Idaho First Bank Announces New Board Members
February 01 2011 - 5:08PM
Marketwired
Today Idaho First Bank (OTCBB: IDFB) announced changes to its Board
of Directors. Mark Miller, who has been serving as a member of the
Board since 2009, was appointed Chairman by a unanimous vote of the
Board. James L. Fletcher who has been serving as the Chairman will
continue to be a member of the Board. Mr. Fletcher stated, "It is
important to evolve as a board and I believe change is beneficial."
Greg Lovell, President and CEO of the Bank thanked Mr. Fletcher,
"Jim has provided strong leadership of the board during a difficult
economic time, his experience has proven invaluable and we are glad
that he will continue to serve."
"Mark Miller has been a strong advocate for the Bank during his
tenure with the Board. He grew up in Boise and McCall and
understands the local economy," said Mr. Lovell. "He has strong
business experience and good ties to the business community of
Boise. We welcome his additional participation in directing the
affairs of the Board."
"The Board has provided good leadership to the Bank and I
believe that we can continue to build a vibrant bank in our market
area," stated Mr. Miller. He continued, "I believe in sound
principals of corporate governance and the Board's role in
representing the shareholders' interests and adding value to their
investment."
The Bank also announced that its Board has approved the
appointments of Donald Driscoll, William Rawlings, and Justin Dye
to its Board of directors pending regulatory approval.
"We welcome back to our Board a founding director and
shareholder of the Bank. Mr. Driscoll has always been a resource to
the Bank and its management. His business acumen, gained from many
years of running diverse companies, will help as we frame the
future growth of the Bank," said Mr. Lovell.
"In addition," Lovell continued, "Bill Rawlings brings financial
expertise gained from his many years as the Chief Financial Officer
of one of the largest agriculture companies in Idaho. This
expertise will strengthen the Board's role of providing financial
oversight responsibilities. He also has been a long-time home owner
in McCall and understands its unique economy."
"Justin Dye brings a depth of knowledge in private equity, real
estate and general management," said Mr. Lovell. "While relatively
new to Idaho, Justin has quickly developed strong ties to the local
community, and we are excited to add him to our Board of
Directors."
Driscoll has made McCall his home since 1999 after retiring as
Chief Financial Officer of Driscoll Strawberry Associates. He
continues to be active in real estate development and investments
while fully retired from an active role in farming operations.
Rawlings has been a Boise resident since 1966. He retired in
2008 as Chief Financial Officer for Agri Beef Co. He continues to
be active in livestock production and remains on the board of Agri
Beef Co. He has served on various previous boards including: MWI
Veterinary Supply Co., General Fire & Casualty Co., and Crane
Creek Country Club.
Dye moved to Boise in 2006. He currently serves as Chief
Strategy Officer for Albertsons, LLC. Prior work experience
includes positions at Cerberus Capital Management in New York,
General Electric, and Arthur Anderson Business Consulting.
The Bank also announced the resignation of founding director and
former chairman, Terry L. Robinson. Mr. Lovell said, "Terry has
taken a new position as CEO and President of Bank of Manhattan. We
have appreciated Terry's help and insights. We will miss him but
know we are able to rely upon him as needed." He remains a
shareholder of the Bank.
Mr. Lovell closed by stating, "The Bank and its Board are
committed to continual improvement in the corporate oversight and
policy setting function of the Board. We believe these changes will
continue to build upon a strong foundation that has been
established since our inception."
Idaho First Bank is the only locally chartered and headquartered
bank in McCall, Idaho. Founded in 2005 it operates a full-service
community focused bank in McCall and a loan production office in
Boise, Idaho.
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 209.630.2001 Don Madsen 208.947.0430
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