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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.
January 23
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.
The $958 million-asset company said late Tuesday that it had received orders for about 3.6 million shares of its common stock, priced at $1 each. Shares have thinly traded along a range of $1.01 to $1.20 to $1.01 over the last month.
The rights offering followed a $47.3 million private placement from a group of investors that included private-equity firms Castle Creek Capital Partners and Stadium Capital Management. The January private placement was also priced at $1 a share.
Although more than half of the existing shareholders passed on the offering, the company said it expects new shareholders to bridge the shortfall. The company expects to use the net proceeds to "reinvest in its communities."
Intermountain earned $335,000 in the first quarter, compared to a loss of $442,000 a year earlier.
