Firstbank NW (NASDAQ:FBNW)
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FirstBank NW Corp. Reports Results of Its Annual Meeting of
Stockholders Held on July 21, 2004
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.
DATASOURCE: FirstBank NW Corp.
CONTACT: Clyde E. Conklin, Pres. & CEO of FirstBank NW Corp.,
+1-509-295-510
Web site: http://www.fbnw.com/