SANDPOINT, Idaho–(GLOBE NEWSWIRE)–Intermountain Community Bancorp, (OTCBB:IMCB) (the “Company”), the holding company of Panhandle State Bank (the “Bank”), today announced that it had successfully closed its previously-announced $47.3 million private capital raise led by Castle Creek Capital Partners IV, L.P. (“Castle Creek”) and affiliates of Stadium Capital Management, LLC (“Stadium”) through the issuance and sale of shares of common stock at $1.00 per share and a newly-created mandatorily convertible series of preferred stock which will automatically convert into shares of a new series of non-voting common stock at a conversion price of $1.00 upon shareholder approval of such non-voting common stock. The Company also issued to each of Castle Creek and Stadium, for no additional consideration, warrants to purchase 850,000 shares of non-voting common stock at $1.00 per share.
The Company expects to use the proceeds from the capital raise and the planned $5 to 8 million rights offering to make capital contributions to and strengthen the balance sheet of the Bank, for other general corporate purposes and as otherwise provided for in the securities purchase agreements with the investors.
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