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Intermountain Community Bancorp had hoped to raise up to $8.7 million from existing shareholders, but the Sandpoint, Idaho, company only got 40% of the way there.
May 23 -
Among the wave of community banks that have gone to market this month, 1st Enterprise Bank (FENB) was the rare bank below $1 billion of assets to sell shares at a premium to its equity.
May 29
Intermountain Community Bancorp (IMCB) of Sandpoint, Idaho, plans to conduct a 1-for-10 reverse stock split on Oct. 5.
Intermountain's shares will trade for at least $4 a share once the split is completed. Its shares closed at $1.17 a share on Friday.
Shareholders of the $963 million-asset banking company approved the reverse stock split at its May 17 annual meeting. The split will apply to both voting and nonvoting shares.
Intermountain completed an $8.7 million common stock rights offering in May, though
