- Idaho First Bank Facebook Page
- Idaho First Bank Announces New Capital
- Idaho First Bank Announces New Board Members
- FDIC Extends Unlimited Insurance Coverage for Transaction Accounts
- Idaho First Bank a Top Ten Mortgage Lender
- FDIC Limit of $250,000 Becomes Permanent
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.
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.
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. And has been named one of the top ten mortgage lenders in the State of Idaho for 2009, 2010, 2011 and 2012.
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.
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.