LEWISTON, Idaho, Jan. 29 /PRNewswire/ -- FirstBank Corp. (Nasdaq: FBNW),
today announced its Board of Directors has declared a regular quarterly cash
dividend of $.09 per common share. The dividend will be paid on March 4 to
shareholders of record February 18, 1999. FirstBank Corp. is the holding
company for FirstBank Northwest.
This is FirstBank's sixth consecutive regular quarterly cash dividend
since the company's conversion to the stock form of ownership on July 1, 1997.
FirstBank increased the dividend to $.09 per share in October 1998 after
paying dividends of $.08 per share in May and September 1998, and $.07 per
share in November 1997 and February 1998.
"Our strategy to emphasize commercial and agricultural lending has been
paying off with strong increases in good-quality, solidly-profitable lending.
We also have two new branches underway in the fast-growing Spokane to Coeur
d'Alene corridor. We believe shareholders should share directly in our
growth," said Clyde E. Conklin, President and Chief Executive Officer. "One
of the most tangible ways we can demonstrate our confidence in FirstBank and
build shareholder value is to pay dividends."
Last week, FirstBank reported strong financial results for the third
quarter of fiscal 1999, with net income having increased 19%, assets up 11%,
loans up 12% and deposits up 16%. FBNW book value equaled $16.05 per share
and the equity to asset ratio was 13.8% at December 31, 1998.
FirstBank Corp. is the parent of FirstBank Northwest, 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 charter February 2, 1998. FirstBank currently
operates six branch locations along the Idaho/Eastern Washington border. Its
Idaho branches are located in Lewiston, Orchards, Moscow, Grangeville, and
Coeur d'Alene. Its Washington branch is in Clarkston, across the Snake River
from Lewiston. FirstBank also has two residential loan centers located in
Lewiston and Coeur d'Alene. The Bank is known as the local community bank,
offering its customers highly personalized service in the many communities it
serves.
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. of 208-746-9610
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