Gustavel lists Idaho Independent Bank's financial results

Jack W. Gustavel, chairman and chief executive officer of Idaho Independent Bank, announced IIB's consolidated unaudited financial results for the second quarter and six months ended June 30.

IIB's total assets as of June 30, increased $17.8 million, or 4 percent, to $458.6 million from $440.8 million at Dec. 31. As of quarter's end, total loans decreased $6.8 million, or 2.7, to $240.6 million from $247.4 million at Dec. 31.

Gustavel reported that the level of total loans has stabilized in recent months, and during the second quarter, loans increased $3.3 million when compared to the first quarter of 2012.

Gustavel reported that IIB's net loss for the quarter ended June 30, was $389,000, or 5 cents per diluted share, compared to a net loss of $1.1 million, or 18 cents per diluted share, for the same period a year ago.

The bank's net loss for the six months ended June 30, was $875,000, or 11 cents per diluted share, compared to a net loss of $2.1 million, or 33 cents per diluted share, for the same six-month period a year ago.

"IIB is beginning to see positive results from initiatives to restore profitability and maximize shareholder value," Gustavel said.

Stellar Senior Living purchases former Fairwinds Coeur d'Alene

Stellar Senior Living, headquartered in Salt Lake City, Utah, has purchased and initiated operations of the former Fairwinds Coeur d'Alene, a 130-unit retirement and assisted living community off Seltice Road in Coeur d'Alene.

Leisure Care previously operated the community for 10 years before the business owner (Lytle Enterprises) entered into a purchase and sale agreement of four properties with the newly-formed Stellar Senior Living earlier this year.

Stellar Senior Living, a new company specializing in the operation of independent and assisted living, was founded by Evrett Benton and his two sons, Aaron and Adam Benton of Salt Lake City.

Evrett Benton was one of the founders and past president and CEO of Five Star Quality Care Inc., one of the largest operators of retirement communities in the United States.

Along with the ownership change, residents and staff held a contest to change the name of the community and North Star Retirement Community won.

Transitions for the new name and branding are well on the way, according to Becky Monday, executive director of North Star.

Stellar Senior Living plans to maintain existing operational standards and staff, Monday explains, to assure that any impact to the residents would be minimal.

STCU announces promotions, hiring for key positions

Four longtime STCU employees have been promoted, while two others have been hired to fill key positions. The moves come as the credit union realigns its lending departments to better accommodate rapidly growing volume for commercial and consumer loans and mortgages, and better serve small businesses.

Patrick Garrity, director of lending strategy (a new position at STCU). Garrity has worked in lending for 30 years, the last 19 with STCU, where he most recently was director of consumer lending.

David Flood, director of consumer lending. Flood, a resident of Hayden, has worked in lending for 20 years, the last 12 at STCU, where he most recently was lending center manager.

New employee Greg Swanson, director of commercial lending (new position). Swanson has more than 30 years of experience in business and lending, most recently as vice president of Sterling Bank.

New employee Jeff Verble, commercial lending manager. Verble started his banking career 29 years ago, interspersed with periods as a residential contractor.

Jessie Chastain, home loan relationship development officer (new position). Chastain has been at STCU for five years.

Terri Mills, Small Business Manager (new position). Mills has 25 years of experience at financial institutions and has worked at STCU since 2007.

STCU has 15 branches in Eastern Washington and North Idaho.

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