Intervest Bancshares Corporation (the “Company”) (Nasdaq: IBCA), the holding company for Intervest National Bank (the “Bank”), announced today that actions taken by the Company have led to the satisfaction of all of the provisions of the Formal Agreement dated January 14, 2011 between the Bank and the Federal Reserve Bank of New York (the “FRBNY”), and that the FRBNY was terminating that agreement. The FRBNY based its decision on the results of its most recent inspection as well as documentation provided by the Company under the terms of the agreement. The Bank’s Formal Agreement with the Office of the Comptroller of the Currency had been terminated in March of last year. As a result, neither the Company nor the Bank is any longer subject to any formal or informal regulatory agreement.
“Our Board of Directors and every member of our dedicated staff have worked diligently to achieve this goal,” said Lowell S. Dansker, Chairman and Chief Executive Officer of the Company and Intervest National Bank. “The actions taken and policies adopted to achieve compliance have become part of our core principles and will not be diminished. We are pleased that we can continue to direct our energies toward building shareholder value.”
About Intervest Bancshares Corporation
Intervest Bancshares Corporation (IBC) is a bank holding company. Its operating subsidiary is Intervest National Bank (INB), a nationally chartered commercial
bank that has its headquarters and full-service banking office at One Rockefeller
and a total of six full-service banking
in Clearwater and Gulfport, Florida.
IBC’s Common Stock is listed on
Global Select Market:
IBCA. This release may contain forward-looking information. Words such as “may,” “will,” “could,” “should,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” “project,” “assume,” “indicate,” “continue,” “target,” “goal,” and similar words or expressions of the future are intended to identify forward-looking statements. Except for historical information, the matters discussed herein are subject to certain risks and uncertainties that may adversely affect our business, financial condition and results of operations. The following factors, among others, could cause actual results to differ materially from those set forth in forward looking statements: changes in economic conditions and real estate values both nationally and in our market areas; changes in our borrowing facilities, volume of loan originations and deposit flows; changes in the levels of our non-interest income and provisions for loan and real estate losses; changes in the composition and credit quality of our loan portfolio; legislative or regulatory changes, including increased expenses arising therefrom; changes in interest rates which may reduce our net interest margin and net interest income; increases in competition; technological changes which we may not be able to implement; changes in accounting or regulatory principles, policies or guidelines; changes in tax laws and our ability to utilize our deferred tax asset, including NOL and AMT carryforwards; and our ability to attract and retain key members of management. Reference is made to IBC’s filings with the SEC for further discussion of risks and uncertainties regarding our business. We assume no obligation to update any forward-looking statements.