CLARKSTON, Wash., Nov. 21 /PRNewswire-FirstCall/ -- FirstBank NW Corp.
(Nasdaq: FBNW), the holding company for FirstBank Northwest, today announced
that its Board of Directors authorized the repurchase of up to 5% of its
common stock, or approximately 146,432. The new program will begin following
the completion of the October 17, 2002 program, in which 62,982 shares remain
available to repurchase. Shares will be repurchased from time to time in the
open market depending on market conditions and the capital requirements of
FirstBank NW Corp.
"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 assure we are consistent
with our operating plan and our shareholders' interests. Stock repurchases
are recognized as excellent vehicles to enhance trading liquidity and stock
value. We anticipate repurchases within this authorization to be managed over
the next fiscal year as our operating plan is executed." This repurchase
program is the first since the completion of the merger of FirstBank NW Corp.
with Oregon Trail Financial Corp. announced on October 31, 2003. Since July
1998, FirstBank NW Corp. has completed repurchases totaling 686,828 shares.
In addition, on October 23, 2003, a cash dividend of $.15 per share was
reported for shareholders of record on November 20, 2003, to be paid on
December 5, 2003.
FirstBank NW Corp. is the parent of FirstBank Northwest. Founded in 1920,
FirstBank Northwest is based in Clarkston, Washington and operates seventeen
branch locations in northern Idaho, eastern Washington, and eastern 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 $29.80 per share yesterday.
Statements concerning future performance, developments or events,
concerning expectations regarding expansion opportunities, technology
efficiencies, new products and services, and any other guidance on future
periods, constitute forward-looking statements which are subject to a number
of risks and uncertainties including interest rate fluctuations, regional
economic conditions, competitive factors, and government and regulatory
actions 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:
Larry K. Moxley, Exec. VP & CFO of FirstBank
NW Corp., +1-509-295-5100
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