Item 5.02 Departure of Directors or Principal Officers; Election of Directors;
Appointment of Principal Officers; Compensatory Arrangements of Certain Officers

On December 11, 2008, the Board of Directors of Intervest Bancshares Corporation (the "Company") approved the award of cash bonuses to the executive officers of the Company or its wholly owned subsidiaries, as follows, with such bonuses to be paid on or before January 31, 2009: Keith Olsen, President of Intervest National Bank-$15,000; John Arvonio, Chief Financial and Accounting Officer of the Company and Intervest National Bank- $10,000; Stephen Helman, Vice President of the Company and its subsidiaries-$10,000; and John Hoffmann, Chief Financial Officer of Intervest Mortgage Corporation-$7,500. The bonuses awarded to Messrs. Olsen and Arvonio will be paid by Intervest National Bank and the bonuses awarded to Messrs. Helman and Hoffmann will be paid by Intervest Mortgage Corporation.

On December 11, 2008, the Board of Directors of the Company renewed employment agreements between the executive officers noted above and the Company's subsidiaries for one year expiring on December 31, 2009 and approved increased annual base salaries effective January 1, 2009 as follows: Keith Olsen, $350,000; John Arvonio, $220,000; Stephen Helman $245,000; and John Hoffmann $139,000.

On December 11, 2008, the Board of Directors of the Company awarded options pursuant to the Company's 2006 Long-Term incentive Plan to all employees and directors of the Company and its subsidiaries to acquire shares of the Company's Class A common stock at an exercise price of $7.50 per share. Options were awarded to executive officers as follows: Lowell Dansker, Chairman, 18,600 options (which includes 6,600 options awarded for his service as a director); John Arvonio: 5,700 options; Keith Olsen: 12,000 options; Stephen Helman: 10,770 options (which includes 6,300 options awarded for his service as a director), and Mr. Hoffmann: 4,500 options. The options are 100% vested and exercisable as of the grant date of December 11, 2008, and expire 10 years following the date of grant or earlier under certain conditions.

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