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Low volume & short-lived bounce before the huge post-CH11 dumping...
This hit .02 today...!!
New 52-week low 0.002 was created today! Sell at the bid ASAP before
it hits 0.001 or below...
All the common shares no longer has any value! CH7 is filed today! I
am wondering when will the company cancel all the common shares? The
new 52-week low 0.0025 was created today!
July 30, 2011
Dear Shareholders and Friends:
I am disappointed to inform you that on July 29, 2011, the Office of the Comptroller of the Currency appointed the FDIC as receiver for Integra Bank N.A. (the “Bank”). The Bank and its predecessors have been an important part of Evansville and many other communities for more than 160 years. This is an unfortunate ending to a great commercial enterprise. The fact that there have been more than 350 bank failures since 2008 does not lessen the impact that this action will have on shareholders and creditors of Integra Bank Corporation (the “Company”), but it does demonstrate the breadth of the banking crisis we continue to face throughout the country.
The FDIC has facilitated the transfer of substantially all of the assets and deposits of the Bank to Old National Bank of Evansville, Indiana. The management team of the Bank has been working closely with the FDIC to make the transition as smooth as possible for the Bank’s customers and employees. In connection with the transaction, the FDIC issued a press release dated July 29, 2011. This release contains important information for customers of the Bank and is available at www.FDIC.gov/news/news/press/2011/pr11128.html.
The Bank was the principal asset of the Company. The FDIC receivership resulted in principal and interest obligations of the Company relating to its outstanding trust preferred and debt securities totaling more than $100 million to become due and immediately payable in full. As a result, the Company has filed a voluntary petition for liquidation under Chapter 7 of the Bankruptcy Code. Creditors and other interested parties should expect to receive an official notice from the United States Bankruptcy Court, Southern District of Indiana, Evansville Division about the case and the appointment of a Chapter 7 trustee to administer the assets of the Company. For additional information, the website of the court is www.insb.uscourts.gov.
Given these developments, the Company believes that any investment in the Company’s preferred and common stock no longer has any value. Shareholders should consult with their accountant or other tax advisor to determine how to treat any investment loss.
When I agreed to become Integra’s interim chief executive officer in May 2009, I believed that, with an economic recovery and your support, a new management team could overcome the many challenges that were then facing the Company. At the heart of our difficulties were losses associated with segments of our loan portfolio, primarily in commercial real estate-related loans. Unfortunately, the real estate markets have not shown improvement. In addition, the significant debt the Company incurred at the holding company level in prior years to augment capital proved to be an impediment to any recapitalization of Integra Bank.
Integra Bank Corporation 21 S.E. Third Street P.O. Box 868 Evansville, Indiana 47705-0868 1-800-467-1928 integrabank.com
I want to assure shareholders that we pursued all available alternatives to strengthen our balance sheet, facilitate a recapitalization or find a merger partner in order to avoid receivership. Among other things, we reduced expenses, restructured our investment portfolio, shrank our operating footprint by selling branches and sold loans and other assets. While these strategies accomplished their objectives, they were not sufficient to effect the level of recapitalization required for continued operation. We also worked with investment bankers and other professional advisors for two years in our search for the necessary capital. We met with numerous investors, potential buyers and merger partners and regulators in search of a resolution. The FDIC has now facilitated the transfer of what I continue to believe is a valuable community banking franchise. Old National will benefit greatly from adding Integra depositors and customers, who have remained loyal despite the many public reports of unfavorable developments.
On behalf of the Board of Directors, I want to also express our sincere thanks to our employees who have worked extraordinarily hard and demonstrated their professionalism in very trying times. We wish them well in their future endeavors.
Sincerely,
Michael J. Alley
Chairman & CEO
I gave you 4 months warning.......
FDIC Information for Integra Bank National Association (N.A.), Evansville, IN
--------------------------------------------------------------------------------
On Friday, July 29, 2011, Integra Bank National Association (N.A.), Evansville, IN was closed by the Comptroller of the Currency. Subsequently, the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed.
All deposit accounts, excluding certain brokered deposits, have been transferred to Old National Bank, Evansville, IN. For more information on Old National Bank, visit us at www.oldnational.com
The FDIC has assembled useful information regarding your relationship with Integra Bank, N.A. Besides a checking account, you may have Certificates of Deposit, a business checking account, a Social Security direct deposit, and other relationships with the institution.
Please select the link below to read more about this event:
FDIC Bank Closing Information for Integra Bank, N.A.
Online service will remain available.
Continue to Integra Bank, N.A's Online Banking Login
Continue to Integra Bank, N.A's Business Banking Login
Not for long !
Could Integra Bank be receiving funding this week or announce it?
With greece a failed state financially getting financing, what are the odds that Integra Bank receive any financing. They are in any way shape or form near Greece's state.
What does anyone think about the old national bank deal with Integra closing on the deal on June 01, 2011? If i am not looking correctly I noticed that the bank did not divest the terms of the deal nor did they describe the sums of money that would be trading hands. Does this mean that there is something bigger brewing behind this deal? And they dont want to let it out just yet?
How about the fact that the deal was done on June 01 2011 and not one July 20, 2011 as it was originally projected to be done? Does this mean something?
Again, anyone that is smarter than me on this sort of thing, how about Pennywest?
Thanks
Rafael
ladies and gentlemen after inquiring about the banks future, I receved this reply back from the investor relations VP, what do you guys think? I believe that they are close to a deal, but have to make a few more sacrifices before they reach a definitive agreement with some capital investor. It my opinion. Im new at this and it maybe that I am more positive about things turning around than others with more experience. let me know what you think.
Clear flag
Re: Investor Relations Information Request
Wednesday, June 8, 2011 12:40 PM
From:
"Investor Relations" <ir@integrabank.com>
Add sender to Contacts
To:
navarror123@yahoo.com
Mr. Navarro, thank you for your email. I would refer you to our regulatory filings that will provide you complete and detailed information on Integra. Please refer to the Form 10-K filed for fiscal year 2010 and the Form 10-Q filed for first quarter of 2011. Both of these documents are available through the Investor Relations section of our website or from www. sec.gov. Management has been pursuing numerous alternatives to recapitalize the Bank since the third quarter of 2009. We engaged an investment banking firm with expertise in the financial services sector to assist with a review of all strategic opportunities available to us. During the past year, we have held discussions with, and due diligence has been undertaken by, numerous prospective investors. At this time, we have not achieved the goal of reaching a definitive agreement to recapitalize the Bank. On April 30, 2011, the Bank filed its call report as of 3/31/11, indicating that its regulatory capital fell below the levels required for it to remain in the "significanlty undercapitalized" capaital categrory. The current management team has been focused on addressing credit problems which were created prior to the assumption of their current roals. The originators of these credits and strategies are no longer employed by the Company. Our current management team has worked aggressively to reduce problem loans and the concentration in commercial real estate loans which have been the cause of the significant losses. The management team continues to work very hard and do its best to strengthen the Company's performance and improve its financial condition; however, the unprecedented economic circumstances and significant downturn in commercial real estate is making this task very challenging.
Regards,
Gretchen Dunn
Vice President
Board and Shareholder Relations
thanks,
I now know where to look at. I wasnt sure and now am aware, Sorry I am new at this... I do hope for positive things from Integra Bank, probably one of the only that think this bank will receive an infusion from a capital investor.
Just my twos cents.
Papi, click "Trades" icon @ bottom-left of this ibnk page. helpful?
p.s. even baby @ top left, can see these, hehe. cheers, Papi
Pennywest,
How is it that your privy to the buy/sell amounts traded on that specific day? I have around 30000 shares of ibnk, I am more hopeful than anything to hear that the bank will be recapitalized. I believe having a negative 100 million over 2+ Billion in net assets is not too much of a risk for a capital firm to assist the bank relieve itself of the bad mortgages it has on its books and pay off the government loan.
I think.
IBNK NEWS sounds good. looks like the calm before the storm is coming to a halt. im gonna take a position :)
ibnk 29:1 buy/sell ratio on 34 trades today. nice large 10k-50k sh. block trades, pm hours, pennywest
Some Asia fund? Goldman? Warren? Blackrock?
Betting!
Best regards
In three days have purchased a 15% stake in the company. Someone knows something ...
Good news this week! funding?
Best regards
Yesterday good volume! 0,13! Next round 0,20!
Good luck!
The funding must communicate in brief ...
Good luck!
The funding has to come, is one of the more efficient rural banks. I am confident that before the June 15 reported the news.
Thanks for the link!
Best Regards.
IBNK largest in Street's 153-Bank Watch List . For details, simply type "IBNK" on Content Search box of The Street link provided. The 2nd biggest bank on this list, CommunityONE Bank of Asheboro, NC, with $ 1.8 B in assets, just signed deal with their new investors/backers, The Carlyle Group & Oakhill Capital Partners.
IBNK new investors/partners soon. A matter of when, not IF.
Good Volume today!!! +7,5%! Most expectation! This week good news.
Best regards.
Remember you have to finance 119 million dollars. I do not think that is a very high amount for a bank that is the most efficient in Indiana. Efficiency exceeds many banks in other states. It is a very interesting investment for many funds and capital of Asia.
Best Regards.
Who bought 900000 shares on Friday knows ...
Best Regards.
He thinks that if the funding comes in two years and pays dividends, it would be much more than $ 5.
Best Regards.
On Friday he bought some 900,000 shares between 0.081 to 0.092 in after hours. Sure know something, and this week comes the news that a mutual fund provides funding to the bank ... When leaving rally above 0.5!
Best Regards.
Which has made this purchase will be a friend or acquaintance of any director of the bank, they sure know something and think to sell over $ 1 ...
I think not ... People who bought on Friday 800000 and certainly not to accumulate shares to buy the company ...
Best Regards.
Blackrock, Vanguard, Goldman... All defended their investment, so I hope to leave the news of the funding ...
Best Regards.
I still think they are trying to negotiate his return to the nasdaq. Then we would see more than $ 1 per share.
Best Regards.
Yes. Good for the company!
Best regards.
Dimensional Fund will endeavor to keep your investment. It has many shares!
Good luck.
Better accounts of the company and to work better.
Good luck.
If and when any news comes out we will see the 0.30. There is much expectation.
Good luck.
To get help from FDIC paralyzes them stock options.
Best Regards.
The good news is that they have halted their stock options and salary for the council is low compared to previous years.
Good luck.
A friend of mine who works in FLAGSTAR told me that they have many possibilities to be a medium sized bank. If a smaller bank would probably already closed.
Good luck.
They have over 500 employees. They will not have let that get funding secure closure. I'm looking out and the news.
Good luck.
I hope the same thing happens with Integra Bank. Hehehehe $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$
Best Regards.
A few weeks ago won the Granite Bank financing for two funds. During the week up more than 8000%. Oh Yeah!
Best Regards.
If given the funding in two years would pay dividends. The last dividend a year totaling some 0.80
Best Regards.
If they think it will be funding in the form of bonds, I do not do not let them increase the FDIC. But if you would rather a bond restructuring. Candidates: Goldman Sachs? Warren Buffet? Bank of America?
While in Indiana can be any ...
Best regards
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IBNK Company Overview
Company Contact
Headquarters: 21 South East Third Street
P.O. Box 868
Evansville, IN 47705-0868
Web Address:
http://www.integrabank.com
Integra Bank Corporation is a bank holding company that operates through its principal subsidiary, Integra Bank N.A. (Integra Bank), a national banking association. Integra Bank provides a range of financial services to the communities it serves in Indiana, Kentucky, Illinois and Ohio. These services include commercial, consumer and mortgage loans, lines of credit, credit, debit and gift cards, transaction accounts, time deposits, repurchase agreements, corporate treasury management services, correspondent banking services, mortgage servicing, annuity products and services, credit life and other selected insurance products, safe deposit boxes, online banking, and personal and corporate trust services. As of December 31, 2009, Integra Bank had 69 banking centers, 116 automatic teller machines and two loan production offices. It also provides telephone banking services, and a suite of Internet-based products and services that can be found at its Website,
Name | Shares | Change | % Total Shares Held | % Total Assets | Date | |
DFA US Small Cap I | 225,675 | 0 | 1.04 | 0 | 02/28/2011 | |
Vanguard Extended Market Idx Inv | 214,786 | 0 | 1.02 | 0 | 03/31/2011 | |
DFA U.S. Small Cap Value II | 192,005 | 0 | 0.88 | 0 | 02/28/2011 | |
DFA US Micro Cap I | 161,455 | 0 | 0.74 | 0 | 02/28/2011 | |
HighMark Small Cap Value Retail A | 51,000 | 0 | 0.24 | 0.02 | 03/31/2011 | |
Fidelity Spartan Extended Mkt Index Inv | 19,801 | 0 | 0.09 | 0 | 03/31/2011 | |
Fidelity Spartan Total Market Index Inv | 10,685 | -644 | 0.05 | 0 | 03/31/2011 | |
DFA US Core Equity 2 I | 8,890 | 0 | 0.04 | 0 | 02/28/2011 | |
DFA US Vector Equity I | 7,122 | 0 | 0.03 | 0 | 02/28/2011 | |
Vanguard Balanced Index Inv | 7,550 | 0 | 0.04 | 0 | 03/31/2011 | |
Total: Top 10 Funds | 898,969 | -644 | 4.17 |
Name | Shares | Change | % Total Shares Held | % Total Assets | Date | |
Dimensional Fund Advisors, Inc. | 834,698 | -12,341 | 3.97 | 0 | 03/31/2011 | |
Vanguard Group, Inc. | 472,301 | 0 | 2.24 | 0 | 03/31/2011 | |
BlackRock Institutional Trust Company NA | 462,121 | 0 | 2.20 | 0 | 03/31/2011 | |
Columbia Management Company | 69,116 | -402 | 0.33 | 0 | 12/31/2010 | |
LSV Asset Management | 153,235 | 0 | 0.73 | 0 | 03/31/2011 | |
Integra Bank, National Association | 139,392 | -10,500 | 0.66 | 0.06 | 03/31/2011 | |
Goldman, Sachs & Co. | 36,276 | 36,276 | 0.17 | 0 | 12/31/2010 | |
California Public Employees Retrmnt Sys | 53,800 | 0 | 0.26 | 0 | 03/31/2011 | |
Bank of America Pension Plan For Legacy Fleet | 20,200 | 20,200 | 0.10 | 0 | 12/31/2009 | |
Union Bank N.A. | 51,000 | 0 | 0.24 | 0 | 03/31/2011 | |
Total: Top 10 Top Institutions | 2,292,139 | 33,233 | 10.90 |
Share structure:
20.9 M authorized
Institutional Ownership 14.13%
Number of Floating Shares 18.9 M
Short Interest as % of Float 11.32%
The above is as of 4/13/10/Alyssa
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