, and this is expected to continue following deregistration. The Bank will continue to be audited annually and report quarterly financial results to the FDIC via Call Reports which are publicly available on the FDIC website at http://www2.fdic.gov/Call_TFR_Rpts. The Bank also intends to make periodic and annual financial results and other information available to shareholders and the public on its website at www.theidahobank.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 195 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, 2011. 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.