FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person * Romine Michael J.   2. Issuer Name and Ticker or Trading Symbol INTERMOUNTAIN COMMUNITY BANCORP [IMCB] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) __X__ Director _____ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) 414 CHURCH ST. 3. Date of Earliest Transaction (Month/Day/Year) 05/24/2012 (Street) SANDPOINT, ID 83864 4. If Amendment, Date Original Filed(Month/Day/Year) 6. Individual or Joint/Group Filing(Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Non-Voting Common Stock 05/24/2012   C   1,493,237 A (1) 1,493,237 D   Common Stock               508,585 D   Common Stock               5,454 I Held by spouse Common Stock               503,203 I Romine Family Investments LLC

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Mandatorily Conv Cumulative Part Pref Stock, Series B

$ 1 (1)

05/24/2012

C

29,864.74

(2)

(2)

Non-Voting Common Stock

1,493,237

$ 50

0

D

Director Stock Option

$ 13.19

(3)

05/01/2014

Common Stock

158

908

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
Romine Michael J. 414 CHURCH ST. SANDPOINT, ID 83864	X

Signatures

Susan A. Pleasant, POA		05/24/2012
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	29,864.74 shares of Mandatorily Convertible Participating Preferred Stock, Series B were automatically converted into 1,493,237 shares of Non-Voting Common Stock on May 24, 2012, following shareholder approval on May 17, 2012 of an amendment to the Company's Articles of Incorporation authorizing shares of Non-Voting Common Stock. The original cost basis of the Preferred Stock, Series B was $50 per share, with a resulting cost basis of $1 per share at the conversion ratio of 50:1.
(2)	The Preferred Stock, Series B was automatically convertible upon receiving shareholder approval of the article amendment and had no expiration date.
(3)	The option vested in five equal annual installments beginning on May 1, 2005 and the price and number of shares were adjusted for a 3:2 stock dividend in March 2005 and 10% stock dividends in May 2006 and 2007.

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