Idaho First Bank Reports Termination of Capital Agreement
June 24 2009 - 2:41PM
Marketwired
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.
Contacts: Greg Lovell President and CEO 208-630-2001 Don Madsen
CFO 208-947-0430
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