UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported): March 13, 2014
INTERVEST BANCSHARES CORPORATION
(Exact Name of Registrant as Specified in Charter)
| Delaware | 000-23377 | 13-3699013 | ||
| (State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification Number) |
| 1 Rockefeller Plaza, Suite 400 New York, New York | 10020-2002 | |
| (Address of Principal Executive Offices) | (Zip Code) |
Registrant’s Telephone Number Including Area Code: (212) 218-2800
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| Item 1.02 | Termination of a Material Definitive Agreement |
On March 13, 2014, the Federal Reserve Bank of New York (the “FRB”), the primary regulator of Intervest Bancshares Corporation (the “Company”), publicly announced the termination of the written agreement, dated as of January 14, 2011 (the “Formal Agreement”), between the Company and the FRB. The termination was effective March 7, 2014. The FRB has advised the Company that the decision to terminate the Formal Agreement was based on the examiners’ assessment that all provisions of the Formal Agreement had been satisfied.
The execution of the Formal Agreement and a summary of the material terms thereof were disclosed in the Company’s Current Report on Form 8-K filed on January 20, 2011, which summary is qualified by reference to the full text of the Formal Agreement filed as Exhibit 10.1 thereto.
| Item 7.01 | Regulation FD Disclosure. |
On March 13, 2014, the Company issued a press release announcing that the FRB had terminated the Formal Agreement.
| Item 9.01 | Financial Statements and Exhibits |
| (d) | Exhibits |
| Exhibit 99.1 | Press Release dated March 13, 2014, announcing termination of Formal Agreement with the Federal Reserve Bank of New York |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| INTERVEST BANCSHARES CORPORATION | ||||||
| Date: March 13, 2014 | By: | /s/ Lowell S. Dansker | ||||
| Lowell S. Dansker | ||||||
| Chairman and Chief Executive Officer (Principal Executive Officer) | ||||||
| By: | /s/ John J. Arvonio | |||||
| Chief Financial and Accounting Officer (Principal Financial Officer) | ||||||
Exhibit 99.1
For Immediate Release
March 13, 2014 – Intervest Bancshares Corporation Announces Termination of Regulatory Agreement with the Federal Reserve Bank of New York
NEW YORK, N.Y., - Intervest Bancshares Corporation (the “Company”) (Nasdaq: IBCA), the holding company for Intervest National Bank (the “Bank”), announced today that actions taken by the Company have led to the satisfaction of all of the provisions of the Formal Agreement dated January 14, 2011 between the Bank and the Federal Reserve Bank of New York (the “FRBNY”), and that the FRBNY was terminating that agreement. The FRBNY based its decision on the results of its most recent inspection as well as documentation provided by the Company under the terms of the agreement. The Bank’s Formal Agreement with the Office of the Comptroller of the Currency had been terminated in March of last year. As a result, neither the Company nor the Bank is any longer subject to any formal or informal regulatory agreement.
“Our Board of Directors and every member of our dedicated staff have worked diligently to achieve this goal,” said Lowell S. Dansker, Chairman and Chief Executive Officer of the Company and Intervest National Bank. “The actions taken and policies adopted to achieve compliance have become part of our core principles and will not be diminished. We are pleased that we can continue to direct our energies toward building shareholder value.”
About Intervest Bancshares Corporation
Intervest Bancshares Corporation (IBC) is a bank holding company. Its operating subsidiary is Intervest National Bank (INB), a nationally chartered commercial bank that has its headquarters and full-service banking office at One Rockefeller Plaza in New York City, and a total of six full-service banking offices in Clearwater and Gulfport, Florida. IBC’s Common Stock is listed on the NASDAQ Global Select Market: Trading Symbol IBCA. This release may contain forward-looking information. Words such as “may,” “will,” “could,” “should,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” “project,” “assume,” “indicate,” “continue,” “target,” “goal,” and similar words or expressions of the future are intended to identify forward-looking statements. Except for historical information, the matters discussed herein are subject to certain risks and uncertainties that may adversely affect our business, financial condition and results of operations. The following factors, among others, could cause actual results to differ materially from those set forth in forward looking statements: changes in economic conditions and real estate values both nationally and in our market areas; changes in our borrowing facilities, volume of loan originations and deposit flows; changes in the levels of our non-interest income and provisions for loan and real estate losses; changes in the composition and credit quality of our loan portfolio; legislative or regulatory changes, including increased expenses arising therefrom; changes in interest rates which may reduce our net interest margin and net interest income; increases in competition; technological changes which we may not be able to implement; changes in accounting or regulatory principles, policies or guidelines; changes in tax laws and our ability to utilize our deferred tax asset, including NOL and AMT carryforwards; and our ability to attract and retain key members of management. Reference is made to IBC’s filings with the SEC for further discussion of risks and uncertainties regarding our business. We assume no obligation to update any forward-looking statements.
| CONTACT: | LOWELL DANSKER, CHAIRMAN | |
| Intervest Bancshares Corporation | ||
| One Rockefeller Plaza (Suite 400) | ||
| New York, New York 10020-2002 | ||
| Phone: 212-218-2800 Fax: 212-218-2808 |