CLARKSTON, Wash., July 21 /PRNewswire-FirstCall/ -- FirstBank NW Corp.
(Nasdaq: FBNW), the holding company for FirstBank Northwest, held its Annual
Meeting of Stockholders at the Quality Inn, Clarkston, Washington, on July 21,
2004. Clyde E. Conklin, President and Chief Executive Officer announced the
re-election of John W. Gentry, William J. Larson and Larry K. Moxley as
directors of the Company for a three-year term, the election of Russell H.
Zenner as a director of the Company for a one-year term, and the appointment
of Moss-Adams, LLP as the Company's independent auditors for fiscal year
ending March 31, 2005.
In the reorganization meeting that followed, the directors re-appointed
Steve R. Cox as Board Chairman, Clyde E. Conklin as President and Chief
Executive Officer, and Larry K. Moxley as Executive Vice President and Chief
Financial Officer. The directors also appointed Russell H. Zenner as Chairman
of the Corporate Governance and Nominating Committee, James N. Marker as
Chairman of the Compensation Committee, and Steve R. Cox as Chairman of the
Audit Committee.
At the Annual Meeting, Conklin reported March 31, 2004 fiscal year end net
income of $4.36 million, or $2.12 per share on a diluted basis, and growth in
total assets to $700.2 million. Conklin also noted that FirstBank Northwest
is increasing its market share in existing markets and has entered the Boise,
Idaho and Spokane, Washington markets with the addition of loan production
offices, and retail branches in Boise and Hayden, Idaho and Spokane,
Washington. These new facilities will support future growth and franchise
expansion.
"FirstBank Northwest continues to demonstrate sound growth in assets,
income and market share," said Conklin. "As the community bank subsidiary of
a publicly traded company, FirstBank Northwest is an excellent resource for
the commercial businesses, farmers and consumers throughout its market area."
FirstBank NW Corp. is the parent of FirstBank Northwest. Founded in 1920,
FirstBank Northwest is based in Clarkston, Washington. FirstBank Northwest
operates 20 branch locations in northern Idaho long the Idaho/Washington
border and in eastern Oregon, in addition to residential loan centers in
Lewiston, Coeur d'Alene, and Boise, Idaho, and Baker City, Oregon. Salomon
Smith Barney has investment centers in FirstBank's Coeur d'Alene, Idaho,
Clarkston and Liberty Lake, Washington, and Baker City, LaGrande, Pendleton
and Ontario, Oregon branches. FirstBank Northwest is known as the local
community bank, offering its customers highly personalized service in the many
communities it serves.
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 FirstBank operates,
projections of future performance, including operating efficiencies, perceived
opportunities in the market, potential future credit experience and statements
regarding FirstBank's mission and vision. These forward-looking statements
are based upon current management expectations, and may, therefore, involve
risks and uncertainties. FirstBank'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,
FirstBank's ability to successfully integrate the business of Oregon Trail,
the realization of expected cost savings or accretion to earnings because of
the acquisition of Oregon Trail, competitive conditions between banks and
non-bank financial service providers, regulatory changes, and other risks
detailed in the Company's reports filed with the Securities and Exchange
Commission, including its Annual Report on From 10-KSB for the fiscal year
ended March 31, 2004.
SOURCE FirstBank NW Corp.
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Related links:
http://www.fbnw.com
CONTACT:
Clyde E. Conklin, Pres. & CEO of FirstBank NW
Corp., +1-509-295-510
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