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SANDPOINT, Idaho, Aug. 31, 2012 (GLOBE NEWSWIRE) -- Intermountain Community Bancorp (OTCBB:IMCB) today announced that the Company will implement effective as of the close of business on October 5, 2012, a 1-for-10 reverse stock split of Intermountain's common stock (both voting and nonvoting) that was approved by the shareholders at the Company's Annual Meeting on May 17, 2012.
As fixed by the Board of Directors, shareholders will receive 1 new share of common stock for every 10 shares of stock they owned prior to the reverse stock split. The effect of the reverse stock split will be to increase the per share market price of Intermountain's common stock to at least $4.00 per share. Following the split, the Company will apply with NASDAQ to list its shares of voting common stock on the NASDAQ Capital Market.
"The reverse stock split will allow our stock to be more broadly traded on NASDAQ and satisfies a contractual obligation to our new investors," said Curt Hecker, President and CEO of Intermountain.
As a result of the reverse stock split, every 10 shares of the Company's common stock issued and outstanding at the end of the effective date of October 5, 2012 will be combined into 1 share of common stock. In addition, all fractional shares will be rounded up to the nearest whole share.
The reverse stock split will reduce the number of shares of outstanding voting and nonvoting common stock from approximately 26.0 million and 38.4 million shares to approximately 2.6 million and 3.8 million shares, respectively. The reverse stock split will also reduce the number of authorized shares of voting and nonvoting common stock from 300,000,000 and 100,000,000 shares to 30,000,000 and 10,000,000 shares, respectively. Proportional adjustments will also be made to the conversion or exercise rights under the Company's outstanding warrants, stock options and other common stock-based equity grants outstanding immediately prior to the effectiveness of the reverse stock split.