Oregon Trail Financial (NASDAQ:OTFC)
Historical Stock Chart
From Jun 2019 to Jun 2024
FirstBank NW Corp. Completes Acquisition of Oregon Trail Financial Corp.
CLARKSTON, Wash., Nov. 3 /PRNewswire-FirstCall/ -- FirstBank NW Corp.
("FirstBank") , the holding company for FirstBank Northwest (the "Bank"),
announced today the successful completion of its acquisition of Oregon Trail
Financial Corp. ("Oregon Trail") and the merger of Oregon Trail's wholly-owned
subsidiary, Pioneer Bank, A Federal Savings Bank ("Pioneer") with and into the
Bank, all effective as of October 31, 2003.
Clyde E. Conklin, President and Chief Executive Officer of FirstBank stated, "We
are very pleased to welcome the former customers, stockholders and employees of
Oregon Trail and Pioneer to our company. All of the Pioneer branches will be
converted to FirstBank branches as rapidly as possible. We are confident that
this transaction will enhance shareholder value and will provide long term
benefits for our customers and the communities we serve."
Berniel L. Maughan, President and Chief Executive Officer of Oregon Trail,
stated that he was "very pleased that the merger had been finalized." He added,
"the customers of Pioneer are fortunate to be able to continue to be served with
a vision rooted in the same values as Pioneer. FirstBank's very strong
commitment to customer service and their demonstrated effectiveness in serving
rural communities reflects Pioneer's own market emphasis, tradition and goals."
Under the terms of the Merger Agreement between FirstBank and Oregon Trail dated
February 24, 2003, the merger consideration consists of approximately 1,480,064
shares of FirstBank common stock and approximately $36.5 million based upon the
3,108,657 shares of Oregon Trail common stock outstanding as of the completion
of the merger.
Pursuant to the Merger Agreement, Oregon Trail shareholders were given the
opportunity to elect to receive either cash or stock of FirstBank in exchange
for the Oregon Trail shares they owned. The results of the election process
indicated that more Oregon Trail shareholders elected to receive stock of
FirstBank than was available. Therefore, pursuant to the allocation procedures
set forth in the Merger Agreement, Oregon Trail shareholders who elected to
receive stock of FirstBank will also receive cash as consideration for the
Oregon Trail shares they own. Specifically, each Oregon Trail shareholder who
submitted a valid election for stock consideration will receive 48.27990% stock
(multiplied by the exchange ratio of 1.021 less any fractional share interest of
FirstBank common stock paid at a rate of $28.16 per share) and 51.72010% cash
paid at a rate of $22.00 per share for each share of Oregon Trail common stock
they own. The remaining shares of Oregon Trail common stock for which valid
elections were not submitted will be treated as cash elections. Oregon Trail
shareholders who did not make a valid election will soon receive instructions on
the cash exchange for their Oregon Trail shares.
As a result of the acquisition, FirstBank will have assets in excess of $660
million, deposits of approximately $465 million and will operate 17 banking
offices located in Washington, Idaho and Oregon. Founded in 1920, the Bank 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 contained in this news release which are not historical facts are
forward looking statements, as that term is defined in the Private Securities
Litigation Reform Act of 1995. Such forward looking statements are subject to
risks and uncertainties which could cause actual results to differ materially
from those currently anticipated due to a number of factors, which include, but
are not limited to, factors discussed in documents filed by FirstBank with the
Securities and Exchange Commission.
DATASOURCE: FirstBank NW Corp.
CONTACT: Clyde E. Conklin, FirstBank NW Corp., President and Chief
Executive Officer, +1-509-295-5100
Web site: http://www.fbnw.com/