SOURCE: Idaho First Bank

June 24, 2009 14:42 ET

Idaho First Bank Reports Termination of Capital Agreement

MCCALL, ID--(Marketwire - June 24, 2009) - Today Idaho First Bank (OTCBB: IDFB) reported termination of the previously announced Preferred Stock Purchase Agreement with Alcar, LLC wherein Alcar had agreed to purchase $7.1 million of newly issued preferred stock of the Bank.

Alcar, LLC desired to make substantial modifications to the agreement. The Board of Directors of Idaho First Bank felt that those changes were unacceptable and both parties agreed to terminate the agreement on June 22, 2009.

The Bank anticipates being "well-capitalized" at June 30, 2009. The Bank is vigorously pursuing other alternatives to raise additional capital during the third quarter of 2009.

Idaho First Bank is a state-chartered commercial bank that opened for business in October 2005. Its headquarters are located in McCall, Idaho, with a loan production office in downtown Boise.

This release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 ("PSLRA"). Such forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those projected. These risks and uncertainties include, but are not limited to, economic conditions, the regulatory environment, loan concentrations, vendors, employees, technology, competition, and interest rates. Readers are cautioned not to place undue reliance on the forward-looking statements. Idaho First Bank has no obligation to publicly update the forward-looking statements after the date of this release. This statement is included for the express purpose of invoking PSLRA's safe harbor provisions.

Contact Information

  • Contacts:
    Greg Lovell
    President and CEO

    Don Madsen