Monday, July 22, 2019

Bank of Idaho Holding Co. completes private placement of stock

Jeff Newgard
Bank of Idaho Holding Co., the parent company of Bank of Idaho, announced Friday that it has completed a $15 million private placement of its capital stock. The investor in the private placement consisted of certain affiliates of Castle Creek Capital LLC, a well-established, sophisticated institutional investor that specializes in the community banking sector.

Proceeds from the private placement will be used to facilitate strategic initiatives and support the company's organic growth and market expansion activities throughout the state of Idaho. While Castle Creek will join the company’s shareholder base, the existing management team and board of directors will continue to lead the
bank’s efforts to provide exceptional products and services to the customers and communities that the bank serves.

"This is a momentous day for Bank of Idaho. We are excited to see the opportunities these resources will bring us as we strive to further differentiate ourselves as the preferred financial institution for small business banking throughout the state,” said Jeff Newgard, the bank's president and CEO. “As a result of this capital raise, we have significantly strengthened our balance sheet to support the next stage of our company's strategic initiatives. This represents a solid vote of confidence for our strategic
plan, as we continue on a path to providing a truly unique and personal banking experience for our small business clients across the state.”

Hovde Group LLC served as the sole placement agent for the transaction. Ernest J. Panasci, Partner at Stinson, LLP, served as legal counsel to Bank of Idaho Holding Co. for the transaction.