Published:
Idaho First Bank Reports Termination of Capital Agreement
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.
Copyright © 2009, MarketWire
Copyright © 2009, NewsBlaze,
Daily NewsTags: ,FinancialServices:RetailBanking, ,OTCBULLB,OTCBULLB,ID,MCCALL, ID
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