Message #6 From:
Jason Date: November 8, 2008 09:16:44 AM
IMCB Stock: Intermountain Community Bancorp Selected for Preliminary Approval for up to $27 Million from the US Treasury's Capital Purchase Program
Intermountain Community Bancorp (OTCBB:IMCB stock), the holding company for
Panhandle State Bank, the largest locally owned state bank in Idaho,
today announced approval for participation in the Treasury Department’s
voluntary Capital Purchase Program. As a participant in the program,
Intermountain may issue up to $27 million in preferred stock with
warrants to purchase up to approximately $4 million in common stock.
As a condition of the approval, Intermountain will call a Special
Meeting of its shareholders to approve amending its Articles of
Incorporation to provide for the issuance of preferred stock, and will
file proxy materials with the Securities and Exchange Commission for
that purpose.
President and Chief Executive Officer Curt Hecker said, “We
are pleased to have been selected as one of the first community banks
deemed strong enough to receive preliminary approval for participation
in the program, which is designed to promote confidence in the banking
system and to revitalize lending. While our capital position is already
strong, this new equity will increase our capacity to lend and enhance
our competitive position. The capital is offered at favorable market
terms. As such, it will serve as relatively low-cost insurance against
the uncertain economic times we face, and give us an advantage with
respect to future opportunities. Our shareholders, customers and
employees can consider this opportunity to acquire capital as a
compliment to our ability to successfully operate under difficult
economic conditions. We will continue to evaluate our participation in
the program, and will make a final determination to participate in the
program and decide the amount of capital that the company can most
appropriately utilize.”
Additional information on Intermountain Community Bancorp, and its
internet banking services, can be found at www.intermountainbank.com.
This news release contains forward-looking statements within the
Private Securities Litigation Reform Act of 1995.Such
forward-looking statements may include, but are not limited to,
statements about the Company’s plans,
objectives, expectations and intentions and other statements contained
in this report that are not historical facts.These
forward-looking statements are inherently subject to significant
business, economic and competitive uncertainties and contingencies, many
of which are beyond the Company’s control.Actual
results may differ materially from the results discussed in these
forward-looking statements because of numerous possible risks and
uncertainties.These include, but are not limited to:the
possibility of adverse economic developments that may, among other
things, increase default and delinquency risks in the Company’s
loan portfolio; shifts in interest rates that may result in lower
interest rate margins; shifts in the demand for the Company’s
loan and other products; lower-than-expected revenue or cost savings in
connection with acquisitions; changes in accounting policies; changes in
the monetary and fiscal policies of the federal government; and changes
in laws, regulations and the competitive environment.
