Intervest Bancshares Corporation Announces Termination of Regulatory Agreement with the Federal Reserve Bank of New York
March 13 2014 - 11:10AM
Business Wire
Intervest Bancshares Corporation (the “Company”) (Nasdaq: IBCA),
the holding company for Intervest National Bank (the “Bank”),
announced today that actions taken by the Company have led to the
satisfaction of all of the provisions of the Formal Agreement dated
January 14, 2011 between the Bank and the Federal Reserve Bank of
New York (the “FRBNY”), and that the FRBNY was terminating that
agreement. The FRBNY based its decision on the results of its most
recent inspection as well as documentation provided by the Company
under the terms of the agreement. The Bank’s Formal Agreement with
the Office of the Comptroller of the Currency had been terminated
in March of last year. As a result, neither the Company nor the
Bank is any 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 our core principles and will
not be diminished. We are pleased that we can continue to 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: 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.
Intervest Bancshares CorporationLowell Dansker,
212-218-2800ChairmanFax: 212-218-2808
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