Mountain West Will Sell Shares In Bank

Mountain West Savings Bank will sell 125,000 shares to the public sometime in the fall, President Jon Hippler said Tuesday.

At a projected $12.50 per share, the offering would yield net proceeds to the bank of $1.5 million, he said.

Hippler said the funds would allow the Coeur d’Alene bank, which has branches in Post Falls and Hayden Lake, to continue its fast growth while maintaining a “well capitalized” rating from regulators.

“It’s going a little faster than we originally anticipated,” said Hippler of the bank’s expansion.

Mountain West opened its doors in October 1993 after an initial offering of 367,000 shares of stock at $10 per share.

The bank has paid three 10 percent stock dividends since the offering, he said. There are slightly fewer than 500,000 shares outstanding now.

The stock is not listed on any exchange. All sales are private.

Hippler said the bank will sell the stock itself using a prospectus approved by the U.S. Office of Thrift Supervision.

, DataTimes