EXHIBIT 99.1




(BW) (INTERVEST-BANCSHARES) (IBCA)


       INTERVEST BANCSHARES CORPORATION GRIEVES THE DEATH OF ITS CHAIRMAN
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         Business Editors - New York - (Business Wire - August 9, 2006)

     Intervest  Bancshares  Corporation  (NASDAQ: IBCA) announced today that its
Chairman  and  founder,  Jerome  Dansker, age 87, passed away last night after a
brief  illness.  Consistent  with  the Company's succession planning, his duties
will  be  assumed by his son, Lowell S. Dansker, the Company's Vice Chairman and
President.

     Mr.  Dansker, a director and chief executive officer of Intervest since its
formation  in  1993,  had  an  illustrious career in the real estate and banking
businesses.  "We  are  deeply  saddened  by the passing of Jerome Dansker," said
Michael Callen, a director of Intervest. "His leadership and experience, and his
unfailing  dedication  to  the  Company,  will  be  sorely  missed.  Our deepest
condolences  go  out  to  his  wife  and  family."

Intervest  Bancshares  Corporation is a financial holding company. Its operating
subsidiaries  are:  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 five full-service banking offices in
Clearwater  and  Gulfport,  Florida;  Intervest Mortgage Corporation, a mortgage
investment company; and Intervest Securities Corporation, a broker/dealer and an
NASD  member  firm.  Intervest  Bancshares Corporation's Class A Common Stock is
listed on the NASDAQ National Market: Trading Symbol IBCA.



CONTACT:  LOWELL S. DANSKER,
          VICE CHAIRMAN AND PRESIDENT,
          Intervest Bancshares Corporation
          One Rockefeller Plaza (Suite 400)
          New York, New York 10020-2002
          212-218-2800 Fax 212-218-2808