LEWISTON, Idaho, Jan. 7 /PRNewswire/ -- FirstBank Corp. (Nasdaq: FBNW),
the holding company for FirstBank Northwest, today announced it has received
FDIC regulatory approval to open its first branch office inside a supermarket.
The new branch will be located in the Tidyman's Market in Post Falls, Idaho
-- a fast-growing small city between Spokane, Washington and Coeur d'Alene,
Idaho. The branch is expected to open in February, and will be FirstBank's
seventh branch.
In September, FirstBank Northwest announced plans to build a new branch in
Liberty Lake, Washington, which also is on the I-90 corridor between Spokane
and Coeur d'Alene. The Liberty Lake branch is expected to open in the summer
of 1999 and will be FirstBank's second Washington location.
"The Coeur d'Alene/Post Falls/Spokane Valley corridor is one of the
fastest-growing markets in the Pacific Northwest," said Clyde E. Conklin,
President and Chief Executive Officer. "We are confident the Tidyman's branch
will enhance our retail branch network for customer convenience and help build
a solid deposit base. Tidyman's is a prominent chain in Northern Idaho and
its Post Falls store, which is 46,000 square feet, attracts customers from a
broad geographic region. Tidyman's has a total of 23 supermarkets in Eastern
Washington, Northern Idaho, Montana and Wyoming. Ours will be the eighth
supermarket branch bank in Tidyman's. An average of 16,000 people shop at the
Post Falls Tidyman's each week; so we believe this is an excellent opportunity
for us."
"When new depositors become familiar with the high level of service
FirstBank provides, we hope they also will take advantage of our other
services," Conklin noted. "We have developed several innovative products
through our http://www.fbnw website, using on-line technology to serve those living
in remote areas. FirstBank also is a leader in residential lending in
Kootenai County, which includes the Post Falls area; therefore, we can be
readily available to our home loan customers.
"Based on demographics, Post Falls has a deposit market in excess of
$100 million. Our goal is to achieve deposits of approximately $10 million by
the end of 2001," Conklin said. "While supermarket branches can be much less
expensive than building a branch from the ground up, we anticipate start-up
costs for both the Post Falls and Liberty Lake branches will impact earnings
until deposits reach breakeven levels. However, our conversion to public
ownership last year provided ample capital to grow and we are confident of our
ability to expand our highly successful community bank franchise."
FirstBank Corp. had assets of $203.3 million at September 30, 1998.
Reflecting FirstBank's conversion to the stock form of ownership last year,
shareholder equity was $28.8 million, book value equaled $16.24 per share, and
the equity to asset ratio was 14.2% at September 30, 1998.
FirstBank Corp. is the parent of FirstBank Northwest, which is
headquartered in Lewiston, Idaho at the northern end of Hell's Canyon.
Founded in 1920, the Bank converted from its charter as a federal stock
savings bank to a Washington State savings bank on February 2, 1998.
FirstBank currently operates six branch locations along the Idaho/Washington
border, plus residential loan centers in Lewiston and Coeur d'Alene, Idaho.
FirstBank is known as the local community bank, offering its customers highly
personalized service in the many communities it serves.
Statements concerning future performance, developments or events, and any
other guidance on future periods, constitute forward-looking statements, which
are subject to a number of risks and uncertainties. These include government
and regulatory actions, regional economic conditions, ability to penetrate
new markets, success in winning customers and gaining market share,
development and acceptance of additional products, and the ability to attract
skilled staff, which might cause actual results to differ materially from
stated expectations.
News on Call: Press releases are available at no cost through the
Internet at FirstBank's website at http://www.fbnw.com or at
http://www.prnewswire.com/cnoc/exec/menu?124037 or call the News on Call fax service
at 800-IRNEWS-9 (800-476-3979), extension 124037.
SOURCE FirstBank Corp.
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Related links:
http://www.firstbanknw.com
Company News On-Call:
http://www.prnewswire.com/comp/124037.html or fax,
800-758-5804, ext. 124037
CONTACT:
Larry K. Moxley, Chief Financial Officer of
FirstBank Corp., 208-746-9610
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