56Chevy, MCCALL, ID--(Marketwired - Sep 4, 2013) - Idaho First Bank (OTCQB: IDFB) reported it was notified by the Federal Deposit Insurance Corporation ("FDIC") and the Idaho State Department of Finance ("DOF") that the Consent Order dated February 10, 2010, between the FDIC, DOF and Idaho First Bank was terminated as of August 29, 2013.
Chairman of the Board, Mark Miller stated, "We are happy to receive this communication. We worked closely with the regulatory authorities during this difficult time and appreciate this recognition of the hard work by staff, management, and Board to improve the Bank's financial condition." He continued by saying, "We also appreciate the commitment by our shareholders and our customers for working with us during this time."
"The Bank, with the removal of the Consent Order, is in a position to capitalize on the improvements we have made during the recession. We are leaner, more efficient, and will continue to meet our clients' banking needs," said Greg Lovell, President and CEO. He further stated, "We have raised additional capital and exceed the regulatory definition of 'well-capitalized.' However, our continued goal is to achieve a ten percent Tier One Capital ratio."
The Bank will continue to operate under an informal agreement with the FDIC and DOF. The termination of the formal order however is a reflection of the improvement in financial performance and diligence by the Board of Directors and staff in addressing the terms of the Consent Order while providing high levels of client service to its customers.
Idaho First Bank is a state-chartered commercial bank that opened for business in October 2005. Its headquarters are 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.