Idaho Independent Bank announced Wednesday it plans to “go dark,” or voluntarily deregister its common stock.
The Coeur d’Alene-based bank said it is taking the step to save money. When deregistration is effective, which should take place within 90 days, Idaho Independent Bank will no longer have to file the many reports it’s currently required to file with the FDIC.
According to a news release, the bank is eligible to take that step because it has fewer than 1,200 shareholders of its common stock.
The bank’s shares are traded on the OTC Bulletin Board, which should continue following deregistration, and it will continue to be audited annually and to file quarterly financial “call reports” with the FDIC, according to the news release.
Idaho Independent Bank opened in 1993 and has a dozen branches throughout Idaho. The bank lost $486,000, or 6 cents a share, in the first quarter, which ended March 31, compared with a loss of $956,000, or 15 cents a share, in the year-earlier period. Its assets were $451.5 million as of that date.