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June 9, 2009 (FinancialWire) -- Jack W. Gustavel, chairman and chief executive officer of Idaho Independent Bank (OTCBB: IIBK), said U.S. Banker Magazine's June edition named IIB as number 68 in the nation of the approximately 1,100 public banks and thrifts with less than $2 billion of assets as of December 31, 2008. The ranking is based on return on equity, and IIB was the only bank that has significant operations in Idaho to be named.
Gustavel stated, "IIB is proud to receive this national recognition as a leader in community banking. Management and the employees of IIB are to be commended for their hard work and dedication. Our senior management team has more than 275 years of combined banking experience, and though we are not immune to the effects of a deteriorating economy and a difficult real estate market, this award is a validation of IIB's common sense lending philosophy and sound banking practices.
"IIB has a strong commitment to Idaho and community banking, and we have worked hard to earn the continued trust and confidence shown by our loyal customers and shareholders. By being disciplined and adhering to good banking practices, IIB's capital, reserves, and long-term performance ratios continue to rank near the top despite the many challenges facing our industry."
IIB was established in 1993 as an Idaho state-chartered, commercial bank.
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Free annual reports for companies mentioned in the news are available through the Free Annual Reports Service (http://investrend.ar.wilink.com/?level=279).
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