COEUR D'ALENE, Idaho, Oct. 28, 2004 (PRIMEZONE) -- Jack W. Gustavel, Chairman, President and Chief Executive Officer of Idaho Independent Bank (IIB) (OTCBB:IIBK), announced today that IIB's Board of Directors has authorized the repurchase of up to $2 million of IIB's Common stock over a period of up to two years (the "2004 BuyBack Plan") commencing upon the completion or earlier expiration of IIB's previously announced 2002 stock buyback plan (the "2002 BuyBack Plan"). The Board of Directors has also extended the expiration date of the 2002 BuyBack Plan to September 10, 2005, or such earlier date as repurchases under the 2002 BuyBack Plan have been completed. $582,609 of the funds originally designated for use in repurchasing Common Stock under the 2002 BuyBack Plan remain available for repurchases. The shares may be purchased under the 2002 and 2004 BuyBack Plans in the open market or in privately negotiated transactions and may be used in connection with IIB's employee benefit plans and for other corporate purposes. Repurchases under the BuyBack Plans are subject to market conditions and the availability of stock.
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, and Caldwell, Idaho, and it has a Loan Production Office in Ketchum/Sun Valley, Idaho which is scheduled to be converted to a full-service branch in November 2004. IIB has approximately 175 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 the bank, visit IIB online at www.theidahobank.com .
The Idaho Independent Bank company logo can be found at: http://www.primezone.com/newsroom/prs/?pkgid=1275