COEUR D'ALENE, Idaho, Nov. 8, 2011 (GLOBE NEWSWIRE) -- Jack W. Gustavel, Chairman and Chief Executive Officer of Idaho Independent Bank ("IIB" or the "Bank") (OTC BB:IIBK), announced that the Bank has extended the deadline for participation in its previously announced common stock offering until 5:00 p.m., EST, on November 30, 2011. The offering commenced on September 6, 2011, and consisted of a rights offering to existing shareholders, which concluded on September 30, 2011, as well as an opportunity for the public to purchase any remaining shares. The public portion of the offering was originally scheduled to expire on November 7, 2011. Through November 4, 2011, the Bank has successfully raised approximately $5.9 million in additional capital, before offering expenses, through the sale of 1,736,324 shares of common stock representing 84% of the total shares offered.
Mr. Gustavel stated, "We are pleased with the positive response we have received from existing and new shareholders and wish to allow additional time for those that have indicated a desire to participate." Other than the extension of the expiration date of the offering, all of the offering terms described in the Bank's Offering Circular dated September 6, 2011, and the Supplement dated October 14, 2011, remain the same and apply during the extension period. McAdams Wright Ragen Incorporated is acting as financial adviser and selling agent in connection with the offering to the public.
This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities nor shall there be sales of these securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful. Any offer shall be made only by the Offering Circular and Supplement. These securities are neither insured nor approved by the Federal Deposit Insurance Corporation. Copies of the Offering Circular and Supplement may be obtained from Jane Bodle-Hill, Executive Assistant to the Chief Executive Officer, at Idaho Independent Bank, 1260 W. Riverstone Drive, Coeur d'Alene, Idaho 83814, (208) 292-1902; from IIB's information agent, Georgeson Inc., at (888) 660-8331; for banks and brokers at (212) 440-9800; and/or by email at investorrelations@iibk.net or iibk@georgeson.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 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.