June 27 - The board of directors of Idaho Independent Bank (OTCBB:IIBK) has approved the filing of a Form 15 with the FDIC to voluntarily deregister its common shares under the Securities Exchange Act of 1934, as amended. The bank intends to file the Form 15 with the FDIC on or before June 29, 2012.
As a result of the passage of H.R. 3606, the Jumpstart Our Business Startups Act, the bank is eligible to deregister because it has fewer than 1,200 holders of record of its common shares. On the filing of the Form 15, the bank's obligation to file certain reports with the FDIC, including annual, quarterly, and current reports on Form 10-K, Form 10-Q, and Form 8-K and other filing requirements will terminate when the deregistration becomes effective. That effective date is expected to occur 90 days after the filing of the Form 15.
Jack W. Gustavel, CEO, said, "We anticipate that deregistration will provide significant cost savings that will help IIB redirect and focus additional resources on serving our customers and achieving profitable growth. The savings we anticipate from discontinuing periodic filing requirements is the type of benefit the JOBS Act intended and is expected to help improve the bank's profitability."
IIB's board of directors made this decision after considering the cumulative cost savings and the advantages and disadvantages of making the change.
IIB's shares are currently traded on the OTC Bulletin Board, and this is expected to continue following deregistration. The bank will continue to be audited annually and report quarterly financial results to the FDIC via Call Reports which are publicly available on the FDIC website at www2.fdic.gov/Call_TFR_Rpts. The bank also intends to make periodic and annual financial results and other information available to shareholders and the public on its website at www.theidahobank.com.
IIB was established in 1993 as an Idaho state-chartered, commercial bank and currently operates three branches in Boise as well as branches in Meridian, Coeur d'Alene, Nampa, Mountain Home, Hayden, Caldwell, Star, Eagle and Sun Valley/Ketchum, Idaho. IIB has approximately 195 employees throughout the State of Idaho. To learn more about IIB, visit www.theidahobank.com.