Bank of Idaho continues expansion in Treasure Valley

Alan Mullins

Idaho Falls-based Bank of Idaho continues its expansion in the Treasure Valley with the announcement of a loan production office (LPO), now open in downtown Nampa’s Historic Library building at 101 11th  Avenue, Suite 215, Idaho Falls-based Bank of Idaho continues its expansion in the Treasure Valley with the announcement of a Loan Production Office (LPO), in downtown Nampa’s Historic Library building. The new office will offer a complete slate of commercial lending options.

“Bank of Idaho’s values line up directly with mine: developing meaningful relationships with small businesses, and commitment to community.” said Alan Mullins, VP area manager of loan operations. “When I heard that, I was immediately interested in joining their expansion efforts.”

"It’s great to work again for an independent bank that cares about fostering those types of small business relationships,” said Mullins, who started his career as a bank teller in Weiser. “Some of my best friends started out as clients back in the day."

Along with Mullins, the Bank of Idaho Nampa team is made up of Sean Edwards, commercial loan officer and Kelsey Pease, commercial loan assistant. The new office will offer a complete slate of commercial lending options.

Nampa’s Historic Library building was originally built for a bank in 1919. The Bank of Idaho is open now in the former library’s offices on the second story, while the acquisitions team is working to finalize arrangements for a permanent full-service branch location in Nampa.

Love at First Bite plans expansion to 5,000 square feet

Love at First Bite, one of the first stores at Snake River Landing, will be turning 10 this year and expanding in size.

Love at First Bite Mercantile announced Monday that it is expanding its gifts and oils shop at 901 Pier View Drive, in Snake River Landing. The expansion is under way and will increase the size of the store from around 3,000 square feet to nearly 5,000 square feet. This is the second expansion by the shop, which opened in 2009 with 1,500 square feet.

Located across from The Pier and the river, Love at First Bite is a unique, locally-owned shop that features truffles and old-fashioned candies and sodas, inspired cupcakes, eclectic gifts and an expansive line of specialty oils and vinegars known as the Twig and Vine Olive Oil Company.

"We have enjoyed being part of Snake River Landing since we opened nearly ten years ago," said owner Juli Richards. “With the growth in the area and in Idaho Falls, we are so happy to be able to grow along with it and to offer even more items in the shop.”

Love at First Bite will remain open during the expansion, which should be finished early this fall.

In addition to the Love at First Bite expansion, The Falls Apartments in Snake River Landing is also in expansion mode. Kartchner Inc. is currently developing 96 additional apartments, adding to the 228-unit complex that opened in 2017.

“It’s exciting to see businesses grow in Snake River Landing, particularly one that is locally owned and operated,” said Eric Isom, Snake River Landing's chief development officer. “With a positive environment, beautifully maintained grounds, steady traffic and ample parking, we look forward to seeing more businesses thrive in Snake River Landing.”

City of Idaho Falls to hold meeting, open house on EPA grant

The city of Idaho Falls Community Development Services Department will be hosting a community meeting and open house to discuss the Brownfield Assessment Grant from the Environmental Protection Agency (EPA). The meeting will be held Tuesday from 3 to 5 p.m. at 574 East 4th Street (the former Boy Scout Office).

Last year, the city, the Idaho Falls Redevelopment Agency, and Bonneville Metropolitan Planning Organization received a three-year grant from EPA for $600,000. Since receiving the grant, project staff have done background work such as creating a brownfield inventory.

While the grant monies may be used anywhere within the city, the focus of the grant work is primarily within the city core, covering areas including Northgate Mile, First Street, downtown and the south downtown areas. As the project now moves towards more public activities such as reuse planning and environmental assessments, city staff and the project’s lead consultant from Stantec hope to use the meeting to accomplish a variety of purposes.

“We want to make sure that those who come to the meeting will be able to understand the purpose of the grant and learn how property owners can directly benefit from the funds,” said Brad Cramer, director of the Community Development and Services Department.  “We also want to seek input on properties and areas where the community members feel the grant should be used for revitalization.”

Staff will also be scheduling appointments with interested property owners to provide technical assistance on environmental, cleanup, and other redevelopment issues on their properties. For more information on this event or to schedule an appointment, please contact Kerry Beutler, the city's assistant planning director at 208-612-8278.

Bank of Idaho Holding Co. completes private placement of stock

Jeff Newgard

Bank of Idaho Holding Co., the parent company of Bank of Idaho, announced Friday that it has completed a $15 million private placement of its capital stock. The investor in the private placement consisted of certain affiliates of Castle Creek Capital LLC, a well-established, sophisticated institutional investor that specializes in the community banking sector.

Proceeds from the private placement will be used to facilitate strategic initiatives and support the company's organic growth and market expansion activities throughout the state of Idaho. While Castle Creek will join the company’s shareholder base, the existing management team and board of directors will continue to lead the
bank’s efforts to provide exceptional products and services to the customers and communities that the bank serves.

"This is a momentous day for Bank of Idaho. We are excited to see the opportunities these resources will bring us as we strive to further differentiate ourselves as the preferred financial institution for small business banking throughout the state,” said Jeff Newgard, the bank's president and CEO. “As a result of this capital raise, we have significantly strengthened our balance sheet to support the next stage of our company's strategic initiatives. This represents a solid vote of confidence for our strategic
plan, as we continue on a path to providing a truly unique and personal banking experience for our small business clients across the state.”

Hovde Group LLC served as the sole placement agent for the transaction. Ernest J. Panasci, Partner at Stinson, LLP, served as legal counsel to Bank of Idaho Holding Co. for the transaction.

Credit Union buys primary naming rights to Idaho Falls event center

An artist's rendering of what the event center might look like.

The Idaho Falls Auditorium District announced on Tuesday a new long-term partnership with Mountain America Credit Union that includes naming rights to the long-anticipated facility.

"Partnerships of private enterprise and government are absolutely necessary in order to make projects the size of this one a reality,” said IFAD Board Chairwoman Terri Gadzik in a press release. “They have stepped up to the plate to help the event center team change the face of the economy in eastern Idaho forever."

Mountain America has purchased the primary naming rights to the Mountain America Center for $4.5 million. The credit union has more than 840,000 members throughout five states, including 15 branches in Idaho, and has reported $9 billion in assets. Previously, Mountain America purchased naming rights to the Mountain America Performing Arts Centre in Sandy, Utah, where its headquarters are located.

The total cost of the Idaho Falls project has been estimated at $62 million. No date for groundbreaking has been announced, but infrastructure is being built on Event Center Drive at Snake River Landing, which has donated the land. IFAD has posted a $10 million private fund-raising goal, of which Mountain America's contribution represents 45 percent.

The district reported $11.7 million in assets at the end of May, including more than $10 million in its accounts. It has raised $12 million from a 19 percent hotel bed tax, which voters approved of in a 2011 vote. Certificates of participation, a lease-financing tool, will allow the district to sell shares of the event center’s lease revenues.

The center has been envisioned as the home for a new Idaho Falls minor league hockey team and also a venue for concerts, sporting events, conferences, and other community events. The design of the 48,000-square-foot venue features an arena with seating for up to 5,500 people and a state-of-the-art convention center with flexible configurations.

As naming rights partner, Mountain America’s branding will be visible throughout the facility, with Mountain America Center prominent on the interior and exterior of the building, including a digital marquee sign along the freeway. Additional naming rights opportunities are available inside the facility.

“IFAD is committed to delivering an event center to the Idaho Falls community,” said Rob Spear, IFAD's executive director. “Today Mountain America provided us with the financial momentum needed to move this project forward.”