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 20, 2005. Clyde E. Conklin, President and Chief Executive Officer
announced the re-election of James N. Marker, Sandra T. Powell and Russell H.
Zenner as directors of the Company for a three-year term, the approval of
amending the Company's Articles of Incorporation to increase the authorized
number of shares of common stock from 5,000,000 to 49,500,000, and the
appointment of Moss-Adams, LLP as the Company's independent auditors for
fiscal year ending March 31, 2006.
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.
At the Annual Meeting, Conklin reported March 31, 2005 fiscal year end net
income of $6.28 million, or $2.09 per share on a diluted basis, and growth in
total assets to $801 million.
"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 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. Salomon Smith
Barney has investment centers in the Coeur d'Alene, Idaho, Clarkston and
Liberty Lake, Washington branches, and the 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 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-KSB for the fiscal year ended March 31,
2005.
SOURCE FirstBank NW Corp.
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Related links:
http://www.fbnw.com
CONTACT:
Clyde E. Conklin, Pres. & CEO of FirstBank NW
Corp., +1-509-295-5100
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