Current Report Filing (8-k)

 

 

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): September 3, 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: [phone]

 

 

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):

 

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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))

 

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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

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Item 8.01

Other Events

On September 3, 2014, Intervest Bancshares Corporation (the “Company”) repurchased the warrant that it had issued to the United States Department of the Treasury on December 23, 2008 in connection with the Company’s participation in the Capital Purchase Program of TARP. The Company paid $2,892,066 to Treasury to repurchase the warrant, which has been cancelled. The warrant had permitted Treasury to purchase up to 691,882 shares of common stock at an exercise price of $5.42 per share.

The Company issued a press release reporting the repurchase of the warrant on September 3, 2014. The press release is filed as Exhibit 99.1 to this report and is incorporated by reference into this Item 8.01.

 

Item 9.01

Financial Statements and Exhibits

 

(d)

Exhibits

Exhibit 99.1     Press Release dated September 3, 2014.

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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: September 3, 2014
				By:		/s/ John J. Arvonio
						Chief Financial and Accounting Officer
						(Principal Financial Officer)

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EXHIBIT INDEX

 

Exhibit No.		Description
99.1		Press Release dated September 3, 2014

Exhibit 99.1

For Immediate Release

September 3, 2014 – Intervest Bancshares Corporation Announces Repurchase of Outstanding TARP Warrant

NEW YORK, N.Y., - Intervest Bancshares Corporation (the “Company”) (Nasdaq: IBCA), the holding company for Intervest National Bank, announced today that it has repurchased the warrant that had been issued to the U.S. Department of the Treasury in connection with the Company’s participation in the TARP Capital Purchase Program. The Company paid Treasury $2,892,066 to repurchase the warrant, which has been cancelled. The Company had originally issued the warrant, which permitted Treasury to purchase up to 691,882 shares of the Company’s common stock at an exercise price of $5.42 per share, on December 23, 2008. The Company repurchased all of the shares of TARP preferred stock in June and August of 2013. With the repurchase of the warrant, there are no other investments from the Company’s participation in TARP that remain outstanding.

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. Reference is made to IBC’s filings with the SEC for additional information, including a discussion of risks and uncertainties regarding its business.

 

CONTACT:		LOWELL DANSKER, CHAIRMAN
		Intervest Bancshares Corporation
		One Rockefeller Plaza (Suite 400)
		New York, New York 10020-2002
		Phone: [phone] Fax: [phone]