Intervest Bancshares Corp. Announces Termination of Regulatory Agreement between Intervest National Bank & the Comptroller of...
March 25 2013 - 8:00AM
Business Wire
Intervest Bancshares Corporation (NASDAQ-GS: IBCA), the holding
company for Intervest National Bank (the "Bank"), announced today
that actions taken by the Bank have led to the termination of the
Formal Agreement dated December 9, 2010 between the Bank and the
Office of the Comptroller of the Currency. The Bank is no longer
subject to any formal or informal regulatory agreement.
"Our Board of Directors and every member of our dedicated staff
have worked diligently to achieve this goal," said Lowell S.
Dansker, Chairman and Chief Executive Officer of the Company and
Intervest National Bank. "The actions taken and policies adopted to
achieve compliance have become part of the Bank's core principles and will not be diminished. We are
pleased that we can now direct our energies toward building
shareholder value."
About Intervest Bancshares Corporation
Intervest Bancshares Corporation (IBC) is a bank holding
company. Its operating subsidiary is Intervest National Bank (INB),
a nationally chartered commercial bank that has its headquarters
and full-service banking office at One Rockefeller Plaza, in New
York City, and a total of six full-service banking offices in
Clearwater and Gulfport, Florida. IBC's Common Stock is listed on
the NASDAQ Global Select Market: Trading Symbol IBCA.
This release may contain forward-looking information. Words such
as "may," "will," "could," "should," "would," "believe,"
"anticipate," "estimate," "expect," "intend," "plan," "project,"
"assume," "indicate," "continue," "target," "goal," and similar
words or expressions of the future are intended to identify
forward-looking statements. Except for historical information, the
matters discussed herein are subject to certain risks and
uncertainties that may adversely affect our business, financial
condition and results of operations. The following factors, among
others, could cause actual results to differ materially from those
set forth in forward looking statements: the regulatory agreement
to which IBC is currently subject and any operating restrictions
arising therefrom including availability of regulatory approvals or
waivers; changes in economic conditions and real estate values both
nationally and in our market areas; changes in our borrowing
facilities, volume of loan originations and deposit flows; changes
in the levels of our non-interest income and provisions for loan
and real estate losses; changes in the composition and credit
quality of our loan portfolio; legislative or regulatory changes,
including increased expenses arising therefrom; changes in interest
rates which may reduce our net interest margin and net interest
income; increases in competition; technological changes which we
may not be able to implement; changes in accounting or regulatory
principles, policies or guidelines; changes in tax laws and our
ability to utilize our deferred tax asset, including NOL and AMT
carryforwards; and our ability to attract and retain key members of
management. Reference is made to IBC's filings with the SEC for
further discussion of risks and uncertainties regarding our
business. We assume no obligation to update any forward looking
statements. Historical results are not necessarily indicative of
our future prospects.
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