CLARKSTON, Wash., Aug. 27 /PRNewswire-FirstCall/ -- FirstBank NW Corp.
(Nasdaq: FBNW), the holding company for FirstBank Northwest, today announced
that its Board of Directors has authorized the repurchase of up to 5% of its
common stock, or approximately 147,866. The new program will begin
immediately, and shares will be repurchased from time to time in the open
market depending on market conditions and the capital requirements of
FirstBank NW Corp., and in accordance with securities laws and regulations.
The stock repurchase program announced on November 21, 2003 was completed in
August 2004.
"The repurchase is consistent with the Board's ongoing capital management
plan," said Clyde E. Conklin, President and Chief Executive Officer. "We
evaluate all options on a regular basis in order to ensure we are consistent
with our operating plan and our shareholders' interests. Stock repurchases
are recognized as an excellent method to enhance trading liquidity and stock
value. We anticipate repurchases within this authorization to be managed
within compliance of our capital policy, and as our operating plan is
executed." This repurchase program is the second since the completion of the
acquisition of Oregon Trail Financial Corp. by FirstBank NW Corp. on
October 31, 2003. Since July 1998, FirstBank NW Corp. has completed
repurchases totaling 896,242 shares.
As reported previously, the Board of Directors declared a cash dividend of
$0.17 per share for shareholders of record on August 11, 2004, which was paid
on August 25, 2004.
FirstBank NW Corp. is the parent of FirstBank Northwest. Founded in 1920,
FirstBank Northwest is based in Clarkston, Washington and operates 20 branch
locations in Idaho, Washington, and Oregon. FirstBank Northwest is known as
the local community bank, offering its customers highly personalized service
in the many communities it serves. FBNW shares closed at $26.81 per share
yesterday.
Certain matters discussed in this press release may contain
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements relate to,
among other things, expectations of the business environment in which
FirstBank NW Corp. operates, projections of future performance, and perceived
opportunities in the market. These forward-looking statements are based upon
current management expectations and may, therefore, involve risks and
uncertainties. FirstBank NW Corp.'s actual results, performance, or
achievements may differ materially from those suggested, expressed, or implied
by forward-looking statements as a result of a wide variety or range of
factors and risks. Accordingly, undue reliance should not be placed on such
forward-looking statements. FirstBank NW Corp. undertakes no responsibility to
update or revise any forward-looking statements.
SOURCE FirstBank NW Corp.
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Related links:
http://www.fbnw.com
CONTACT:
Larry K. Moxley, Exec. VP & CFO of FirstBank
NW Corp., +1-509-295-5100
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