IMCB shares to trade on NASDAQ

SANDPOINT — Intermountain Community Bancorp shares are set to be traded on one of the world’s largest markets.

Officials of the Panhandle State Bank parent company announced Wednesday that company stock has been approved for listing on the NASDAQ Capital Market, the second largest stock exchange in the world. The shares, which will run under the ticker symbol IMCB, were expected to begin trading on the same day as the announcement, officials added.

“We are pleased to have successfully completed this process, which will increase the visibility of our company in the marketplace,” said Curt Hecker, Intermountain Bancorp’s chief executive officer.

The NASDAQ listing has been a goal of Intermountain Community Bancorp officials for quite some time.

In August of last year, the company initiated a reverse stock split that transformed 10 shares of stock into a single share. In effect, that reduced the number of shares in voting and nonvoting stock from 26 million and 38.4 million to 2.6 million and 3.8 million.

It also lowered the shares of authorized voting and nonvoting stock from 300 million and 100 million to 30 million and 10 million.

Since the stock split was a cosmetic action, it didn’t affect the company’s value, but it did raise per share market prices to more than $4. That was a critical threshold, because that was the necessary value to reach to apply for listing shares of voting common stock on the NASDAQ.

Prior to listing on the NASDAQ, Intermountain Community Bancorp listed its shares on the OTC Bulletin Board. They also traded under the same IMCB symbol.

The company has filed reports with the United States Securities and Exchange Commission since 2004.