COEUR D'ALENE, Idaho, July 16, 2007 (PRIME NEWSWIRE) -- Jack W. Gustavel, Chairman and Chief Executive Officer of Idaho Independent Bank ("IIB") (OTCBB:IIBK), announced that IIB's Board of Directors has authorized an amendment to IIB's previously announced 2007 Stock Buyback Plan ("2007 Buyback Plan") to increase the maximum amount that may be expended for the repurchase of shares by $5,000,000 to an amount not to exceed $7,000,000 in the aggregate. As of July 16, 2007, $1,346,115 had been expended, leaving $5,653,885 of the $7,000,000 maximum available for future repurchases under the amended 2007 Buyback Plan.
Shares may be purchased under the plan in the open market or in privately negotiated transactions over a period of not more than three years from April 17, 2007, the commencement date of the 2007 Buyback Plan. The repurchased shares may be used in connection with IIB's employee benefit plans and/or for other corporate purposes. Purchases under the 2007 Buyback Plan are subject to the availability of stock and to market and business conditions.
About IIB
IIB was established in 1993 as an Idaho state-chartered, commercial bank and currently operates branches in Boise (2), Meridian, Coeur d'Alene, Nampa, Mountain Home, Hayden Lake, Caldwell, Star, Eagle, and Sun Valley/Ketchum, Idaho. IIB has approximately 225 employees throughout the state of Idaho. IIB's Common Stock is traded on the OTC Bulletin Board under the symbol IIBK. To learn more about IIB, visit us online at http://www.theidahobank.com.
The Idaho Independent Bank company logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=1275
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.