LEWISTON, Idaho, April 7 /PRNewswire/ -- FirstBank Corp. (Nasdaq: FBNW),
the holding company for FirstBank Northwest, today announced that Salomon
Smith Barney Inc. is opening an investment center in FirstBank's downtown
Lewiston, Idaho bank branch at 921 "F" Street.
"FirstBank Northwest customers will have the opportunity to purchase
securities, mutual funds and other non-insured investment products through
Salomon Smith Barney under our Brokerage Services Agreement," said Clyde
E. Conklin, FirstBank President and Chief Executive Officer. "FirstBank
intends to place investment centers in additional branches over time in order
to provide a full spectrum of products.
"We recognize that the financial services industry is consolidating,"
Conklin said. "Salomon Smith Barney is one of the best known and most
respected names in investing. It brings national recognition, has a large
portfolio of investment products, and maintains a business approach respecting
customers' needs. We believe those attributes are consistent with FirstBank's
customer service objectives and business plan."
Salomon Smith Barney is a subsidiary of Citigroup Inc. (NYSE: CCI) and has
hundreds of brokerage offices worldwide. The investment center should be
fully operational within the first quarter of FBNW's new fiscal year beginning
April 1, 1999. Salomon Smith Barney already is a tenant in FirstBank
Northwest's Coeur d'Alene building and, under this agreement, will be
providing similar brokerage services through the Coeur d'Alene branch.
"Salomon Smith Barney, through its Community Bank Investment Center
Program, has stated it is interested in partnering with FirstBank Northwest
because of our solid community bank image throughout Northern Idaho and
Eastern Washington," Conklin said.
"We believe this partnership also offers excellent opportunities for
cross-selling. As Salomon Smith Barney customers become familiar with
FirstBank, we're sure they will appreciate service and value and also take
advantage of our other services," he added.
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 charter February 2, 1998.
FirstBank currently operates seven branch locations along the
Idaho/Washington border, plus residential loan centers in Lewiston and
Coeur d'Alene, Idaho. The bank recently announced plans to build a new branch
in Liberty Lake, Washington, and recently opened its first supermarket branch
in the Tidyman's Market in Post Falls, Idaho. Both new branches are along the
fast-growing I-90 corridor between Spokane and Coeur d'Alene. FirstBank
Northwest is known as the local community bank, offering its customers highly
personalized service in the many communities it serves.
NOTE: 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 success in winning customers and gaining market share, development and
acceptance of additional products, the ability to attract skilled staff,
government and regulatory actions, regional economic conditions, and the
ability to penetrate new markets, 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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