Kurt Gustavel

named CEO of IIB

Idaho Independent Bank announced Kurt R. Gustavel has been appointed as chief executive officer of the bank, effective Jan. 1, 2018.

Gustavel will succeed current CEO and chairman of the board, Jack W. Gustavel, who will continue as executive chairman of the board of directors in accordance with IIB’s management succession plan.

“The Bank is executing on its ambitious long-term, strategic plan. The momentum is positive, and Kurt’s leadership has been a big part of IIB’s success. He has the experience and talent to take the bank to the next level,” said Jack Gustavel.

Kurt’s new title will be president and chief executive officer. Kurt has over 26 years of banking experience. He joined IIB in 1994, was elected to the bank’s board of directors in 2003, and was appointed president and chief operating officer in 2005.

Kurt holds a bachelor’s degree from the University of Idaho and is a 2004 graduate of the ABA Stonier Graduate School of Banking. He is currently active in the Young Presidents Organization and serves as treasurer of the Idaho chapter.

IIB was established in 1993 as an Idaho state-chartered, commercial bank that operates branches in Boise, Caldwell, Coeur d’Alene, Hayden, Meridian, Mountain Home, Nampa, Star, and Sun Valley/Ketchum. The bank has approximately 200 employees throughout Idaho. To learn more about IIB, visit theidahobank.com.

Hecla reports

second quarter loss

Hecla Mining Company reported a $24.2 million net loss to common stockholders, representing 6 cents per share, for the second quarter of 2017. Total earnings for the quarter were $134.3 million.

The Coeur d’Alene-based company blamed the loss, in its quarterly report, on several factors including the ongoing strike that began in March at the Lucky Friday mine in Mullan.

The suspension of work at Lucky Friday has cost the company $6.4 million, along with $1.5 million in non-cash depreciation expense for the quarter.

“The ongoing strike at Lucky Friday has lowered metal production but has improved silver cash cost, after by-product credits, 93 percent to 26 cents per ounce, the lowest in seven years,” the company reported.

Most of the loss is due, the company reported, to an income tax provision of $16.1 million, primarily due to taxes related to operations in Mexico.

Hecla also reported it secured its San Sebastian mill through 2020 and made significant improvements in treatment and refining charges for lead, zinc and bulk concentrates.

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