COEUR D'ALENE, Idaho, April 26, 2005 (PRIMEZONE) -- Jack W. Gustavel, Chairman and Chief Executive Officer of Idaho Independent Bank (OTCBB:IIBK) (IIB), announced today that on April 20, 2005, IIB completed the repurchase of $2 million of its common stock under its stock buy-back plan commenced in 2002 (the 2002 Stock Buy-Back Plan).
Further, and as previously announced in 2004, upon the completion of the 2002 Stock Buy-Back Plan, IIB commenced the repurchase of an additional $2 million of its common stock over a period of up to two years (the 2004 Stock Buy-Back Plan). Under the 2004 Stock Buy-Back Plan, IIB may purchase shares on the open market or in privately negotiated transactions, and such shares may be used in connection with IIB's employee benefit plans and for other corporate purposes. Repurchases under the 2004 Stock Buy-Back Plan are subject to market conditions and the availability of stock.
About IIB
IIB, The Idaho Bank(r), 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, and Ketchum/Sun Valley. In addition, a branch in Star, Idaho is scheduled to open in the second quarter of 2005. IIB has approximately 184 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.
The Idaho Independent Bank company logo can be found at: http://www.primezone.com/newsroom/prs/?pkgid=1275
Forward Looking Statement
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