Idaho First Bank News

Idaho First Bank Announces New Board Members

McCall, Idaho – (Marketwire – February 1, 2011) – Today Idaho First Bank (OTCQB:IDFB) announced changes to its Board of Directors. Mark Miller, who has been serving as a member of the Board since 2009, was appointed Chairman by a unanimous vote of the Board. James L. Fletcher who has been serving as the Chairman will continue to be a member of the Board. Mr. Fletcher stated, "It is important to evolve as a board and I believe change is beneficial." Greg Lovell, President and CEO of the Bank thanked Mr. Fletcher, "Jim has provided strong leadership of the board during a difficult economic time, his experience has proven invaluable and we are glad that he will continue to serve."

"Mark Miller has been a strong advocate for the Bank during his tenure with the Board. He grew up in Boise and McCall and understands the local economy," said Mr. Lovell. "He has strong business experience and good ties to the business community of Boise. We welcome his additional participation in directing the affairs of the Board."

"The Board has provided good leadership to the Bank and I believe that we can continue to build a vibrant bank in our market area," stated Mr. Miller. He continued, "I believe in sound principals of corporate governance and the Board's role in representing the shareholders' interests and adding value to their investment."

The Bank also announced that its Board has approved the appointments of Donald Driscoll, William Rawlings, and Justin Dye to its Board of directors pending regulatory approval.

"We welcome back to our Board a founding director and shareholder of the Bank. Mr. Driscoll has always been a resource to the Bank and its management. His business acumen, gained from many years of running diverse companies, will help as we frame the future growth of the Bank," said Mr. Lovell.

"In addition," Lovell continued, "Bill Rawlings brings financial expertise gained from his many years as the Chief Financial Officer of one of the largest agriculture companies in Idaho. This expertise will strengthen the Board's role of providing financial oversight responsibilities. He also has been a long-time home owner in McCall and understands its unique economy."

"Justin Dye brings a depth of knowledge in private equity, real estate and general management," said Mr. Lovell. "While relatively new to Idaho, Justin has quickly developed strong ties to the local community, and we are excited to add him to our Board of Directors."

Driscoll has made McCall his home since 1999 after retiring as Chief Financial Officer of Driscoll Strawberry Associates. He continues to be active in real estate development and investments while fully retired from an active role in farming operations.

Rawlings has been a Boise resident since 1966. He retired in 2008 as Chief Financial Officer for Agri Beef Co. He continues to be active in livestock production and remains on the board of Agri Beef Co. He has served on various previous boards including: MWI Veterinary Supply Co., General Fire & Casualty Co., and Crane Creek Country Club.

Dye moved to Boise in 2006. He currently serves as Chief Strategy Officer for Albertsons, LLC. Prior work experience includes positions at Cerberus Capital Management in New York, General Electric, and Arthur Anderson Business Consulting.

The Bank also announced the resignation of founding director and former chairman, Terry L. Robinson. Mr. Lovell said, "Terry has taken a new position as CEO and President of Bank of Manhattan. We have appreciated Terry's help and insights. We will miss him but know we are able to rely upon him as needed." He remains a shareholder of the Bank.

Mr. Lovell closed by stating, "The Bank and its Board are committed to continual improvement in the corporate oversight and policy setting function of the Board. We believe these changes will continue to build upon a strong foundation that has been established since our inception."

Idaho First Bank is the only locally chartered and headquartered bank in McCall, Idaho. Founded in 2005 it operates a full-service community focused bank in McCall and a loan production office in Boise, Idaho.

This release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 ("PSLRA"). Such forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those projected. These risks and uncertainties include, but are not limited to, economic conditions, the regulatory environment, loan concentrations, vendors, employees, technology, competition, and interest rates. Readers are cautioned not to place undue reliance on the forward-looking statements. Idaho First Bank has no obligation to publicly update the forward-looking statements after the date of this release. This statement is included for the express purpose of invoking PSLRA's safe harbor provisions.

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Notice of Changes in Temporary FDIC Insurance Coverage for Transaction Accounts

All funds in a "noninterest-bearing transaction account" are insured in full by the Federal Deposit Insurance Corporation from December 31,2010, through December 31,2012. This temporary unlimited coverage is in addition to, and separate from, the coverage of at least $250,000 available to depositors under the FDIC's general deposit insurance rules.

The term "noninterest-bearing transaction account" includes a traditional checking account or demand deposit account on which the insured depository institution pays no interest. It also includes Interest on Lawyers Trust Accounts ("IOLTAs"). It does not include other accounts, such as traditional checking or demand deposit accounts that may earn interest, NOW accounts, and money-market deposit accounts.

For more information about temporary FDIC insurance coverage of transaction accounts, visit www.fdic.gov.

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Idaho First Bank a Top Ten Mortgage Lender

McCall, Idaho –Idaho First Bank (OTCBB:IDFB) Greg Lovell, President and CEO announced today that Idaho First Bank was named by Idaho Business Review as the eighth largest mortgage loan producer in Idaho for 2009.

Mr. Lovell stated "Idaho First Mortgage is comprised of motivated and talented individuals. Their team effort has allowed us to begin to grow our mortgage lending, which is the very core of community banking. We appreciate this recognition of our efforts" The Bank provides mortgage lending through its home office located in McCall Idaho, as well as in its loan production office located at 250 5th Street Suite 800 in Boise Idaho.

Jeremy Bordner, Director of Idaho First Mortgage, congratulated his staff, "The ability to originate and fund strong loans for deserving clients is our priority. It is very rewarding to have been able to help hundreds of people in Idaho obtain their dreams of owning a home, " Mr. Lovell added his congratulations to the team, "this group of individuals have built a team with strong customer focus and a commitment to serve our clients."

Mr. Bordner also stated "this is just the beginning, we are looking to continuing to serve our clients and help build the Bank's client base in McCall and Boise." Both the McCall and Boise offices have loan officers for Idaho First Mortgage. Mr. Bordner encouraged anyone that is seeking to purchase a home to come and discuss with his mortgage officers the various options open to them. He stated "While the mortgage markets have changed over the last years, we continue our focus on mortgage programs that help people recognize their dreams without placing them into financial difficulty. We did not enter the sub-prime and toxic type loans marketplace. These loan products do not match our values as a bank, nor benefit our clients.”

Idaho First Bank is a $82 million asset bank headquartered in McCall Idaho. It is a member of the FDIC and an equal opportunity housing lender.

This release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (“PSLRA”). Such forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those projected. These risks and uncertainties include, but are not limited to, economic conditions, the regulatory environment, loan concentrations, vendors, employees, technology, competition, and interest rates. Readers are cautioned not to place undue reliance on the forward-looking statements. Idaho First Bank has no obligation to publicly update the forward-looking statements after the date of this release. This statement is included for the express purpose of invoking PSLRA’s safe harbor provisions.

Contacts: Greg Lovell, President and CEO at 208-630-2001, or Jeremy Bordner, Director Idaho First Mortgage at 208-947-0429.

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FDIC Limit of $250,000 Becomes Permanent

On July 21, 2010, President Barack Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act, which, in part, permanently raises the current standard maximum deposit insurance amount to $250,000.

The standard maximum insurance amount of $100,000 had been temporarily raised to $250,000 until December 31, 2013. The FDIC insurance coverage limit applies per depositor, per insured depository institution for each account ownership category.

For more information contact the FDIC Call Center at 1-877-275-3342 or Idaho First Bank at 208-634-1000.

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Idaho First Bank Enters Into Agreement
with State and FDIC

McCall, Idaho, March 26, 2010 – IDAHO FIRST BANK (OTCBB: IDFB) announced today that it has entered into a Consent Order with the Federal Deposit Insurance Corporation ("FDIC") and the Idaho Department of Finance. The Consent establishes joint procedures and actions designed to enhance the Bank's financial strength.

"The economic condition of Valley County has negatively affected many local businesses and residents. As a consequence, the Bank's performance has been directly impacted. We welcome the help and assistance of the State of Idaho and the FDIC," said Greg Lovell, President and CEO of the Bank.

Gavin Gee, Director of the Idaho Department of Finance, described a Consent Order as an agreement entered into jointly by a bank and its regulators to determine the best way to address challenges it is facing. "We are pleased that the Bank has already proactively responded to many of the issues raised in the Consent Order and we will continue to work closely with the Board of Directors and management going forward," Director Gee said.

Mr. Lovell reported that many of the actions and practices outlined in the Consent have already been implemented. "We have a strong working relationship with the Bank's regulatory agencies and will continue to work closely with them. We believe their involvement is helpful in our ongoing efforts to comply with the Consent Order," stated Mr. Lovell, "we continue to diligently manage our expenses, work with our clients to help them improve the status of their loans, and provide the quality service we are known for."

Under the Consent Order, the Bank will submit plans that address improving its capital and reducing the number of non-performing loans. "We are grateful for the hard work of our staff to resolve the ongoing credit issues of our clients during these difficult economic times. While we did not engage in sub-prime lending nor participated in speculative lending, our core local client relationships have seen their businesses severely stressed by the local economy," said Mr. Lovell.

Mr. Lovell commented on the capital raising efforts undertaken by the Bank. "We have been working with several investors to complete a private placement of capital. In addition, we will evaluate additional capital raising programs including a rights offering to our current shareholders." Upon successfully raising the planned capital the Bank anticipates its capital ratio will exceed the ratio contained in the Consent Order.

Mr. Lovell emphasized no customer deposit accounts are affected by the Consent Order and all deposits of $250,000 or less are FDIC insured. "We are working with our clients to maximize their FDIC insurance coverage," stated Mr. Lovell. "The Bank participates in the FDIC program which fully guarantees all deposits in any checking or NOW account earning an APY of .50% or less," Director Gee stated, adding that, "despite the pressures on financial institutions, there is no safer place for Idahoans to put their money than in an insured account at a financial institution."

James Fletcher, Chairman of the Bank's Board of Directors, echoed Director Gee's comments, saying, "the Bank's Board of Directors is fully engaged and committed to the future success of the Bank. We have a substantial personal investment in terms of money and time in this Bank. We are working hard to emerge from these tough economic circumstances stronger than ever."

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News Release: From Greg Lovell, President and CEO RE: Idaho First Bank and Phishing Attack

McCall, Idaho, January 30, 2009 – Idaho First Bank and residents of Valley County appear to have undergone a serious “Phishing” attack beginning Saturday, January 24, 2009. This attack included both pre-recorded telephone messages and email that requested the contacted party provide certain identifying information which may have allowed the criminals to access individuals’ accounts. The attack was not limited to customers of Idaho First Bank but to many residents of Valley County. “We have had contact with people as far away as Tennessee call us to report this activity.” stated Greg Lovell, President and CEO of the Bank.

It is noted that there was no breach of any bank systems during this attack. “The security of our clients’ financial information is foremost in our minds. We did not have any type of breach or hacking into our systems.” according to Don Madsen, the Bank’s Chief Financial Officer. “We employ multiple layers of defense to protect our confidential information.”

Lovell commented on the hard work completed by the Bank’s IT security staff, the State of Idaho Department of Finance, and law enforcement agencies. “Upon hearing of this attack, the Bank activated its response plan. We have taken down the internet sites that generated these attacks. We have provided the information to the law enforcement authorities to aid them in their investigation of this occurrence.”

This is not the first instance of “phishing” in Idaho. Just last week it was reported that another bank with branches in Idaho was subject to a “phishing” attack targeting cell phone users via text messaging.

Email and Web site fraud is often referred to as “phishing,” “carding,” or “spoofing.” Phishing is a criminal sending you an email request that appears to be from a business with which you normally deal with–for example, the Bank, an Internet service provider (ISP), or online payment service. These emails instruct you to “update” or “validate” your information, including account information, Social Security number, passwords and other sensitive information via email, or by directing you to a phony Web site that looks like the legitimate business.

By complying with the email instructions, you unknowingly provide this information–not to a legitimate company–but to the thief.

The information is then used to transfer money, make payments, and commit other illegal acts. Email scams may also carry worms or viruses that can further harm you by dropping potentially damaging viruses onto your computer system.

The Bank encourages all consumers to be aware of the many methods used to illegally gain their sensitive information. As with most banks, Idaho First Bank will never ask for sensitive identification information over the phone or in an email. Clients are encouraged to call the Bank if they have any concerns over a call or email that says it comes from the Bank.

“Our clients are the best line of defensive in situations like this.” says Lovell, “They are the first to get a call or email that may make them uneasy. They can take the easy step of just saying no, hanging up or logging off and calling us. We appreciate their help in protecting their information.”

Contacts: Greg Lovell, President and CEO at 208-630-2001, or Don Madsen, CFO at 208-947-0430.

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