BAKER CITY, Ore. and CLARKSTON, Wash., Oct. 10 /PRNewswire-FirstCall/ --
Oregon Trail Financial Corp. (Nasdaq: OTFC) and FirstBank NW Corp.
(Nasdaq: FBNW) announced today that the deadline for Oregon Trail shareholders
to make cash/stock elections in connection with the pending merger between the
two companies has been extended from October 14, 2003 to 5:00 p.m., Eastern
Time, on Tuesday, October 21, 2003.
Prior to the election deadline, Oregon Trail shareholders may submit an
Election Form and Letter of Transmittal to the Exchange Agent, Registrar and
Transfer Company, with respect to all shares then owned. Provided that the
Election Form and Letter of Transmittal, accompanied by a stock certificate(s)
are received by the Exchange Agent in due and proper form prior to 5:00 p.m.,
Eastern Time, on October 21, 2003, Oregon Trail shareholders may make an
election with respect to their Oregon Trail shares regardless of when those
shares were acquired. Shares of Oregon Trail will be converted into the right
to receive shares of FirstBank common stock or cash, subject to the election
allocation and proration procedure set forth in the Merger Agreement. After
the election deadline, Oregon Trail shareholders may not change or revoke
their elections and may not withdraw their share certificates unless the
Merger Agreement is terminated.
Election Forms and Letters of Transmittal previously were mailed to Oregon
Trail shareholders as of September 5, 2003. Oregon Trail shareholders who
have acquired shares after September 5, 2003, should contact the Exchange
Agent, Registrar and Transfer Company, at 1-800-368-5948 in order to receive a
copy of the Election Form and Letter of Transmittal in order to make an
election with respect to those newly acquired shares. Shareholders may also
contact the Exchange Agent if they need additional copies of these materials.
Oregon Trail shareholders who previously submitted an Election Form and Letter
of Transmittal to the Exchange Agent with respect to all of their Oregon Trail
Shares and who have not bought any additional shares do not need to take any
additional action.
The companies also announced that the proposed merger of their financial
institution subsidiaries received the regulatory approval of the Federal
Deposit Insurance Corporation on October 7, 2003. Oregon Trail and FirstBank
previously announced that they had received the approval of the merger from
their shareholders, as well as regulatory approvals from the Office of Thrift
Supervision and the State of Washington's Department of Financial
Institutions. The parties currently anticipate that the merger will be
completed in late October 2003.
Oregon Trail Financial Corp. is headquartered in Baker City, Oregon and is
the parent of Pioneer Bank, A Federal Savings Bank, which was founded in 1901.
Pioneer Bank operates nine full service office locations in seven Eastern
Oregon counties.
FirstBank NW Corp. is the parent of FirstBank Northwest. Founded in 1920,
FirstBank Northwest is based in Clarkston, Washington, and is known as the
local community bank, offering its customers highly personalized service in
the many communities it serves.
Forward Looking Information
Statements concerning future developments or events, expectations
regarding regulatory approvals, closing of the merger, and any other guidance
on future periods, constitute forward-looking statements which are subject to
a number of risks and uncertainties including government and regulatory
actions, and the satisfaction of merger closing conditions that might cause
actual results to differ materially from stated expectations.
SOURCE FirstBank NW Corp.
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Related links:
http://www.fbnw.com
CONTACT:
Clyde E. Conklin, President and Chief
Executive Officer of FirstBank NW Corp., +1-509-295-5100; or
Berniel L. Maughan, President and Chief Executive Officer of
Oregon Trail Financial Corp., +1-541-523-6327
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