Exhibit 99.1

INTERVEST BANCSHARES CORPORATION

Reports 2011 Fourth Quarter Earnings of $2.7 Million or $0.13 per share

and Full Year Earnings of $9.5 Million or $0.45 per share.

Business Editors - New York – (Business Wire – January 17, 2012)

Intervest Bancshares Corporation (NASDAQ-GS: IBCA), parent company of Intervest National Bank, today reported its 2011 fourth quarter and full year financial results. Financial highlights for the quarter follow.

Net earnings for Q4-11 increased by $2.3 million over Q4-10 due to the following: a $3.3 million decrease in the total provision for loan and real estate losses (resulting from fewer credit rating downgrades on loans and writedowns of REO); a $1.1 million decrease in noninterest expenses (reflecting decreases of $0.9 million in FDIC premiums, $0.2 million in data processing costs and $0.2 million in professional fees, partially offset by a $0.2 million increase in salaries and benefits); and a $0.2 million increase in net interest and dividend income (as described below). The total of these items was partially offset by a $2.0 million increase in income tax expense (due to higher pre-tax income) and a $0.3 million increase in real estate expenses. The effective income tax rate was 46% in Q4-11 and Q4-10.

The increase in net interest and dividend income over Q4-10 reflected a 16 basis point improvement in the net interest margin, largely offset by a planned decrease in the Bank’s assets and liabilities as well as decreased lending opportunities due to current economic conditions. In Q4-11, total average interest-earning assets decreased by $108 million from Q4-10, reflecting a $166 million decrease in loans, partially offset by a $61 million increase in security investments. At the same time, average deposits and borrowed funds decreased by $119 million and $12 million, respectively, while average stockholders’ equity increased by $15 million. The decrease in assets positively impacted the Bank’s regulatory capital ratios.

The higher net interest margin was attributable to lower rates paid on deposit accounts and the repayment of maturing higher-cost brokered CDs and FHLB borrowings, largely offset by the decrease in loans. Overall, the average cost of funds decreased by 41 basis points to 2.62% in Q4-11, from 3.03% in Q4-10, while the yield on average earning assets decreased at a slower pace by 26 basis points to 4.63% in Q4-11, from 4.89% in Q4-10, due to payoffs of higher yielding loans and calls of U.S. government agency security investments due to declining interest rates, coupled with the re-investment of a large portion of these cash inflows into securities at lower market interest rates.

For 2011, net earnings were $9.5 million, or $0.45 per diluted common share, compared to a net loss of $55.0 million, or $4.95 per share, for 2010. The improvement was due to $108.6 million decrease in the total provision for loan and real estate losses; a $2.5 million decrease in real estate expenses; a $2.2 million increase in noninterest income (reflecting a $1.1 million increase in loan prepayment income and a $1.0 million decrease in security impairment writedowns); and a $3.2 million decrease in noninterest expenses (reflecting decreases of $1.7 million in FDIC premiums, $1.3 million in data processing costs and $0.7 million in professional fees, partially offset by a $0.5 million increase in salaries and benefits). The total of these items was partially offset by a $2.1 million decrease in net interest and dividend income and a $49.9 million increase in income tax expense (due to pre-tax income of $21 million in 2011 versus a pre-tax loss of $94 million in 2010). The net loss in 2010 was primarily driven by a bulk sale in May of nonperforming and underperforming assets as discussed in prior releases. The assets sold aggregated to $207 million and consisted of $192 million of loans and $15 million of REO. The assets were sold at a substantial discount to their net carrying values. As a result of this transaction, a $79 million combined provision for loan and real estate losses was recorded, which after taxes contributed approximately $44 million, or 80%, to the reported loss. At December 31, 2011, the Company had a deferred tax asset totaling $38.8 million, which included remaining unused NOL carryforwards of $34 million for Federal purposes and $66 million for state and local purposes. The NOLs, which arose from the bulk sale, are available to reduce taxes payable on future taxable income.

Total assets at December 31, 2011 decreased to $1.97 billion from $2.07 billion at December 31, 2010, primarily reflecting a decrease in loans, partially offset by an increase in security investments. Loans totaled $1.16 billion at December 31, 2011, a $174 million decrease from $1.34 billion at December 31, 2010. The decrease reflected $243 million of principal repayments, $9.6 million of chargeoffs and $4.4 million of transfers to REO, partially offset by $82 million of new loans. The loan portfolio is comprised of commercial and multifamily real estate loans, and the Company does not own or originate construction/development loans.

Nonaccrual loans and REO aggregated to $86 million, or 4.3% of total assets, at December 31, 2011, compared to $80 million, or 3.9%, at December 31, 2010. Nonaccrual loans totaled $57 million at December 31, 2011 and $53 million at December 31, 2010 and included $46 million (12 loans) and $21 million (6 loans) of TDRs that were current at each date, respectively. All the TDRs classified as nonaccrual have performed as agreed under their renegotiated terms and interest income is being recorded on a cash basis. During 2011, based on updated appraisals received on the underlying collateral properties, a portion of seven TDRs (or $5.8 million of principal) were charged off, although the borrowers remain obligated to pay all contractual principal due.

The allowance for loan losses at December 31, 2011 was $30.4 million, representing 2.61% of total net loans, compared to $34.8 million, or 2.61%, at December 31, 2010. The allowance included specific reserves for impaired loans (comprised of all nonaccrual loans as well as accruing TDRs) at each date totaling $8.0 million and $7.2 million, respectively.

Securities held to maturity increased by $86 million to $700 million at December 31, 2011 from $614 million at December 31, 2010. The growth in the portfolio was a function of decreased lending opportunities. At December 31, 2011, the portfolio, which represented 36% of total assets and comprised nearly all of U.S. government agency debt securities, had a weighted-average yield to earliest call date of 1.39% and a weighted-average remaining contractual maturity of 5 years. The Bank invests in U.S. government agency debt obligations to emphasize safety and liquidity, and does not own or invest in collateralized debt obligations, collateralized mortgage obligations or derivatives.

Deposits at December 31, 2011 decreased to $1.66 billion from $1.77 billion at December 31, 2010, primarily reflecting a $106 million decrease in CD accounts, of which $31 million were brokered. Borrowed funds and related interest payable at December 31, 2011 decreased to $79 million, from $85 million at December 31, 2010, due to the maturity and repayment of $8 million of FHLB borrowings, partially offset by a $2 million increase in accrued interest payable on trust preferred securities. Since February 2010, as required by our regulators and as permitted by the underlying documents, the Company has suspended the payment of interest on $55 million of trust preferred securities as well as the declaration and payment of TARP dividends on $25 million of preferred stock held by the U.S. Treasury. Stockholders’ equity increased to $198 million at December 31, 2011 from $186 million at December 31, 2010, primarily due to $11 million of net earnings before preferred dividend requirements.

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. This release may contain forward-looking information. Words such as “may,” “will,” “could,” “should,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” “project,” “assume,” “indicate,” “continue,” “target,” “goal,” and similar words or expressions of the future are intended to identify forward-looking statements. Except for historical information, the matters discussed herein are subject to certain risks and uncertainties that may adversely affect our business, financial condition and results of operations. The following factors, among others, could cause actual results to differ materially from those set forth in forward looking statements: the regulatory agreements to which IBC and INB are currently subject to and any operating restrictions arising therefrom including availability of regulatory approvals or waivers; changes in economic conditions and real estate values both nationally and in our market areas; changes in our borrowing facilities, volume of loan originations and deposit flows; changes in the levels of our non-interest income and provisions for loan and real estate losses; changes in the composition and credit quality of our loan portfolio; legislative or regulatory changes, including increased expenses arising therefrom; changes in interest rates which may reduce our net interest margin and net interest income; increases in competition; technological changes which we may not be able to implement; changes in accounting or regulatory principles, policies or guidelines; changes in tax laws and our ability to utilize our deferred tax asset, including NOL carryforwards; and our ability to attract and retain key members of management. Reference is made to IBC’s filings with the SEC for further discussion of risks and uncertainties regarding our business. Historical results are not necessarily indicative of our future prospects.

Contact: Lowell S. Dansker, Chairman; Phone 212-218-2800 Fax 212-218-2808.

Selected Consolidated Financial Information Follows.

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INTERVEST BANCSHARES CORPORATION

Selected Consolidated Financial Information

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INTERVEST BANCSHARES CORPORATION

Consolidated Financial Highlights

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