Exhibit 99.1

INTERVEST BANCSHARES CORPORATION

Reports 2011 First Quarter Earnings of $1.7 Million

Business Editors - New York – (Business Wire – April 12, 2011)

Intervest Bancshares Corporation (NASDAQ-GS: IBCA), parent company of Intervest National Bank, today reported its financial results for the first quarter of 2011.

Financial Highlights:

Net earnings for Q1-11 increased by $4.6 million over Q1-10 due to a $9.6 million decrease in the total provision for loan and real estate losses (reflecting fewer problem assets and credit rating downgrades), a $0.6 million decrease in real estate expenses (reflecting less real estate owned) and a $0.3 million decrease in noninterest expenses (primarily due to lower data processing costs). The aggregate of these items was partially offset by a $2.1 million decrease in net interest and dividend income, a $0.2 million decrease in noninterest income and a $3.6 million increase in tax expense (resulting from pre-tax income in Q1-11 versus a pre-tax loss in Q1-10).

The decrease in net interest and dividend income reflected the planned reduction in the Bank’s assets and liabilities and a slightly lower net interest margin as noted above. Total average interest-earning assets decreased by $305 million in Q1-11 from Q1-10 in part due to the previously reported bulk loan sale in May 2010, with the remainder due to loan payoffs and principal repayments exceeding a reduced volume of new loan originations. These cash inflows were used to fund deposit outflow and repayments of maturing borrowed funds, which positively impacted the Bank’s regulatory capital ratios.

The decrease in the net interest margin in Q1-11 from Q1-10 reflected the impact of the bulk loan sale, a large portion of which included the sale of $108 million of performing troubled debt restructured loans (TDRs) and other loans yielding approximately 5%, payoffs of other higher yielding loans and early calls of U.S. government agency security investments coupled with the reinvestment of the proceeds into similar securities with lower market interest rates, all of which was largely offset by lower rates paid on deposit accounts. The yield on average interest-earning assets decreased by 42 basis points to 4.88% in Q1-11, from 5.30% in Q1-10, while the average cost of funds decreased at nearly the same pace or by 40 basis points to 2.96% in Q1-11, from 3.36% in Q1-10.

Total assets at March 31, 2011 decreased to $2.01 billion from $2.07 billion at December 31, 2010, primarily reflecting a decrease in loans receivable and security investments.

Loans receivable, net of unearned fees, amounted to $1.30 billion at March 31, 2011, a $37 million decrease from $1.34 billion at December 31, 2010. The decrease was due to an aggregate of $39.5 million of principal repayments (resulting from loan payoffs and normal amortization) and $4.5 million of loan chargeoffs, partially offset by $6.6 million of new loan originations. The Company does not own or originate construction/development loans.

Nonaccrual loans and real estate owned aggregated to $72 million, or 3.6% of total assets, at March 31, 2011, compared to $80 million, or 3.9%, at December 31, 2010 and $154 million, or 6.8%, at March 31, 2010. The decrease in total assets since 2009 has negatively impacted the percentages. Nonaccrual loans at March 31, 2011 and December 31, 2010 included $18 million and $21 million, respectively, of performing TDRs that are classified as nonaccrual based on regulatory guidance. These TDRs continue to pay as agreed under their renegotiated terms. As a result of updated appraisals in March 2011, the Bank charged off in Q1-11 a portion of three of these performing TDRs.

The allowance for loan losses at March 31, 2011 was $32.4 million, representing 2.49% of total net loans, compared to $34.8 million, or 2.61%, at December 31, 2010 and $28.3 million, or 1.73%, at March 31, 2010. The overall allowance included specific reserves for impaired loans (comprised of nonaccrual loans and TDRs) at each date of $3.8 million, $7.2 million and $11.0 million, respectively.

Securities held to maturity decreased by $24.4 million to $589.9 million at March 31, 2011 from $614.3 million at December 31, 2010, primarily due to calls exceeding new purchases. The securities portfolio is comprised mainly of U.S. government agency debt securities. At March 31, 2011, the portfolio had a weighted-average yield to earliest call date of 1.64% and a weighted-average remaining contractual maturity of 4.8 years. The Bank invests in U.S. government agency debt obligations to emphasize safety and liquidity. The Company does not own or invest in collateralized debt obligations or collateralized mortgage obligations.

Deposits at March 31, 2011 decreased to $1.71 billion from $1.77 billion at December 31, 2010, reflecting a $46.2 million decrease in time deposits and a $12.8 million decrease in money market deposit accounts.

Borrowed funds and related interest payable at March 31, 2011 decreased to $82 million, from $85 million at December 31, 2010, due to the maturity and repayment of FHLBNY borrowings.

Stockholders’ equity increased to $188 million at March 31, 2011 from $186 million at December 31, 2010, primarily due to the Q1-11 net earnings before preferred dividend requirements of $2.2 million. As required by agreements with its regulators, and as permitted by the underlying documents, the Company has suspended the payment of TARP dividends on its preferred stock and interest on its trust preferred securities since February 2010.

Intervest Bancshares Corporation is a bank holding company. Its principal operating subsidiary is Intervest National Bank, 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. Intervest Bancshares Corporation’s Class A Common Stock is listed on the NASDAQ Global Select Market: Trading Symbol IBCA. This press 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 affect the Company’s actual results of operations. The following important factors, among others, could cause actual results to differ materially from those set forth in forward looking statements: changes in general economic conditions and real estate values in the Company’s market areas; changes in regulatory policies and enforcement actions; fluctuations in interest rates; demand for loans and deposits; changes in tax laws or the availability of net operating losses, the effects of additional capital, the availability of regulatory waivers; and competition. Reference is made to the Company’s filings with the SEC for further discussion of risks and uncertainties regarding the Company’s business. Historical results are not necessarily indicative of the future prospects of the Company.

Contact: Lowell S. Dansker, Chairman, Intervest Bancshares Corporation

One Rockefeller Plaza (Suite 400) New York, New York 10020-2002

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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