Exhibit 99.1

INTERVEST BANCSHARES CORPORATION

Reports Earnings of $2.5 Million or $0.12 Per Share for 2011 Second Quarter

Business Editors - New York – (Business Wire – July 13, 2011)

Intervest Bancshares Corporation (NASDAQ-GS: IBCA), parent company of Intervest National Bank, today reported its 2011second quarter financial results. Financial highlights follow.

Net earnings for Q2-11 increased by $54.3 million over Q2-10 due to the following: a $94.0 million decrease in the total provision for loan and real estate losses (reflecting a large provision recorded in connection with the Q2-10 bulk sale and fewer problem assets and credit rating downgrades); a $1.6 million decrease in real estate expenses (reflecting less real estate owned); a $0.5 million increase in noninterest income (reflecting primarily increased income from loan prepayments and other related fees); and a $0.2 million decrease in noninterest expenses (reflecting primarily lower data processing costs and professional fees). The total of these items was partially offset by a $0.5 million decrease in net interest and dividend income (described below) and a $41.5 million increase in tax expense (due to pre-tax income in Q2-11 versus a large pre-tax loss in Q2-10). The Company’s effective tax rate was 44.6% in Q2-11 and 43.2% in Q2-10.

The decrease in net interest and dividend income reflected a combination of a planned decrease in the Bank’s assets and liabilities as well as decreased lending opportunities, partially offset by a higher net interest margin as noted above. Total average interest-earning assets decreased by $192 million in Q2-11 from Q2-10. A large portion of the cash inflows from the Q2-10 bulk loan sale as well as loan payoffs and principal repayments since June 30, 2010 were used to fund $177 million of deposit outflow and repayments of $21 million of maturing FHLB borrowings. The overall decrease in assets positively impacted the Bank’s regulatory capital ratios.

The 11 basis point increase in the Q2-11 net interest margin from Q2-10 was nearly all due to the recovery of $0.5 million of past due interest on one loan. Overall, the yield on average interest-earning assets decreased by 21 basis points to 4.94% in Q2-11, from 5.15% in Q2-10, due to the impact of the bulk loan sale (a large portion of which included the sale of $108 million of 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 a large portion of the resulting cash inflows into security investments with lower market interest rates. The average cost of funds decreased by 32 basis points to 2.92% in Q2-11, from 3.24% in Q2-10 due to lower rates paid on deposit accounts.

Net earnings for the six months ended June 30, 2011 increased by $58.9 million over the same period of 2010 due to the following: a $103.6 million decrease in the total provision for loan and real estate losses; a $2.2 million decrease in real estate expenses; a $0.3 million increase in noninterest income; and a $0.5 million decrease in noninterest expenses. The aggregate of these items was partially offset by a $2.6 million decrease in net interest and dividend income and a $45.1 million increase in income tax expense. The reasons for these changes are the same as those described earlier regarding the quarterly variances.

Total assets at June 30, 2011 decreased to $2.05 billion from $2.07 billion at December 31, 2010, primarily reflecting a decrease in loans and overnight investments, partially offset by an increase in security investments. Total loans, net of unearned fees, amounted to $1.25 billion at June 30, 2011, an $85 million decrease from $1.34 billion at December 31, 2010. The decrease reflected $108.6 million of principal repayments (resulting from payoffs and normal amortization) and $5.9 million of loan chargeoffs, partially offset by $28.2 million of new originations. At June 30, 2011, the Company had a net deferred tax asset totaling $43 million, which included gross net operating loss carryforwards (NOLs) of $50 million for Federal purposes and $82 million for state and local purposes. The NOLs are available to reduce future taxable income.

Nonaccrual loans and real estate owned aggregated to $71 million, or 3.5% of total assets, at June 30, 2011, compared to $80 million, or 3.9%, at December 31, 2010. Nonaccrual loans totaled $45 million at June 30, 2011 and $53 million at December 31, 2010 and included $33 million and $21 million, respectively, of performing TDRs that are classified as nonaccrual based on regulatory guidance. In June 2011, a $14.8 million nonaccrual loan was restructured and $0.5 million of past due interest was recovered as part of the settlement. The restructured terms call for interest payments at 5% for the first year, increasing thereafter at predetermined amounts. All of the TDRs classified as nonaccrual have performed as agreed under their renegotiated terms and interest income is being recorded on a cash basis. In the first half of 2011, based on updated appraisals received, the Bank charged off a portion ($3.6 million) of three of the performing TDRs. The borrowers remain obligated to pay all principal amounts due. The Company does not own or originate construction/development loans.

The allowance for loan losses at June 30, 2011 was $31.8 million, representing 2.54% of total net loans, compared to $34.8 million, or 2.61%, at December 31, 2010 and $30.4 million, or 2.17%, at June 30, 2010. The overall allowance included specific reserves for impaired loans (comprised of nonaccrual loans and accruing TDRs) at each date of $3.4 million, $7.2 million and $3.0 million, respectively.

Securities held to maturity increased by $77 million to $691.3 million at June 30, 2011 from $614.3 million at December 31, 2010, due to new purchases exceeding calls and maturities. The growth in the security investments has been a function of decreased lending opportunities. At June 30, 2011, the portfolio, comprised mainly of U.S. government agency debt securities, had a weighted-average yield to earliest call date of 1.58% and a weighted-average remaining contractual maturity of 4.7 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 or collateralized mortgage obligations.

Deposits at June 30, 2011 decreased to $1.74 billion from $1.77 billion at December 31, 2010, reflecting a $24 million decrease in time deposits and an $8 million decrease in money market deposit accounts. Borrowed funds and related interest payable at June 30, 2011 decreased to $83 million, from $85 million at December 31, 2010, due to the maturity and repayment of FHLB borrowings, partially offset by an increase in interest payable on trust preferred securities. Stockholders’ equity increased to $191 million at June 30, 2011 from $186 million at December 31, 2010, primarily due to $5 million of net earnings before preferred dividend requirements. 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; 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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