Idaho Independent Bank raises $6M in new capital

Idaho Independent Bank completed its previously announced common stock offering, said Jack W. Gustavel, chairman and chief executive officer of Idaho Independent Bank.

Gustavel reported that the bank raised $6 million in new capital through the sale of 1,765,174 shares of common stock.

IIB's directors and executive officers participated in the offering and purchased about 18 percent of the shares sold.

Subsequent to completion of the offering, the bank sold an additional 58,823 shares, raising $199,998.

"The positive response from existing and new shareholders demonstrates the confidence they have in the future of the bank," Gustavel said. "IIB has solid capital and reserves, substantial liquidity, good markets and great people, so this additional capital is expected to allow us to build on that strong foundation and help the bank to more quickly implement its growth plans."

The offering commenced on Sept. 6. It included a rights offering to existing shareholders as well as an opportunity for the public to purchase any remaining shares.