Intermountain Community Bancorp in Sandpoint, Idaho, is planning to use its nearly $12 million of net proceeds from a recent oversubscribed stock offering to open branches in new markets and make more loans.
The $731 million-asset parent of Panhandle State Bank said last week that it had completed a $10 million stock offering at $17 a share and was accepting an additional $2 million that had been oversubscribed.
Chief financial officer Douglas Wright said in an interview Monday that his company plans to open branches in markets up to 150 miles from its branches in Idaho, Oregon, Washington, and Montana. Panhandle would also use the new capital to make more loans and beef up its capital ratios after a period of sustained loan growth.
Panhandle's Tier 1 capital to total capital was 8.91% at Sept. 30, compared to an average ratio of 12.27% for banks nationwide with assets between $500 million and $1 billion, according to the Federal Deposit Insurance Corp.
