Exhibit 99.1

INTERVEST BANCSHARES CORPORATION

Reports 2012 Third Quarter Earnings of $2.2 Million or $0.10 per share

Business Editors—New York – (Business Wire—October 15, 2012)

Intervest Bancshares Corporation (NASDAQ-GS:IBCA), parent company of Intervest National Bank, today reported net earnings for the third quarter of 2012 (“Q3-12”) of $2.2 million, or $0.10 per common share, compared to $2.6 million, or $0.12 per share, for the third quarter of 2011 (“Q3-11”). For the first nine months of 2012 (“9mths-12”), net earnings amounted to $7.3 million or $0.34 per share, compared to $6.8 million, or $0.32 per share, for the first nine months of 2011 (“9mths-11”).

Key Points Follow:

Net earnings for Q3-12 decreased by $0.4 million from Q3-11 due to a $0.6 million decrease in net interest and dividend income (as detailed below), a $0.8 million decrease in noninterest income (reflecting less income from loan prepayments), a $0.8 million increase in real estate expenses (due primarily to increased repairs, maintenance and insurance costs on REO) and a $0.6 million increase in operating expenses (due primarily to a $0.4 million aggregate increase in salaries, benefits and stock compensation expense including the impact of several new officer positions filled during 2012). The sum of these items was partially offset by a $1.9 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 $0.5 million decrease in income tax expense (due to lower pre-tax income). The effective income tax rate was 46% in Q3-12 and 47% in Q3-11.

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 Q3-12, total average interest-earning assets decreased by $245 million from Q3-11, reflecting decreases of $66 million in average loans and $179 million in average total securities and overnight investments. At the same time, average deposits and borrowed funds decreased by $222 million and $12 million, respectively, while average stockholders’ equity increased by $13 million. The net interest margin benefited from an improved interest rate spread, partially offset by an $11 million decrease in net average interest-earning assets (due to a higher level of cash on hand). The spread increased by 20 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 into new loans and securities at lower market interest rates. Overall, the average cost of funds decreased by 46 basis points to 2.35% in Q3-12, from 2.81% in Q3-11, while the average yield on earning assets decreased at a slower pace or by 26 basis points to 4.48% in Q3-12, from 4.74% in Q3-11.

Net earnings for 9mths-12 increased by $0.5 million over 9mths-11 due to a $4.0 million decrease in the total provision for loan and real estate losses and a $0.4 million increase in noninterest income, partially offset by a $2.2 million decrease in net interest and dividend income, a $0.8 million increase in real estate expenses, a $0.4 million increase in operating expenses and a $0.5 million increase in income tax expense.

Total assets at September 30, 2012 decreased to $1.75 billion from $1.97 billion at December 31, 2011, primarily reflecting a $260 million decrease in security investments, partially offset by a $64 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.

Securities held to maturity decreased to $440 million at September 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 September 30, 2012, the securities portfolio, which represented 25% of total assets and was comprised nearly all of U.S. government agency debt ($347 million) and residential mortgage-backed pass through securities ($89 million), had a weighted-average expected yield, remaining life and remaining contractual maturity of 1.32%, 1.3 years and 7.2 years, respectively.

Loans totaled $1.15 billion at September 30, 2012, compared to $1.16 billion at December 31, 2011. The decrease reflected $132 million of payoffs, $33 million of amortization and $2.5 million of chargeoffs, mostly offset by $159 million of new loans. Loans paid off had a weighted-average yield of 6.24%. New loans, nearly all with fixed interest rates, had a weighted-average yield, term and loan-to-value ratio of 4.64%, 6.0 years and 58%, respectively.

Nonaccrual loans and REO aggregated to $70 million, or 4.0% of total assets, at September 30, 2012, compared to $86 million, or 4.3%, at December 31, 2011. Nonaccrual loans totaled $48 million at September 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 June 2012. 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 four TDRs (or $1.6 million of aggregate principal) was charged off for financial statement purposes during 9mths-12. The borrowers remain obligated to pay all contractual principal due on the TDRs.

The allowance for loan losses at September 30, 2012 was $28.4 million, representing 2.46% 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 $5 million and $8 million, respectively.

At September 30, 2012, the Company had a deferred tax asset totaling $32 million, which included remaining unused NOL and AMT credit carryforwards totaling $22 million for Federal tax purposes and $52 million for State and Local tax purposes. These carryforwards are available to reduce taxes payable on the Company’s future taxable income.

Deposits at September 30, 2012 decreased to $1.43 billion from $1.66 billion at December 31, 2011, primarily reflecting a $210 million decrease in CD accounts, of which $43 million were brokered. At September 30, there were $85 million of brokered CDs outstanding with a rate of 4.89% and $36 million mature within one year. The Bank expects to repay these CDs as they mature.

Borrowed funds and related interest payable at September 30, 2012 decreased to $69.5 million, from $78.6 million at December 31, 2011, due to the maturity and repayment of $10.5 million of FHLB borrowings, partially offset by a $1.4 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 $207 million at September 30, 2012 from $198 million at December 31, 2011, primarily due to $8.7 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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