Exhibit 99.1

INTERVEST BANCSHARES CORPORATION

Reports Earnings of $2.3 Million or $0.11 per share for 2012 Second Quarter

Business Editors - New York – (Business Wire – July 16, 2012)

Intervest Bancshares Corporation (NASDAQ-GS:IBCA), parent company of Intervest National Bank, today reported net earnings for the second quarter of 2012 (“Q2-12”) of $2.3 million, or $0.11 per diluted common share, compared to $2.5 million, or $0.12 per share, for the second quarter of 2011 (“Q2-11”). For the first half of 2012 (6mths-12), net earnings were $5.1 million, or $0.24 per share, compared to $4.2 million, or $0.20 per share, for the first half of 2011 (6mths-11).

Key Points Follow:

Net earnings for Q2-12 decreased by $0.2 million from Q2-11 due to a $1.2 million decrease in net interest and dividend income (as detailed below), largely offset by a $0.6 million decrease in the total provision for loan and real estate losses (resulting primarily from fewer loans outstanding and fewer credit rating downgrades) and a $0.4 million increase in noninterest income (due to higher income from loan prepayments). Operating expenses for Q2-12 were unchanged from Q2-11 as a $0.4 million decrease in FDIC premiums was offset by a $0.4 million aggregate increase in salaries, benefits and stock compensation expense, including the impact of several new officer positions during 2012. The effective income tax rate was 46% in Q2-12 and 45% in Q2-11.

The decrease in net interest and dividend income was largely due to a planned reduction in the size of the Bank’s balance sheet. In Q2-12, total average interest-earning assets decreased by $191 million from Q2-11, reflecting a $128 million decrease in average loans and a $63 million decrease in average securities and overnight investments. At the same time, average deposits and borrowed funds decreased by $142 million and $12 million, respectively, while average stockholders’ equity increased by $13 million. The net interest margin was nearly unchanged as a $37 million decrease in net average interest-earning assets (due to a higher level of cash on hand) was offset by a slight increase in the interest rate spread. The spread improved by 4 basis points due to the steady reduction in rates paid on deposits and run off of higher-cost CDs and borrowings, largely offset by payoffs of higher yielding loans and calls of security investments, coupled with the re-investment of a large portion of these cash inflows in new loans and securities at lower market interest rates. Overall, the average cost of funds decreased by 46 basis points to 2.46% in Q2-12, from 2.92% in Q2-11, while the average yield on earning assets decreased at a slower pace by 42 basis points to 4.52% in Q2-12, from 4.94% in Q2-11.

Net earnings for 6mths-12 increased by $0.9 million over 6mths-11 due to the following: a $2.1 million decrease in the total provision for loan and real estate losses; a $1.2 million increase in noninterest income; and a $0.2 million decrease in operating expenses, partially offset by a $1.6 million decrease in net interest and dividend income and a $1.0 million increase in income tax expense. The reasons for these changes were essentially the same as the factors that caused the quarterly variances.

Total assets at June 30, 2012 decreased to $1.86 billion from $1.97 billion at December 31, 2011, primarily reflecting a $165 million decrease in security investments and a $26 million decrease in loans, partially offset by a $92 million increase in cash and short-term investments. The Bank expects to utilize a large portion of the increase in cash to fund new loans. At June 30, 2012, the Bank had $77 million of potential new real estate loans in its origination pipeline.

Securities held to maturity decreased to $535 million at June 30, 2012 from $700 million at December 31, 2011, reflecting calls of securities exceeding new purchases. A portion of the resulting proceeds was used to fund planned deposit outflow and a portion was being held temporarily in cash and short-term investments as denoted above. At June 30, 2012, the securities portfolio, which represented 29% of total assets and was comprised mostly of U.S. government agency debt ($434 million) and residential mortgage-backed pass through securities ($96 million), had a weighted-average expected yield, remaining life and remaining contractual maturity of 1.37%, 1.4 years and 7.1 years, respectively.

Loans totaled $1.14 billion at June 30, 2012, compared to $1.16 billion at December 31, 2011. The decrease reflected $97 million of payoffs, $24 million of amortization and $1.9 million of chargeoffs, partially offset by $97 million of new loans. Loans paid off had a weighted-average yield of 6.21%. New loans, nearly all with fixed interest rates, had a weighted-average yield, term and loan-to-value ratio of 4.85%, 5.4 years and 58%, respectively.

Nonaccrual loans and REO aggregated to $77 million, or 4.1% of total assets, at June 30, 2012, compared to $86 million, or 4.3%, at December 31, 2011. Nonaccrual loans totaled $51 million at June 30, 2012 and $57 million at December 31, 2011, and included $39 million (12 loans) and $46 million (12 loans) of TDRs that were current at each date, respectively. One loan ($5.5 million) was upgraded and classified as an accruing TDR in Q2-12. All the TDRs classified as nonaccrual have performed as agreed under their renegotiated terms and interest income is being recorded on a cash basis. Based on annual updated appraisals received on the underlying collateral properties, a portion of three TDRs (or $1.4 million of aggregate principal) was charged off for financial statement purposes in Q1-12. The borrowers remain obligated to pay all contractual principal due on the TDRs.

The allowance for loan losses at June 30, 2012 was $28.8 million, representing 2.54% of total net loans, compared to $30.4 million, or 2.61%, at December 31, 2011. The allowance included specific reserves for impaired loans (comprised of all nonaccrual loans as well as accruing TDRs) at each date totaling $6 million and $8 million, respectively.

At June 30, 2012, the Company had a deferred tax asset totaling $34.1 million, which included remaining unused NOL and AMT credit carryforwards totaling $25 million for Federal tax purposes and $56 million for State and Local tax purposes. These carryforwards are available to reduce taxes payable on the Company’s future taxable income.

Deposits at June 30, 2012 decreased to $1.55 billion from $1.66 billion at December 31, 2011, primarily reflecting a $102 million decrease in CD accounts, of which $16.5 million were brokered. At June 30, 2012, there were $33 million of scheduled maturities of brokered CDs through December 31, 2012, which the Bank expects to repay as they mature.

Borrowed funds and related interest payable at June 30, 2012 decreased to $72.5 million, from $78.6 million at December 31, 2011, due to the maturity and repayment of $7 million of FHLB borrowings, partially offset by a $0.9 million increase in accrued interest payable on trust preferred securities (TRUPs). Since February 2010, as required by its regulator and as permitted by the underlying documents, the Company has suspended the payment of interest on $55 million of its debt in the form of TRUPs as well as the declaration and payment of dividends on $25 million of TARP preferred stock held by the U.S.Treasury.

Stockholders’ equity increased to $204 million at June 30, 2012 from $198 million at December 31, 2011, primarily due to $6 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 and AMT 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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