Idaho Independent Bank in Coeur d'Alene announced Monday that it is planning to raise approximately $7 million in a stock offering.
The bank said in a press release that it would use the proceeds to further strengthen its capital position, support growth strategies and for general corporate purposes.
The bank will offer common stockholders the right to purchase more than 2 million shares at a price of $3.40 per share. Its shares were trading at $3.50 Monday afternoon.
Idaho also intends to sell to existing shareholders and to the public any shares offered but not sold in the rights offering at the same price per share. The offering will commence on Sept. 6 and conclude on Sept. 30.
The bank reported in early August a net loss of $1.1 million for the second quarter compared to a net loss of $1.5 million for the same period a year ago. During the second quarter, total assets decreased by $3.4 million, to $438.2 million.