CLARKSTON, Wash., Feb. 24 /PRNewswire-FirstCall/ -- FirstBank NW Corp.
("FirstBank" or "Company") (Nasdaq: FBNW) today announced that it had
requested additional information from Crescent Capital VI, L.L.C. ("Crescent")
in connection with the non-binding letter of intent that Crescent submitted
to FirstBank on February 1, 2006. In particular, FirstBank requested
additional information concerning the structure of the proposed transaction,
the financing and contingencies, regulatory matters, and the proposed
investors. The additional information is needed to allow FirstBank to
complete its analysis of the offer.
The non-binding letter of intent and other related materials were filed by
Crescent with the Securities and Exchange Commission ("SEC") on February 1,
2006 as attachments to an amended Schedule 13D. Additional information was
contained in an amended Schedule 13D that was filed by Crescent with the SEC
on February 21, 2006. FirstBank's Board of Directors will, with the assistance
of its outside advisors, carefully evaluate the material Crescent filed with
the SEC, and any additional information it receives from Crescent in response
to its request. In connection with its evaluation of the materials from
Crescent, the Board will continue to evaluate other alternatives available to
the Company, including the potential benefits that may be realized through
FirstBank's ongoing 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 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:
Clyde Conklin, +1-509-295-5100, for FirstBank
NW Corp.
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