ITLA Capital Corporation Announces Extension of Stock Repurchase Program

LA JOLLA, Calif., Oct. 18  /PRNewswire-FirstCall/ -- ITLA Capital Corporation (NASDAQ:ITLA) announced today that its Board of Directors has approved the eleventh extension of its stock repurchase program of up to an additional five percent of its outstanding shares.  The Company has substantially completed the repurchase of shares authorized under the tenth extension, which the Company announced in March 2005.  Under this program, management may acquire, at its discretion, shares of outstanding common stock of the Company through purchases on the open market or in privately negotiated transactions.

President and Chief Executive Officer George Haligowski stated that: "The extension of this program continues the effective use of our capital resources and provides orderly liquidity in the open market for the Company's outstanding common stock.  From the inception of our stock repurchase program in 1997 through September 30, 2005, we have repurchased approximately 3,250,000 shares, returning approximately $87 million of capital to our shareholders, which is approximately $9 million more than the capital we raised from our initial and secondary stock offerings."

Repurchased shares may become treasury shares and will be utilized in the normal course of the Company's capital management activities, including the potential funding of employee benefit programs.  The timing of repurchases will be based on a number of factors, including the price of the Company's stock and general market conditions.  This program is not intended to affect the "well capitalized" regulatory designation of the Company or its principal operating subsidiary, Imperial Capital Bank.

"Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995:

This release contains forward-looking statements that are subject to risks and uncertainties, including, but not limited to, changes in economic conditions in the Company's market areas, changes in policies by regulatory agencies, the impact of competitive loan products, loan demand risks, the quality or composition of the loan or investment portfolios, increased costs from pursuing the national expansion of our small balance multifamily lending platform and operational challenges inherent in implementing this expansion strategy, fluctuations in interest rates, and changes in the relative differences between short and long term interest rates, levels of non-performing assets, and operating results, the economic impact of terrorist actions and other risks detailed from time to time in the Company's filings with the Securities and Exchange commission.  The Company cautions readers not to place undue reliance on any forward-looking statements.  The Company does not undertake and specifically disclaims any obligation to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements. These risks could cause the Company's actual results for 2005 and beyond to differ materially from those expressed in any forward-looking statements by, or on behalf of, the Company.

ITLA Capital Corporation is the largest financial services company headquartered in San Diego, California, and conducts its operations through Imperial Capital Bank and Imperial Capital Real Estate Investment Trust. Imperial Capital Bank has seven retail branch locations and 27 lending offices located in California, Nevada, Arizona, Texas, the Southeast, the Mid Atlantic states, the Metro New York area, and New England.

For further information, please contact Timothy M. Doyle, Executive Managing Director and Chief Financial Officer of ITLA Capital Corporation, [phone]. 

DATASOURCE: ITLA Capital Corporation



CONTACT:  Timothy M. Doyle, Executive Managing Director, CFO of ITLA

Capital Corporation, [phone]



Web site:  http://www.itlacapital.com/ 

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