Idaho First Bank Secures $9.5MM Capital Raise For Additional Growth

MCCALL, Idaho, Jan. 03, 2020 (GLOBE NEWSWIRE) -- Idaho First Bank (the “Bank”) (OTC: IDFB), an Idaho based Community Bank, today announced a successful $9.5 million capital raise.

With this injection of capital, Idaho First Bank can move toward their market expansion plans and increase their legal lending limit to support loan growth opportunities throughout Southwest Idaho. 

Greg Lovell, President and Chief Executive Officer, stated, “Although the Bank is already well capitalized, our 2019 growth has been significant. This new equity will provide additional cushion in our capital base to support recent market expansion into Ketchum.”

Joey Warmenhoven of JWTT, Inc assisted in placing a portion of the new capital.  Ben Barnhill of Nelson Mullins Riley and Scarborough, LLP served as legal counsel to the placement agent. 

Currently the Bank serves the greater southwest Idaho communities with three additional branches located in New Meadows, Eagle, Boise and their most recent office location in Ketchum, which will support Sun Valley and surrounding areas. 

About Idaho First BankIdaho First Bank is a full service state-chartered community bank established in October 2005 and headquartered in McCall, Idaho. The Bank serves the greater southwest Idaho communities with three additional branches located in New Meadows, Eagle, Ketchum and Boise. Idaho First Bank is a member of the FDIC and an Equal Housing Lender.  For more information or to view financials, visit www.idahofirstbank.com

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 forward-looking statements after the date of this release. This statement is included for the express purpose of invoking PSLRA’s safe harbor provisions.

CONTACTGreg LovellPresident and CEO Idaho First Bank208.630.2001[email protected]

Source: Idaho First Bank

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