CLARKSTON, Wash., Feb. 1 /PRNewswire-FirstCall/ -- FirstBank NW Corp.
("FirstBank" or "Company") (Nasdaq: FBNW) today announced that it has received
a non-binding letter of intent from Crescent Capital VI, L.L.C. ("Crescent")
indicating Crescent's interest in pursuing an acquisition of all of
FirstBank's outstanding shares at a price of $38.15 in cash per share.
Crescent indicated in its letter to FirstBank that it had received
commitments from investors to fund over 75% of the proposed transaction price.
Crescent also indicated it would utilize trust preferred securities to help
finance the purchase price. In the letter Crescent also stated that it is
confident it can obtain the remaining necessary funds in a short time frame.
The Crescent proposal is subject to a number of conditions, including
completion of due diligence, customary approvals and legal documentation.
FirstBank's Board of Directors will, with the assistance of its outside
advisors, carefully evaluate the Crescent proposal, and other alternatives
available to the Company, taking into account the potential benefits that may
be realized through FirstBank's strategic, operational and financial
initiatives, and the risks associated with them.
FirstBank NW Corp. (headquartered in Clarkston, Washington) is the holding
company for FirstBank Northwest, a Washington state chartered savings bank
founded in 1920, and has a track record of consistent above-average growth and
improving profitability, operating in the rural markets of eastern Oregon,
eastern Washington and central Idaho, in addition to the larger and growing
markets of Boise and Coeur d'Alene, Idaho and Spokane, Washington. FirstBank
Northwest is focused on each community served, striving to deliver competitive
financial products and services through exceptional customer service
standards, local expertise and leadership. FirstBank Northwest operates 20
branch locations in Idaho, eastern Washington and eastern Oregon, in addition
to residential loan centers in Lewiston, Coeur d'Alene, Boise and Nampa,
Idaho, Spokane, Washington, and Baker City, Oregon. FirstBank Northwest is
known as the local community bank, offering its customers highly personalized
service in the many communities it serves.
FORWARD LOOKING STATEMENTS:
Certain matters in this News Release may constitute forward-looking
statements within the meaning of the Private Securities Litigation Reform Act
of 1995. These forward-looking statements may relate to, among others,
expectations of the business environment in which the Company operates,
projections of future performance, including operating efficiencies, perceived
opportunities in the market, potential future credit experience and statements
regarding the Company's mission and vision. These forward-looking statements
are based upon current management expectations, and may, therefore, involve
risks and uncertainties. The Company's actual results, performance, and
achievements may differ materially from those suggested, expressed or implied
by forward-looking statements due to a wide range of factors including, but
not limited to, the general business environment, interest rates, the real
estate market in Washington, Idaho and Oregon, the demand for mortgage loans,
competitive conditions between banks and non-bank financial service providers,
regulatory changes, costs of implementing additional securities requirements
and requirements of the Sarbanes Oxley Act of 2002 and other risks detailed
in the Company's reports filed with the Securities and Exchange Commission,
including its Annual Report on Form 10-K for the fiscal year ended March 31,
2005.
The Company does not undertake-and specifically disclaims any obligation
to publicly release the results of any revisions which may be made to any
forward-looking statements to reflect events or circumstances after the date
of such statements or to reflect the occurrence of anticipated or
unanticipated events.
SOURCE FirstBank NW Corp.
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Related links:
http://www.fbnw.com
CONTACT:
Larry K. Moxley, Executive Vice President and
CFO of FirstBank NW Corp., +1-509-295-5100
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