Board Votes To Change Name, Split Stock

Inland Northwest Bancorporation Inc. directors this week voted to change the holding company’s name, and to split its stock two-for-one, President Fred Schunter said Friday.

Shareholders will be asked to increase the authorized number of shares to 5 million from 1 million at their May 17 annual meeting to accommodate the split, he said.

Inland has about 600,000 shares outstanding now.

“The split will allow small investors to increase their participation in the company,” Schunter said.

Inland advisers recommend stocks in community bank holding companies trade between $15 and $20 per share, he said. Inland shares have been trading at about $34.

Schunter said the split, which would be effective May 21 for holders of record May 1, should also stimulate more active trading in the stock.

He said dropping the word “Inland” from the holding company name reflects ambitions to take advantage of opportunities outside the Spokane-Coeur d’Alene area.

“The name Northwest Bancorporation Inc. is more inclusive to the market we eventually hope to serve,” Schunter said.

The change will not apply to Inland Northwest Bank and INB Mortgage Co., its two subsidiaries.

The bank, founded in October 1989, operates from 10 offices.