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Nine months after it announced plans to raise up to $75 million issuing common and preferred shares to new and existing investors, Intermountain Community Bancorp in Sandpoint, Idaho, said Sunday that it now intends to raise no more than $59 million.

The $927 million-asset company said had entered into revised agreements with Castle Creek Capital Partners IV L.P., affiliates of Stadium Capital Management LLC and other investors to raise $47.3 million through the sale of common stock at $1 per share and a newly-created convertible series of preferred stock. This new stock series will automatically convert to non-voting common stock at a conversion price of $1.

Once the deal is completed, Castle Creek is expected to own almost 10% and Stadium will hold almost 15% of the voting equity of the company. Other unnamed investors have agreed to purchase shares totaling up to 8% of the voting equity of the company.

The company could also raise another $3.7 million if another unnamed investor decides to participate. 

Castle Creek, Stadium and another investor each will be able to name one person to serve on the company and bank’s boards.

After closing the securities agreements, Intermountain plans to raise $5 million to $8 million in a rights offering. Existing shareholders will be able to purchase common shares for $1 per share. Certain investors have agreed to buy any shares not purchased during the sale.

The company said that it will use the funds to make capital contributions to its bank, Panhandle State Bank, and for general corporate purposes.

Intermountain had originally said in April that it would raise $70 million through securities purchase agreements and an additional $5 million in a rights offering. Under this original agreement, Castle Creek would have owned 23.5% and Stadium would have held 22.3% of the company’s voting equity.

Intermountain did not say why it amended its plan and a call to the company was not immediately returned, but its bank’s capital ratios have improved of late as its balance sheet has shrunk. At Sept. 30, the bank’s Tier 1 risk-based capital ratio was 11.45%, up 40 basis points from three months earlier, according to the Federal Deposit Insurance Corp.

Intermountain has struggled with credit problems for several years and last turned a profit in 2008. Through the first nine months of 2011, the company reported a loss of $2.7 million.