Bank of Idaho Holding Company Announces Completion of $53.2 Million Common Stock Private Placement

Rhea-AI Summary

Bank of Idaho Holding Co. (OTCQX:BOID) has successfully completed a $53.2 million private placement of common stock aimed at enhancing its capital for regulatory compliance, hiring, and market expansion.

The funding is expected to support the Company’s strategic plan, ensuring growth and added value for shareholders. President & CEO Jeff Newgard expressed optimism about the potential benefits resulting from this capital raise. The offering was facilitated by MJC Partners, LLC, underscoring strong investor confidence in Bank of Idaho's future.

Positive

• Successful completion of a $53.2 million private placement
• Funds to enhance capital for regulatory requirements
• Support for hiring and market expansion
• Positive outlook for shareholder value creation

Negative

• None.

BOISE, ID / ACCESSWIRE / May 11, 2022 / Bank of Idaho Holding Co. (OTCQX:BOID) (the "Company"), the holding company for Bank of Idaho, today announced the completion of a $53.2 million private placement in aggregate principal amount of common stock equity to certain qualified institutional and accredited investors.

The Company will use the net proceeds of the equity offering to support the Company's strategic plan by enhancing capital for regulatory requirements, future hires, and expansion into markets complementary to its existing footprint.

"We're excited to share the excellent news about this successful offering for all Bank of Idaho stakeholders and the communities we serve," said Jeff Newgard, the President & CEO of Bank of Idaho said. "Our strategic plan is laser-focused on creating value for our shareholders - who can expect to see great things sprout from this opportunity."

MJC Partners, LLC, served as the exclusive placement agent for the offering and the exclusive financial advisor to BOID*. Nelson Mullin served as legal counsel to the placement agent. Stinson LLP served as counsel to Bank of Idaho Holding Co.

About Bank of Idaho Holding Co.

Bank of Idaho has been a financial fixture in the eastern Idaho community since 1985, when the original location opened in downtown Idaho Falls on the corner of Capital and B Street. Later expanding to include 10 full-service locations, and 4 mortgage offices across the state. Stock for the Bank of Idaho Holding Company opened to public trading on the OTC-QX market under the symbol BOID October 2019. With community growth always a first priority, Bank of Idaho focuses on small businesses and is a leader in SBA lending. For more information, please visit https://www.bankofidaho.com.

About MJC Partners, LLC

MJC Partners, LLC is a leading Los Angeles-based boutique investment banking and advisory firm providing a full range of strategic, transactional and valuation-related services to clients across multiple industry groups with a focus on financial services. For more information about MJC Partners, visit www.mjcpartners.com.

*All securities are offered through MJ Capital Partners LLC, a wholly owned subsidiary of MJC Partners LLC and a member of the Financial Industry Regulatory Authority (FINRA) and a Securities Investor Protection Corporation (SIPC) Member.

Forward Looking Statements

This news release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended, and Bank of Idaho Holding Co. and Bank of Idaho (together, the "Company") intend for such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Future events are difficult to predict, and the expectations described above are necessarily subject to risk and uncertainty that may cause actual results to differ materially and adversely.

Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words "believe," "expect," "anticipate," "intend," "plan," "estimate," or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could," or "may." These forward-looking statements are not guarantees of future performance, nor should they be relied upon as representing management's views as of any subsequent date. Forward-looking statements involve significant risks and uncertainties, and actual results may differ materially from those presented, either expressed or implied, in this news release. Factors that might cause such differences include, but are not limited to: the Company's ability to successfully execute its business plans and achieve its objectives; changes in general economic and financial market conditions, either nationally or locally, in areas in which the Company conducts its operations; changes in interest rates; continuing consolidation in the financial services industry; new litigation or changes in existing litigation; increased competitive challenges and expanding product and pricing pressures among financial institutions; legislation or regulatory changes which adversely affect the Company's operations or business; loss of key personnel; and changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or other regulatory agencies.

The Company undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.

This announcement is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy securities.

Media Contact:
Tyler Kraupp
Bank of Idaho
Director of Marketing
TylerKraupp@bankofidaho.net
208.390.0667

SOURCE: Bank Of Idaho Holding Co

View source version on accesswire.com:
https://www.accesswire.com/700961/Bank-of-Idaho-Holding-Company-Announces-Completion-of-532-Million-Common-Stock-Private-Placement

FAQ

What was the amount raised in Bank of Idaho's recent private placement?

Bank of Idaho raised $53.2 million through a private placement of common stock.

What is the purpose of the funds from the private placement by BOID?

The funds will be used to enhance capital for regulatory requirements, hiring, and market expansion.

Who was the placement agent for BOID's private stock offering?

MJC Partners, LLC served as the exclusive placement agent for the offering.

When was the private placement announced by Bank of Idaho Holding Co.?

The private placement was announced on May 11, 2022.

What does the future hold for shareholders after the BOID capital raise?

Shareholders can expect enhanced value creation as the Company implements its strategic plan supported by the new capital.