BOISE, Idaho, Jan. 22, 2007 (PRIME NEWSWIRE) -- Kurt R. Gustavel, President and Chief Operating Officer of Idaho Independent Bank ("IIB") (OTCBB:IIBK), announced today that IIB has submitted an application to the Federal Deposit Insurance Corporation ("FDIC") and the State of Idaho Department of Finance to establish a branch office in Eagle, Idaho.
The branch will be located at 560 East State Street in the Medallion Eagle Professional Center adjacent to City Hall. The Eagle Branch will be IIB's twelfth, including the new Boise River Office located at 401 West Front Street in downtown Boise that is currently under construction.
IIB plans to provide full-service banking in Eagle, including personal and business accounts, cash management services, safe deposit boxes, drive-thru banking, an automatic teller machine, and courier services. The branch is expected to open this summer and initially will employ five full-time employees.
"Establishing a branch in Eagle is a natural progression of our strategy to be "The Idaho Bank(r)," Gustavel said. "We continue to see tremendous opportunities in the Treasure Valley market for an Idaho institution that provides personalized customer service and local decision making. We are excited to be offering another convenient location for IIB customers and to be expanding the banking relationships we already have in Eagle."
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, and Sun Valley/Ketchum, Idaho. IIB has approximately 200 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 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 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.