ADVERTISEMENT FOR BIDS Idaho Banking Co. parent Idaho Bancorp, Boise, said it received preliminary approval to receive up to $6.9 million in investment funds from the U.S. Treasury Department’s Troubled Asset Relief Program (TARP) Capital Repurchase Program, the bank holding company said in a release. The anticipated investment is subject to standard closing conditions and the execution of definitive agreements.
Idaho Banking Co. in the Sept. 30 quarter reported total assets of $239,051,000, up 3 percent from a year earlier. Net income fell by 85 percent to $159,000, though that result compared favorably to some peer banks and others in the U.S.
The TARP Capital Repurchase Program is a voluntary program to encourage qualifying U.S. financial institutions to build capital, increase the flow of financing to U.S. businesses and consumers, and support the U.S. economy, Idaho Bancorp said.
Idaho Bancorp said it is one of the first non-SEC (U.S. Securities and Exchange Commission)-reporting banks to be approved under this program.
“We appreciate the faith the U.S. Treasury has shown in our bank,” Idaho Banking Co. President and CEO Jim Latta said in the release. “This investment will allow us additional flexibility to manage our business in the challenging current market environment. The capital will also give us the opportunity to increase our active relationship lending within the Treasure Valley.”
Idaho Banking Co. is a state-chartered commercial bank that belongs to the Federal Reserve and the Federal Deposit Insurance Corp. The bank, organized in 1996, operates four branch offices, and a construction and mortgage home loan c
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