LEWISTON, Idaho, July 21 /PRNewswire/ -- FirstBank Corp. (Nasdaq: FBNW),
the holding company for FirstBank Northwest, told shareholders at its annual
meeting today that fiscal 2000 is off to a strong start due to continued
growth in agricultural, commercial and consumer lending. This was FirstBank's
second annual meeting as a public company.
"Management intends to use FirstBank's abundant capital to build on this
year's successes. We intend to reduce our capital position from its current
high level as we grow," said Clyde E. Conklin, President and Chief Executive
Officer.
Shareholders at the annual meeting, held in Clarkston, WA, approved a
proposal to change the state of incorporation of FirstBank Corp. to Washington
from Delaware, through a merger of the company with a newly-formed,
wholly-owned Washington subsidiary. After the re-incorporation process is
completed, which is expected early this fall, the new corporate name will be
FirstBank NW Corp. The Nasdaq stock symbol will remain FBNW.
"Costs related to incorporation in Washington are only a fraction of the
costs in Delaware," Conklin noted.
James N. Marker and Robert S. Coleman, Sr. were re-elected to the
company's Board of Directors. Mr. Marker, 62, is general manager and part
owner of Idaho Truck Sales Co., Inc. and was first elected a Director in 1974.
Mr. Coleman, 72, is the former president and co-owner of Coleman Oil Co. and
joined the Board in 1978.
"The strategies we've previously outlined are bearing fruit," Conklin
noted. "Investors at a New York conference in June responded favorably to our
accomplishments and we're pleased to share the same good news with
shareholders. During the past year, we have repurchased approximately 14% of
shares through several stock repurchase programs and, if we believe the stock
price continues to be significantly undervalued, additional stock repurchases
are likely."
FirstBank expects to report first quarter fiscal 2000 results later this
week. In June, the company announced it expects first quarter results to be
hit by a significant increase in its allowance for loan losses, which is due
to very strong loan growth. Costs of a complete data processing system
conversion and expansion costs also are adding to expenses.
In fiscal 1999, assets gained 13% to $206.7 million, net loans rose 14% to
$165.6 million, and deposits increased 16% to $133.3 million. Net income
advanced 19% to $2.0 million or $1.13 per share, diluted, for the year ended
March 31, 1999, compared to net income of $1.7 million, or $.93 per share, pro
forma, diluted, in fiscal 1998. Fewer shares were outstanding in fiscal 1999
due to the company's program of stock repurchases.
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 to a Washington State savings bank charter February 2, 1998.
FirstBank currently operates seven branch locations along the Idaho/Washington
border. 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.
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 regional
economic conditions, success in making acquisitions and/or expanding
internally, and government and regulatory actions, which might cause actual
results to differ materially from stated expectations.
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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