Summary of INTERVEST BANCSHARES CORP

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

On January 24, 2013, the Board of Directors of Intervest Bancshares Corporation (the "Company"), upon recommendation of its Compensation Committee, approved restricted common stock awards under the Company's Long Term Incentive Plan to the Company's executive officers, non-employee directors and other officers and employees of its wholly-owned subsidiary, Intervest National Bank (the "Bank").

The Company is a participant in the Troubled Asset Relief Program (TARP) Capital Purchase Program (CPP) under the Emergency Economic Stablization Act of 2008 (EESA), as amended by the American Recovery and Reinvestment Act of 2009 (ARRA). The ARRA places restrictions on the Company's ability to pay cash bonuses to certain employees, but permits the award of restricted stock subject to certain limitations. The restrictions apply during the period in which the obligations to the Treasury remain outstanding (the "TARP Period").

The Compensation Committee granted restricted common stock awards to the Company's named executive officers, consistent with those limitations, as follows:

                                               Restricted Stock Award  (1)            Grant Date
Name and Title                                     (Number of Shares)               Fair Value (2)

Lowell S. Dansker,
Chairman and Chief Executive Officer,
Intervest Bancshares Corporation,
Intervest National Bank                                             100,000        $        450,000

Keith A. Olsen,
President, Intervest National Bank                                   50,000        $        225,000

Stephen A. Helman,
Vice President,
Intervest Bancshares Corporation,
Intervest National Bank                                              10,000        $         45,000

John J. Arvonio,
Chief Financial and Accounting Officer
Intervest Bancshares Corporation,
Intervest National Bank                                              12,000        $         54,000

Robert W. Tonne,
Vice President and Chief Credit Officer,
Intervest National Bank                                              10,000        $         45,000

Totals                                                              182,000        $        819,000

(1) The awards vest in two installments, with two thirds vesting on the second anniversary of the grant, or January 24, 2015, and the remaining one third on the third anniversary of the grant, or January 24, 2016, subject to the participant's continued employment with the Company and subject to accelerated vesting upon the death or disability of the participant or upon a change in control of the Company. The shares of common stock, upon vesting, will also be subject to the restrictions on transfer included in the TARP rules until the Company repays all or a portion of its TARP CPP investment and as set forth in the form of Restricted Stock Award Agreement. The restricted stock awards are subject to other terms and conditions of the Long Term Incentive Plan and to the form of Restricted Stock Award Agreement.

(2) The fair value of the stock award was based on the closing market price of the common stock on the grant date.

On January 24, 2013, the Compensation Committee also granted restricted common stock awards to the non-employee directors of the Company. Each of the eight non-employee directors received an award of 10,000 shares of restricted common stock, or a total award of 80,000 shares, and the grant date fair value for each award was $45,000, or a total fair value of $360,000. The awards vest in three equal installments as follows: one third on January 24, 2014, one third on January 24, 2015; and one third on January 24, 2016, subject to their continued service as a Director of the Company, and subject to accelerated vesting upon the death or disability of the Director or upon a change in control of the Company. The restricted stock awards are subject to other terms and conditions of the Long Term Incentive Plan and to the form of Restricted Stock Award Agreement.

On January 24, 2013, the Compensation Committee also granted restricted common stock awards to a number of other officers and employees of the Bank totaling 68,700 shares and a total grant date fair value of $309,150. The awards also vest in three equal installments identical to the non-employee director awards, subject to the participant's continued employment with the Company and subject to accelerated vesting upon the death or disability of the participant or upon a change in control of the Company. The restricted stock awards are subject to other terms and conditions of the Long Term Incentive Plan and to the form of Restricted Stock Award Agreement.